AIC Ventures Acquires Kimley-Horn Office Building in West Palm Beach, Florida
Mar 28, 2014
AIC Ventures, a private real estate investment fund manager, has purchased the 40,000 square foot office building of Kimley-Horn and Associates in West Palm Beach, Florida. Kimley-Horn is one of the country's premier design consulting firms. AIC Ventures closed the acquisition and simultaneously entered into a long-term lease with the company. The seller was represented by Newmark Grubb Knight Frank
"Kimley-Horn is a strong company that brings additional diversity to our ninth investment portfolio. This opportunity allowed us to demonstrate our key strengths such as structuring transactions to meet the seller's financial and operational expectations, and efficiently working with multiple parties to get a transaction successfully completed on a timely basis. Our firm has complete discretion over our acquisition capital so we can confidently commit to closing transactions without the need for appraisal or financing contingencies, and sellers do not have to worry about being re-traded at the closing table. We are pleased to enter into this partnership with Kimley-Horn," stated Luis F. Medina, Managing Director of Acquisitions
Bryan Rapp, Senior Vice President of Kimley-Horn, stated: "We have been pleased with the performance of AIC Ventures. From the beginning, AIC was able to work with us and our representatives to understand our concerns and expectations with regard to our real estate needs. The entire process was straightforward, professional and mutually beneficial."
The transaction was arranged by John Shaunfield (NGKF Dallas) and Rick Klepal (NGKF Tampa). "AIC Ventures came to the closing table with the exact terms that the client had agreed to in the letter of intent. In this day and age, that kind of commitment is unusual and welcomed. We are very impressed with AIC's performance for our client." stated Rick Klepal, Senior Managing Director of Newmark Grubb Knight Frank