SOURCE: Bond Companies

March 21, 2008 13:59 ET

Bond Companies Completes Acquisition of Beaufont Center; Property to Be Redeveloped Incorporating Sustainable Building Design Standards

RICHMOND, VA and CHICAGO, IL--(Marketwire - March 21, 2008) - Bond Companies announced today that it has completed the acquisition of the Beaufont Center located on a 47-acre parcel adjacent to the Richmond, Va., city limits.

Bond Companies plans to make improvements and enhancements to the 315,000 square-foot Beaufont Center, which will include a specific effort to redevelop the center into an environmentally friendly, energy efficient retail property. Bond is highly regarded for its commitment to creating environmentally sustainable properties.

Announcement of the acquisition, redevelopment and marketing plans was made by Chris Pine, Senior Vice President of Bond Companies and Director of the Bond Companies' office in Richmond.

"Our goal, as it is with all Bond Companies' initiatives, is to effectively reposition and redevelop Beaufont into a modern retail center befitting of its location and stature in the marketplace," said Pine. "Not only was the acquisition made based upon the soundness of the inherent real estate fundamentals, it was made because of the outstanding location at the number one intersection in the Richmond area."

Beaufont Center is sited at the intersection of Midlothian Turnpike (U.S. Route 60) and Chippenham Parkway (State Route 150). More than 130,000 vehicles pass through the intersection daily.

"Initially, we will focus on the fundamentals and make the basic improvements necessary to provide a fresh, new atmosphere that will appeal to the Richmond community," added Pine. "We will concentrate on modernizing the storefront architecture and upgrading the parking, lighting and landscaping before considering additional enhancements."

Bond Companies has developed and financed projects in the multi-family, retail, hospitality, office and mixed-use sectors in geographic areas with significant barriers to entry. The company has a distinguished record of accomplishment in transforming properties -- both ground-up construction and the renovation of existing structures -- into vibrant communities that offer a new generation of opportunities for those who live, work, study and / or simply visit these centers of attraction.

"Eventually, Beaufont will be transformed into a shining example of a property worthy of LEED Certification as designated by the U.S. Green Building Council (USGBC) and becoming the first to attain LEED Silver designation in the Richmond area," said Robert J. Bond, President of the Bond Companies, located in Chicago.

Bond Companies, along with The Abraham Group based in Washington, D.C., are co-sponsors of the Bond Companies Sustainability Fund, L.P., which provided funding for the transaction. The Abraham Group is led by its Chairman and CEO Spencer Abraham, former Secretary of the U.S. Department of Energy. Bond, in partnership with The Abraham Group, will acquire and reposition properties using sustainable techniques.

"During my service as Secretary of Energy, we made green buildings a major focus of the Department's efficiency and conservation strategy," Abraham said. "I believe we are at a tipping point with respect to green and sustainable buildings not only for environmental benefits, but especially given today's rising energy demand and costs. We are excited about the potential for Beaufont Center and are committed to using it as an example of what can be done with older, underperforming buildings."

Pine will apply his 25 years of industry experience to oversee the redevelopment of Beaufont Center. Robyn Lidskin-McClure, Vice President of Leasing for Bond Companies, will be responsible for lease originations and negotiations.

Thalhimer, Cushman and Wakefield will serve as the property manager and leasing agent.

Sustainable or "green" buildings are regarded as high performance properties. These buildings incorporate design and construction practices that significantly reduce or eliminate the negative impacts that often accompany such development and continue through the life of the property. This includes site planning, safeguarding and use of water resources, energy use and efficiency, material use and conservation and air quality, among others.

The LEED Certification is awarded by the USGBC, a Washington, D.C.-based, nonprofit coalition. The organization promotes design and construction practices that reduce the negative environmental impacts of buildings and thus improve occupant health and well-being. In the United States and in a number of other countries around the world, LEED certification is the recognized standard for measuring building sustainability.

The LEED "green" building rating system offers four certification levels for new construction -- Certified, Silver, Gold and Platinum -- that correspond to the number of credits accrued in five green design categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources and indoor environmental quality.

Bond Companies, with offices in Chicago, Los Angeles and Richmond, Va., has been developing and financing award winning mixed-used environments and retail projects since 1987. The Company has a distinguished record of accomplishment in transforming properties -- be they ground-up construction or the renovation of existing structures -- into vibrant new communities offering a new generation of opportunities for those who live, work, study and / or simply visit these new centers of attraction. Bond Companies applies its innovative vision to integrate the differing demands of multi-family residences with retail stores and offices along with hospitality and accommodation facilities. All is done with the utmost concern for creating energy efficient, environmentally sustainable properties.

Contact Information

  • Contact:
    Raymond D. Minkus
    Minkus & Pearlman / Bond Companies
    (847) 441-4294
    Email Contact