SOURCE: The Independent Film Development Corporation
LOS ANGELES, CA--(Marketwired - Apr 28, 2014) - IFLM (OTCQB: IFLM), with a plan of operations to develop themed resorts and be a sales / distribution agent for digital films, announced today that it has identified its first target property for acquisition.
IFLM and the seller have agreed on a price of $1.275 million for the 2.83 acre building lot, currently awaiting approval by the city of building plans.
"If approved by the city and the deal closes, we're seeking to improve the land with an architecturally significant residential home. Once it's completed, we planning on selling the finished product on the open market," said IFLM CEO David Garland.
The property is the first acquisition under the IFLM Realty strategy. The purpose of the IFLM Realty strategy is to acquire investment grade properties -- residential and commercial -- where IFLM management and advisors have identified a niche. IFLM is actively looking for properties that are available under their market value that are outside the scope of the major developers and / or owned by cash strapped operators. The causes of these undervaluations can be anything from creditor pressure and poor management to a lack of cash to manage properties.
"If final approval is obtained from the city and we move forward, we hope that this represents the first of many acquisitions," said Garland. "It would be the first real property asset on IFLM's books, and although we would not intend to hold these types of properties in our long-term portfolio, it would represent a successful launch of our new strategy."
The planned residence, which has already been designed, is a magnificent architectural statement by Vitus Matare -- a two story, 4,618 SF gem with additional 1176 SF detached studio, including two car garage, pool and spa and additional 684 SF of covered decks. The purchase price includes all the plans, reports, results of investigations, and is contingent on final City approval.
About Independent Film Development Corp.
Based in Los Angeles California, Independent Film Development Corporation has developed a business plan of operations of developing genre themed studio style resorts, and film sales, distribution, and development.
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