SOURCE: Quarter Circle Capital

February 07, 2007 09:00 ET

Quarter Circle Capital Acquires Two Commercial Real Estate Assets in Texas

OMAHA, NE -- (MARKET WIRE) -- February 7, 2007 -- Quarter Circle Capital, LLC (QC Capital) today announced the acquisition of the fee interest in two commercial real estate assets in the Dallas Metropolitan area on behalf of their recently formed fund, QCC Fund I, L.P.

The first asset, a 163,000 square foot neighborhood shopping center, was acquired for approximately $6 million. The second, a well located, 64,000 square foot, two-building office complex with adjacent land, was purchased for approximately $5 million. The two assets are consistent with QC Capital's targeted investment parameters for Fund I, representing negotiated, off-market acquisitions of underperforming assets. Each property was purchased on an all-cash basis, and between the two assets, QC Capital has earmarked an additional $4 million for capital improvements and leasing costs.

"Both of these assets fit squarely within the investment criteria for Fund I, as they were both off-market, value-add investment opportunities that have multiple turn-around and exit strategies," said Starr P. Schulke, Chief Investment Officer. "The assets are fundamentally sound but lacked owner attention and capital, which we will restore."

With offices in Omaha, Nebraska and San Francisco, California, QC Capital focuses on principal acquisitions of distressed or defaulted debt on, or fee interests in, commercial real estate assets, generally ranging from $2 million to $25 million in value.

About Quarter Circle Capital:

Quarter Circle Capital, LLC makes principal investments in fundamentally sound real estate or debt secured by real estate, the value potential of which it perceives impaired by, among other things, stress caused by obligations of onerous capital structures, shifts in market conditions, property positioning and / or management. QC Capital's senior management includes Starr P. Schulke, Chief Investment Officer, Philip J. Gibson, Managing Director of Acquisitions, John P. Martin, Managing Director of Business Development and James R. Puckett, Chief Executive Officer. Messrs. Gibson and Martin began investing in distressed debt and fee interests in commercial real estate in 1991 and were joined by Mr. Schulke in 1997. Mr. Puckett, whose background includes real estate investment banking and senior level corporate management, joined Messrs. Schulke, Gibson and Martin in 2005 to extend the growth efforts of the company and head the company's executive and finance efforts. For more information about Quarter Circle Capital visit the company's Web site at:

Contact Information

  • Contact:
    Melissa Daly
    Elisa Marks
    Brunswick Group
    (212) 333-3810