SOURCE: The Independent Film Development Corporation
LOS ANGELES, CA--(Marketwired - May 1, 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 is set to acquire the first property for its real estate fund. IFLM and the seller have agreed on a price of $1.275 million for a property in southern CA.
"The offer has been accepted by the seller and earnest money has been transferred to escrow," said IFLM COO Jeff Ritchie. "Tentatively, we are looking to complete the transaction and take possession of the parcel in June."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 and 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 the properties."
"Once the deal closes, we're seeking to improve the land with an architecturally significant residential home," said IFLM CEO David Garland. "This is a solid first step in the execution of our strategy. We hope that this represents the first of many acquisitions. It will also be the first real property asset on IFLM's books."
The parcel consists of a 2.83 acre parcel with two building lots. A residence is planned on the larger of the two building lots. The proposed design will be a magnificent architectural statement by Vitus Matare. As designed, it will be a 4,000+ SF modern masterpiece with an additional 1176 SF detached studio. The completed property is designed to include a two car garage, along with a pool, a spa and an 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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