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Anderson & Strudwick Helps DeBartolo Development Raise $21.6M - cbl
Posted November 30, 2010
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By citybizlist Staff
RICHMOND, Va. -- An amended SEC filing shows that DeBartolo Development, LLC has raised $21.64 million in equity for a pooled investment fund.
The DeBartolo Opportunity Fund I, LP has 300 investors, and effective November 23, its maximum offering amount was increased from $25 million to $40 million.
President and COO Edward M. Kobel is named in the filing along with development officers Jay Adams and Erin Nellis; director of acquisitions Michael Larsen; business development manager Michael Weems; development manager Holly Garcia; and Michael Barna.
Prior to overseeing DeBartolo Development, Kobel served as a partner of Fortis Advisors in Scottsdale, Ariz., an affiliate company of the DeBartolo Property Group. Before joining Fortis Advisors, Mr. Kobel founded Trinity Development with offices in Colorado Springs and Denver, Colo., Phoenix, Ariz., and Chicago, Ill.
The filing indicates that $2.65 million in sales commissions was allocated among Clive, Iowa-based Dewaay Financial Network, LLC; Richmond, Va.-based Anderson & Strudwick, Inc.; Alpharetta, Ga.-based Moody Capital Solutions, Inc.; Orlando, Fla.-based International Assets Advisory, LLC; and Puerto Rico-based Pariter Securities, LLC.
Lead by Edward J. DeBartolo Jr., former owner of the San Francisco 49ers and Pittsburgh Penguins, and his brother, Ed Kobel, DeBartolo Development is a nationwide real estate company developing projects ranging from single tenant build-to-suits to mixed-use and lifestyle, community and power centers.
SEC filing: http://tinyurl.com/2uu32b5
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Jay Adams
Development Officer
As Development Officer for DeBartolo Development, Mr. Adams is responsible for procuring development opportunities, assembling and leading his project team from the inception of the project to the disposal of the asset. His developments include mixed-use, single-tenant retail, multi-tenant retail, multifamily and open air shopping malls with a pipeline of over $150 million annually.
Mr. Adams has 15 years in the industry and hands-on experience from construction and financing to residential and retail development. Once a preferred developer for both Walgreens and Eckerd Drug Stores, his list of retail relationships and experience includes a long list of national and international brands: Kohls, Home Depot, Barnes & Noble, Comp USA, Pier 1 Imports, Wal-Mart, and many more.
Jay currently resides in Orlando with his wife Tammy and three sons, Nicklaus, Christian and Colin.
Erin Nellis
Development Officer
As Western Regional Development Officer for DeBartolo Development, Ms. Nellis assembles and leads the development teams responsible for execution of over $100 million annually in retail and mixed-use projects. During Ms. Nellis' leadership of the Western Region, the division has grown from $25 million to over $750 million in development projects in various phases of completion in a five-year span.
The Western region has an experienced team with a core competency in retail, commercial mixed use, multi-family and hospitality.
Early in her retail development and construction career, Ms. Nellis was Director of Real Estate and Construction for a high fashion retailer and was responsible for taking the chain from just 2 to 97 stores in just 4 years. Progressing from retailer to developer, Ms. Nellis joined a retail developer in their outlet division and was responsible for over a million square feet of ground up shopping center development in the Western States during her tenure. Ms. Nellis also led the development and construction for the Western and Central regions of TJX, opening Marshalls, Home Goods, and TJ Maxx and the Southwestern States for Home Depot opening various concept stores and developments for Home Depot.
Previous to joining DeBartolo, Ms. Nellis led the development efforts of the New York City office of Cypress Equities, an affiliate of Staubach Retail, which included large mixed-use projects within New York City and throughout the Northeast including transit-oriented developments in partnership with the City of New York as well as leading the preferred development programs for retailers with aggressive expansion plans in the Northeast such as Whole Foods. Ms. Nellis was also responsible for the redevelopment of Cypress mall acquisitions throughout the 50 States and for building the internal teams as well as developing strategic partnerships with third party firms such as General Growth Properties for leasing and tenant coordination.
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