Wednesday, August 1, 2007
LOS ANGELES — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed the disposition of BT Center; a 7.66 acre commercial shopping center with 66,775 square feet of leaseable space located in Phoenix, Arizona. The sales price was $8.95 million. The Siegel Group acquired the property in June 2004 at which time the center was mismanaged with a vacancy rate of nearly 80 percent. SASCO Properties, Inc., an affiliate of the Siegel Group, immediately assumed operational control of the property and successfully repositioned the center; increasing the occupancy rate to approximately 93 percent.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: “We are enormously pleased with the disposition of BT Center. At the moment we are focusing our efforts on the Nevada market which we believe holds more value and opportunity for us compared to any area of the country.”
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate Investment & Business Development Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, valued added real estate and businesses with significant turn-around potential. The company´s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential. For more information on The Siegel Group and its affiliates, visit the Company´s website at www.siegelcompanies.com.
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