Principal Transactions

In recent years, Palmetto and its partners have completed principal real estate transactions encompassing over 3.5 million square feet located in 17 states nation-wide valued at $200+ million.

Current Holdings

Louisiana - 925 Common Street, New Orleans ( is a 353,000 s.f., 14 story, CBD building which was converted into a mixed use project containing 108 luxury apartment units, a 250 vehicle valet parking garage, 11,000 s.f. of street level retail and commercial space and a 104,000 s.f. leasehold to Fairmont Hotel. The building was designed by Skidmore Owings and Merrill and was placed on the National Historic Registry by the sponsor.

This project was a gut rehab of the entire building which commenced in late 2004, transcending Hurricane Katrina and opened for occupancy in September, 2006. Project cost was approximately $25 million. Permanent financing was placed with Fannie Mae. In 2007, the Fairmont leasehold reverted back to the sponsor and it forms the basis for Phase II of the project. 925 Hotel will be a 150 room, up-scale, full service, boutique style hotel featuring a signature roof-top pool and lounge area. The hotel is expected to cost approximately $25 million with work starting in 2011.

1480 Nicholson Road, Baton Rouge is an 8.75 acre parcel strategically located between LSU and downtown. The property has been owned by the sponsor for a number of years and operated as a 300+ room full service hotel until it was closed in 2003 to allow for future redevelopment. The site was cleared in late 2006. The sponsor plans to develop RiverHouse; an in-fill, live-work-play community based onnew-urbanism principals and a LEED friendly design. RiverHouse will consist of two, four story buildings
containing 224 market rate apartments complimented by a striking clubhouse and recreation area, a three story office building of 34,000 s.f. and 15,000 s.f. of neighborhood retail shops. Construction will start in 2011 and is expected to cost approximately $40 million.

2024 Canal Street, New Orleans is a 0.75 acre site with improvements. It is currently leased to Avis until 2016. The site offers direct frontage to the Canal Street streetcar line and immediate proximity to the medical district. The asset is held for investment.

Tennessee – Sponsor owns a 90,000 s.f. retail center in Chattanooga which is leased to K-Mart until 2011 and an 83,000 s.f. distribution center which is leased to Federal Express until 2016. Sponsor recently completed a 15,000 s.f. expansion of the Federal Express at a cost of $2 million and a $500,000 capital improvement program at K-Mart. Upon lease expiration, the Chattanooga property is expected to undergo redevelopment into a destination retail location. Both assets are held for investment.

Florida and Georgia – Sponsor owns a portfolio of high end and luxury, residential condominiums, condo-hotel units, residential and commercial land and lots. These assets are held for rental or resale.

New York and Utah – Sponsor owns luxury condo-hotel units at the Trump International Hotel in Manhattan and the Stein Eriksen Lodge in Deer Valley which are held for rental and investment.

Colorado and New York – Sponsor owns a 150 acre residential development parcel outside of Aspen in Carbondale, CO and a residential development site in Manhattan.

Discounted Notes

In recent years, Palmetto and its partners have completed discounted note purchases on real estate loans with a par value in excess of $30 million collateralized by retail, lodging, office, multi-family and development properties.

Recently Sold Properties

Terrace Building – a Skidmore Owings and Merrill designed 600,000 s.f., 20 story, CBD mixed use property in Cincinnati, Ohio containing a 330 room, full service, Crowne Plaza Hotel, 225,000 s.f. of office space net leased to AT&T and 20,000 s.f. of street level retail. Sponsor completed approximately $20 million in renovation projects during their 10+ year ownership of the property. The property was sold to a European investor.

Thirteen properties, totaling over 1,000,000 s.f. of free standing K-Mart retail stores located nationally from North Carolina to California ranging from 40,000 s.f. to 90,000 s.f. These properties were either operating K-Mart stores or sub-leased stores (including: Sears, IBM, Goodwill) all of which were later resold to investors, owner-users or developers. Sponsor completed over $1 million in renovation projects during their ownership of these properties.

Three shopping centers totaling approximately 800,000 s.f. located in Atlanta, Georgia and Miami, Florida. National tenants included: Home Depot, J.C. Penney, Service Merchandise, T.J. Maxx, Marshalls, Sears Home Life, Value City, Guitar Center, Burger King, Cash America, Enterprise Car Rental, U.S. Post Office, Zayre. Sponsor completed over $15 million in construction or renovation projects during their ownership of these properties including: a complete rebuild of the Florida property after Hurricane Andrew, construction of a 20,000 s.f. distribution center for the U.S. Post Office and retail tenant build out of over 400,000 s.f. of anchor and shop space. These properties were all sold to investors.

Multiple residential condominium properties out of the Florida and Atlanta portfolios.

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