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and past properties
237 Park Avenue is a 1.25 million square foot 21-story Class-A office tower.
540 West Madison is a 31-story, 1.1 million rentable square foot, LEED-EB Platinum certificate office building in Chicago’s West Loop. 540 West Madison, designed by DeStefano & Partners, is widely admired for its inspired architectural design and its state-of-the-art technological features.
South Riverside Plaza
300 South Riverside Plaza is a 23-story glass-curtain-wall-clad 1.08 million rentable square foot LEED-EB Gold certified office tower in Chicago’s downtown west loop. Designed by Skidmore, Owings & Merrill, 300 South Riverside Plaza features a sleek and contemporary exterior design mirrored throughout the interior space of this state-of-the-art building.
Walmart Store Portfolio
A group of investors led by Joseph Mizrachi partnered with the Benetti Family Trust to acquire NNN-leased stores from Walmart. At the time Walmart was not considered creditworthy, so the JV purchased the first three properties for cash. Eventually, the JV increased their portfolio to 42 properties across the continental United States.
K Mart Distribution Centers
Colorado - North Carolina
The Kmart Distributions Center Portfolio was Acquired in 1997 by a group of investors led by Third Millennium Group principals and the Benetti Family Trust. A 25-year self-liquidating loan of $63 million was arranged with Berkadia. The warehouses located in Brighton, CO, and Greensboro, NC were NNN-leased to Kmart (later merged with Sears).
J.P. Morgan International Plaza
A 1.1 million square foot, three-tower office park in Dallas, Texas. Third Millennium Group secured a contract to purchase the three towers along with the Fortis Property Group. Tower I and II were financed by, and 100% triple-net leased to JP Morgan Chase and promptly sold after acquisition for an immediate cash profit of $6 million and a deferred profit of $10 million. Tower I and II were financed by, and 100% triple-net leased to JP Morgan Chase and promptly sold after acquisition for an immediate cash profit of $6 million and a deferred profit of $10 million.
Galleria Office Towers
Completed in 1991, Galleria Office Towers delivers the highest-quality office environment in Dallas. This property represents a best-in-class mixed-use development. Galleria Office Towers, occupying a whole city block, projects a unique and distinctive image with its rose-colored concrete panels and alternating bands of rose-tinted windows capped by barrel-shaped roofs.
One East Penn Square
One East Penn Square was initially home to the Market Street National bank and partially occupied by a courthouse. The building was constructed in 1930 and designed by Ritter & Shay Architects. In 2002 the building was converted from offices to a hotel and is now known as the Residence Inn Philadelphia Center City.
The Montgomery is currently a residential high rise located at 74 New Montgomery Street. Designed by the Reid Brothers architects in 1914 and served as headquarters and the offices of The San Francisco Call newspaper. From 1950 until 2005 the building was utilized as premium commercial office space until redevelopment as a luxury residential building.
545 Madison Avenue is a 19-story office building in central midtown New York City. This property, constructed in 1955, offers excellent retail spaces and unique terrace gardens for office tenants. Third Millennium Group principals acquired a leasehold interest in the property in 1990.
Union Square West
5-9 Union Square West is an 8-story Commercial/Office Building alternatively known as the Spingler Building. The property was constructed after the original Spingler Building was destroyed in a major fire in 1895. The Spingler Building was designed to be entirely fireproof and built out of limestone, brick and terra cotta. Third Millennium Group principals organized the partnership structure, acquisition and financing in 1987 and served in management and leasing capacity.
360 Lexington Ave is a 24-story office building in midtown Manhattan. Designed by Schuman & Lichtenstein and constructed in 1958, 360 Lexington is an excellent example of modernism in architecture. Third Millennium Group principals were involved in the structuring, acquisition, and financing of 360 Lexington Avenue in 1980 and served in management and leasing capacities until the property sold in 1987.
New York, NY
Rising 43-stories and completed in 1931, 275 Madison Avenue is an outstanding art deco skyscraper dating from the end of New York City’s skyscraper boom. Third Millennium Group principals acquired a leasehold interest in 275 Madison Avenue in 1989. Third Millennium Group principals arranged a $70 million private loan from a group of Japanese lenders led by Kawasaki Enterprises Inc. In 1991 Third Millennium principals sold their interest in the partnership to its other partners.
Park Avenue South
New York, NY
A 20-story (356,000 SF) office tower. Third Millennium purchased the property in 2001 with the Benetti Family Trust and financed through Bank of America with Credit Suisse as the property’s largest tenant. Third Millennium sold the property in 2007 for a profit of approximately $150 million, more than ten-times the equity multiple.
The Apex at Las Colinas
The Apex at Las Colinas Crossing is a 526,000 square foot class A office building in Las Colinas, Texas. The property serves as the U.S. headquarters for NEC Corporations, the global Fortune 500 Japanese technology company. NEC leases the entire property on a triple-net basis and subleases a portion of the building to AAA, the automotive association and insurer. Third Millennium Group led The Apex acquisition with financing from Eurohypo Bank. Third Millennium sold its interest to Fortis Property Group in 2015.
Denver Merchandise Mart
The Denver Merchandise Mart is a multi-building shopping complex located in Denver Colorado. This facility consists of three buildings, the Mart, the Exposition Building/Trade Show Center and a hotel (Best Western INN in 1985 currently a Comfort INN). The Third Millennium Group principals structured equity participation in the Denver Merchandise Mart.
Farnsworth Warehouse Portfolio
The Farnsworth Portfolio included 29 warehouses and distribution facilities totaling nearly 2 million square feet and 169 acres of undeveloped land in Memphis Tennessee. FedEx was one of the primary tenants of the warehouse portfolio. Acquired by Third Millennium Group principals in 2005 with the Alcalay Family Trust. The entire Farnsworth portfolio (29 warehouses and 169 acres of land) sold to Liberty Mutual Insurance Company in 2008.
Acquired in 1997 by Third Millennium Group principals with the Benetti Family Trust as a redevelopment site (development completed by the new purchaser), today the Floridan stands as a historic landmark and a tremendous 4-star hotel in downtown Tampa. The Floridan boasts timeless elegance with contemporary amenities. Beaux-Arts style furnished rooms include gold-painted overlays and multi-framed panels of floral rosette medallions. Hand tailored draperies and bedding adorn the guest rooms.
Originally acquired by Third Millennium Group in 1984, the DoubleTree by Hilton (originally the Guest Quarters Suite Hotel) is a 26 story 366 key hotel located in the Galleria outside of Houston TX. Interests in the holding Limited Partnership were sold in 1988 and Third Millennium Group functioned as the broker/dealer in the transaction.
The Nikko Hotel at Beverly Hills was built in 1991 in partnership with Third Millennium Group principals, Japan Airlines, Nikko Hotel Group, and with a construction loan from Kawasaki Leasing International totaling $85 million. Shortly after construction on the Nikko Hotel concluded, Third Millennium principals sold their interest in the asset to its Japan Airlines and Kawasaki Leasing International for a substantial profit.View case study
Upon the end of communist rule in Bulgaria, there was a wave of privatization. Third Millennium Group principals acted as administrators and board members for the joint venture which acquired this hotel and its adjoining casino in 1991. Situated in Narodno Sabranie Square overlooking the iconic Alexander Nevsky Cathedral, the Radisson Blu Grand Hotel in Sofia is close to popular attractions like the Ivan Vazov National Theater.
Sheraton Hotel Portfolio
The Third Millennium Group was involved in the structuring, refinancing, and sale of a Sheraton Portfolio in 1988 for a private REIT. All three properties are in Vancouver Canada with the trophy towers located in the CBD.
Third Millennium Group principals acquired The Donatello in San Francisco in 1994. The business was refinanced and partnered with a time-sharing group; after acting as general manager of the property, the hotel sold in 1994 to other parties.
Best Western Portfolio
The Best Western hotel portfolio consisted of 3 properties located in Virginia Beach VA, Houston, TX, and Charlotte, SC. The portfolio was acquired by Third Millennium as a structured UPREIT for an NYSE real estate company.
Forest Hills Properties
Third Millennium Group principles organized the purchase & management of Forest Hills Properties in 1980. The Principles of Third Millennium Group managed the properties until the portfolio sold in 1988.
Texas - Florida
Metra Capital was an investment portfolio of 4,000 apartment units spread across 28 properties in both Texas and Florida. The portfolio was purchased with American Realty Trust shortly after Metra United Holdings, and the portfolios operated simultaneously for two years as they were divided and sold to generate returns for the principals of Third Millennium Group and investors with an income of 15% per year. Financing was organized with Deutsche Bank for $110 million.
Metra United Holdings
Metra United Holdings was an investment portfolio of 4,100 apartment units spread across 13 properties in Texas. The portfolio was purchased from United Dominion REIT (UDR) in the summer of 2002 by Third Millennium Group principals and their partners. After several years of operation, the principals improved the performance of the properties and sold them in pieces to generate returns for its investors with an average income of 15% per year. Financing was organized with Bank of America for $16 million.
Paige East Properties
Third Millennium Group principals organized the purchase, construction, and management of Paige East Properties in 1980. The properties were continuously managed by the principals until the property sold in 2006. At the time of sale, the complex had a valuation of $3.3 million.