Austin, TX, Jan. 2, 2013 (GLOBE NEWSWIRE) -- AIC Ventures, a private real estate investment fund manager, has purchased the 91,000 square foot industrial facility of Richmond, Virginia-based Cedar Creek, LLC. Cedar Creek is a wholesaler of lumber and building materials, and was represented in the transaction by Andrew Ferguson of Colliers International. AIC Ventures closed the acquisition and simultaneously entered into a long-term lease of the facility with the company.
"This purchase was an opportunity to obtain not only a solid industrial asset, but also an opportunity to be a partner to a reputable tenant with a proven track record for success. We are also very pleased to have teamed up with Colliers on another transaction. The closing process moved smoothly, with the transaction closing 40 days from the time the parties agreed to terms," stated Luis F. Medina, Managing Director of Acquisitions at AIC.
Andrew Ferguson, Director at Colliers International, said, "AIC Ventures advertises itself as a company which brings firm offers, cash and speed to the closing table. To our pleasure, AIC completed this transaction without re-trades, without financial issue, and on time … as promised. My client is 100% satisfied with the outcome."
About AIC Ventures
AIC Ventures is a leading provider of alternative capital to middle-market companies via real estate sale leaseback transactions. With over $1 billion in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies that need to strengthen their balance sheets, fund growth initiatives including acquisitions, fund succession planning and/or support other strategic initiatives. The company has closed 136 transactions in 29 states. For more information, visit www.aicventures.com.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 512 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate brand in the world. For more information, visit www.colliers.com.
About Cedar Creek
Cedar Creek, established in 1977, is a wholesale building materials distribution company. Their focus is on providing "Wood Products for the Heart of America". Beginning as one yard in Oklahoma, they have since expanded their operations to 13 distribution facilities. As a result of this expansion, Cedar Creek, is able to provide service to over 20 states across the Midwest and Mid-south. For more information, visit www.cedarcreek.com