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The partnership consists of two principals, each with an extensive background and knowledge base in the business of real estate development and investment.
Vance Marshall is the ‘V’ in the name, and has been established in the greater Phoenix real estate community for over 40 years. Mr. Marshall’s background ranges from pure sales and leasing of various income and non-income producing property types to development of multiple projects with a specific focus on industrial. He assembled a portfolio in excess of 1,350,000 sf through 12 separate transactions in Phoenix and Salt Lake City. In this latter capacity Mr. Marshall was responsible for all aspects of the acquisition including all due diligence, analysis, financing and ultimately, operations of the project in accordance with the expected investment parameters set by the investors.
Jeffrey Lanes is the ‘J’ in the name. Born and raised in Connecticut, Mr. Lanes has been active in the real estate industry for the past 30 years where he has acted in the capacity of broker, developer, consultant and investor until relocating to Phoenix in 1996. His main business was conducted for various clients/partners be it institutional or private investors in the greater Northeast, with an attention to user or income producing property types. In 1994 Mr. Lanes sold his brokerage business to a group of investors/partners and focused on institutional investment brokerage and acquisition for his own account. At present he maintains various projects/investments in the Connecticut and Massachusetts region in addition to his Arizona investments.
VJ Properties was formed to create a vehicle in which it can offer investors and partners a secure alternative for capital investment. The partners have known one another for the past twenty years and realized their business philosophies were similar in addition to complimentary business acumen and styles.
Projects done to date include:
Projects done to date include:
In August, 1997 VJ created a joint venture to purchase a 100,000 sf office building at 459 N. Gilbert Rd., Gilbert. It was 16% occupied at the time. The project is 100% occupied at present. The partners of the project have been able to receive a return of their Equity via permanent financing and cash flow as the project was sold. In the Summer of 2002, the property was sold for an 80% profit above total project costs.
In April, 1998, VJ created a partnership to purchase a 50,000 sf multi-tenant industrial complex at 2224-2240 W. Desert Cove, Phoenix. We saw an opportunity with average rental rates at 80% of market and a vacancy rate below 5%. Tenants were renewed at prevailing market rentals. The property performed to projecting yields as it was sold in May 2001 and returned a 37% annualized return (IRR) to the Investors.
In February, 1999, VJ created a partnership to purchase a 173,000 sf vacant industrial building at 1524 W. 14th Street, Tempe. Despite its superior location, the property had been neglected by its corporate owner. The building was rehabilitated and divided into several tenant spaces. Occupancy increased to 87%, and the property was performing well financially when it was sold in 2004. Improvement costs exceeded original purchase price.
In March, 2000, VJ created a partnership to purchase 95 acres of business park land in Mesa, Arizona. The property surrounded a site of a new Home Depot store. It is adjacent to the Superstition Freeway and 1.5 miles west of the Red Mountain Freeway intersection. Fifty percent of the property was sold in 2004 for a hospital and ancillary medical building.
Much of the remaining land is being held for future development.
In June, 2000, VJ created a partnership to purchase a 28,000 sf business park building in northeast Phoenix. VJ renovated the building, expanded parking areas and executed leases for 100% of the space. The property was sold in 2004.
In December, 2002, VJ created a partnership to purchase a 53,000 sf medical office building from the Federal Bankruptcy Court. This property is located in Scottsdale, Arizona, situated across the street from Scottsdale Memorial South Hospital, an established regional hospital. The prior ownership had mismanaged the property and the facility was in need of deferred maintenance and capital improvements. VJ investigated the property for in excess of one year and was awarded the property in a public bid. The building was rehabilitated and leased up and held for five years before its sale in 2008.
In March of 2003 VJ created a partnership to purchase a 32,600 sf office building. The building was 24% leased at closing. The central Phoenix property was purchased to provide a location for the tenant, which then occupied all the space previously vacant in the building. Tenant took occupancy in August, 2003. This was done as a public service for a school whose prior property had been taken by government condemnation.
In June of 2003 VJ created a partnership to purchase a 43,221 sf athletic club located on 5.8 acres of land within a business park in Tempe, Arizona. The club, located near VJ’s industrial building on 14th Street, had recently closed. During escrow VJ secured a lease with Cox Communications for 50% of the building. Tenant and site improvements were completed and the tenant’s long-term lease commenced in February 2004. The remainder of the building was subsequently leased to a school owned by Career Education Corp. Improvements were done. Improvement cost exceeded purchase price of the property.
In September, 2004 VJ created a partnership to purchase a 30,000 square foot medical building located on 2.75 acres of land near the Chandler Regional Hospital. Two leases were completed, which brought occupancy to 100%. Within a year of purchase, the property was sold to an unsolicited trade buyer.
In June 2006 VJ created two partnerships to purchase parcels of business park land in Surprise and Avondale, in a build-to-suit agreement with Cox Communications. In addition to the benefit of 15-year leases with Cox, additional land provided an opportunity to build another building at each site. VJ did construct an 17,000sf building in Avondale in 2008, which is 100% leased. The land in Surprise is being held for future development.
In June, 2006 VJ created a partnership to purchase a 78,000 square foot flex industrial building on freeway frontage in north Phoenix. The property was 42% leased to Cox Communications. We immediately rehabilitated the exterior. VJ then completed its fourth transaction with Cox Communications, expanding them to 54% of the property with ownership providing all-new tenant improvements. The property was at 83% occupancy when Desert Breeze Community Church, who had their administrative office there, approached the ownership to purchase of all the non-Cox portion of the building. After a complicated lot split process, the sale to the Church was completed in 2013. VJ retained the Cox portion.
In October 2006 VJ created a joint venture with several physician groups to purchase a 6.5 acre site located at the intersection of Saguaro Boulevard and Palisades Parkway located directly across the street from the park containing the famous fountain of Fountain Hills. The buildings were demolished to shell condition, given a contemporary exterior and all new tenant improvements. Result is a first class Medical Office Campus in the center of the City, creating a medical hub. The Property consists of three (3) buildings of similar size with the total square footage of 50,000, single story in a campus-like setting. It was 96% leased when it was sold to a medical REIT in 2015.
In November, 2010, VJ created a partnership to purchase a 24,000 square foot retail building in Sierra Vista, Arizona to expand and convert the building to office space under a 10 year lease with the US Department of the Interior. Construction was completed and the property was sold to a REIT in 2011.
In December 2011, a partnership was formed to acquire a property consisting of one 3-story office building and two single-story industrial buildings industrial buildings across the street from the Deer Valley Airport, one of the most active general aviation (non-commercial) airports in the country. The property has proved to be an excellent acquisition because of its location, functionality, and low purchase price compared to replacement cost. With substantial capital improvements, occupancy has increased from 48% at acquisition, to nearly 100% currently.
In 2013 VJ formed a group to purchase a Note secured by an industrial building in Phoenix, Arizona, totaling just under 10,000 square feet. Through bankruptcy court they acquired title to the property. The building was 83% occupied by long-term tenants at the time of acquisition, and currently has 100% occupancy.
In 2013, group formed by VJ obtained an option to purchase a 31,222 sf industrial building in a well-located Tempe, Arizona business park, by leasing the vacant 50%. Long-term tenants occupied the remainder. The option was exercised in 2014 when a machine shop was secured to lease the buildings remaining space. After substantial improvements, the machine shop re-signed a long term lease.
In 2014 VJ formed a group to acquire a vacant 34,618 sf multi-tenant office/industrial building, in the downtown Phoenix area. It is well located near Chase Field where the Arizona Diamondbacks play major league baseball, and the Translational Genome Project as well as the University of Arizona medical school. Accessibility is very good, from the I-10 and I-17 as well as light rail and bus service one block away.
All of the above acquisitions were based upon a comprehensive investigation of the marketplace and specific facilities. It is this due diligence combined with purchase structure that has enhanced their present values.