NEW YORK, Feb. 9, 2016 /PRNewswire/ -- First Capital Real Estate Advisors, LP, the external advisor to First Capital Real Estate Trust Incorporated ("First Capital"), an SEC-registered public non-traded REIT, announced today that First Capital acquired a 92% indirect ownership interest in Township Nine, a 62.6-acre mixed-use development project in Sacramento, California ("Township Nine") appraised at $78 million.
The development plans for Township Nine call for the construction of up to 2,400 housing units, 840,000 square feet of office space, 150,000 square feet of urban retail and 20 acres of parks and open space.
"We are proud to partner with local Sacramento developers on this extraordinary project," said Mr. Singal, CEO and Chairman of the Board of First Capital. "We believe that this project will unlock tremendous long-term value for our shareholders and the City of Sacramento."
Township Nine is part of a larger redevelopment of Sacramento's River District where a former rail yard is being revived. Over the past 14 years, the Sacramento Redevelopment Agency and the City of Sacramento have invested over $100 million dollars in federal and local public dollars to transition the River District from an industrial area to a diverse urban mixed-use district. Highlights of the region include the American River, the new headquarters for the California Highway Patrol and California Lottery, the proposed site for a new Major League Soccer stadium and direct public transit to the heart of downtown Sacramento.
"We are incredibly excited to partner with First Capital and bring our award-winning transit oriented development to life. With central downtown Sacramento to the south and the American River to the north, the T-9 development is poised to have a catalytic effect on downtown Sacramento's already flourishing housing market and urban lifestyle," said Steve Goodwin, a California developer and partner in the Township Nine project.
About First Capital
First Capital Real Estate Advisors, LP, led by veteran real estate investor Suneet Singal, is the external advisor to First Capital Real Estate Trust Incorporated, a public non-traded REIT headquartered in New York City.
First Capital Real Estate Trust Incorporated is a public non-traded REIT based in New York City. Additional information is available on its website at www.fcretrust.com.
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "may," "will," "seeks," "strives," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Actual results may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors sections of First Capital Real Estate Trust Incorporated's most recent annual report on Form 10-K and quarterly report on Form 10-Q. Forward-looking statements speak only as of the date they are made, and neither First Capital Real Estate Advisors, LP or First Capital Real Estate Trust Incorporated undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
SOURCE First Capital Real Estate Advisors, LP