Rockford, Ill. – November 15, 2007 – Land Capital Group, Inc., a nationwide real estate development firm headquartered in Park City, Utah, and Ariel Preferred Retail Group, LLC, the Williamsburg, Va.-based affiliate of Prescott Capital Management, LLC, have formed a joint venture to create The Preferred Outlets at Rockford, a 400,000-square-foot retail outlet center in northern Illinois.
The center, which is scheduled to break ground in late fall 2007 and open in summer 2008, will be strategically located near I-90 and I-39, two of the state’s busiest highways. It will draw from a population of nearly five million residents within a 60-mile radius, along with millions of visitors to the region.
“Rockford is the ideal development location as it is home to the state’s largest music festival, and has a wealth of wonderful amenities like water parks, indoor and outdoor theaters, sporting venues, world-class gardens and more,” said Randy Warren of RW Development, an affiliate developer of Land Capital Group. “Our partnership with Ariel Preferred – a firm with extensive retail outlet center expertise and strong tenant relationships – further enhances the outlook for a very successful project.”
Mark McCarthy, Ariel’s Managing Director, Leasing and Marketing, noted, “This site in Rockford affords our partnership with Land Capital Group an opportunity to develop an upscale outlet center with multiple advantages – great highway visibility and access, a strong population base from which to draw, and a diverse tourist base. These attributes have brought a significant amount of tenant interest to this project. We look forward to putting together a retail project with a great tenant mix.”
The Preferred Outlets at Rockford is part of a larger partnership between Land Capital Group and Ariel Preferred, which also includes Merchants Walk at Zion Crossroads, an eco-friendly, mixed-use development near Charlottesville, Va.
Prescott Capital Management is the investment and asset management unit of The Prescott Group, LLC, based in New York City.
Prescott Group Managing Director Susan L. Stupin said, “The establishment of this joint venture relationship with Land Capital Group provides Ariel with a partner that has a strong capital base and an impressive reputation in the retail development sector. This is a strong strategic move for both parties.”
About Land Capital Group
Land Capital Group, Inc. is a fully integrated commercial real estate firm serving the needs of communities, tenants and developers from coast to coast. The company’s approach to the development of real estate has one overriding principle - an unparalleled commitment to excellence. Its range of services, depth of expertise and collaborative approach to design and planning give Land Capital a unique advantage in helping communities and clients achieve their goals. For more information, please visit www.landcapital.com.
About Ariel Preferred Retail Group
Headquartered in Williamsburg, Virginia, Ariel Preferred Retail Group operates a national portfolio of seven outlet centers in six states, totaling 1.6 million square feet of retail space. The Ariel executives, in partnership with their retail tenants, have been key in developing and operating some of the most exciting and innovative shopping experiences in the world. Ariel Preferred was founded in 2006 by The Prescott Group, LLC, a New York-based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities throughout the United States as well as internationally.
About The Prescott Group, LLC
Founded in 1987, The Prescott Group, LLC is a New York-based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities throughout the U.S. as well as internationally. Prescott brings institutional real estate investments in high quality commercial real estate assets, including office, industrial, retail, mixed-use, hotel, and multi-family product types, to private clients including high net worth individuals, families, and private investment groups as well as to trusts, endowments, foundations, and institutional investors.
In 2004, the firm partnered with the Gordon P. Getty Family Trusts to offer expanded real estate investment opportunities to significant private investors. The Getty Trusts made a substantive investment in Prescott at the corporate level and also participate in real estate investment vehicles sponsored by Prescott.
Prescott Capital Management is the firm’s investment and asset management subsidiary, working closely with groups providing wealth management services to significant individual investors. It sponsors a series of real estate investment vehicles comprised of commercial properties located throughout the U.S.; manages investment funds targeted toward specific strategies and segments of the property markets; and originates and manages separate account investment programs focused on the U.S. and international property markets.