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Rappaport Press Release

Rappaport and Principal form JV Partnership

Washington, DC

3/15/2013

The Rappaport Companies (TRC) and Principal Real Estate Investors have established a programmatic venture to acquire retail assets throughout the Mid-Atlantic region. The program has commenced with the recapitalization of approximately 1 million square feet of retail space in four retail centers located in Northern Virginia. The program was arranged with the assistance of PRC.

“This investment program aligns one of the most accomplished retail real estate operators in the Mid-Atlantic region with one of the largest institutional real estate managers in the United States with $44.8 billion assets under management,”stated Patti Earnest, managing director of PRC and a member of the team advising TRC in this transaction. “The synergies and capacities of TRC and Principal Real Estate Investors will enable the partnership to aggressively acquire, develop, lease and manage quality retail assets across the risk spectrum.”


“The Rappaport Companies is clearly the perfect partner,” said Jim Halliwell, managing director of Principal Real Estate Investors. “Rappaport is the retail sector leader in one of the most desirable markets in the U.S., the Washington, D.C/ Baltimore metro area. They have broad, deep and unique relationships with national, regional and local retailers and a vertically-integrated platform that provides a full complement of operational resources.”


The Rappaport Companies will provide property management, leasing, marketing and renovation/construction management services for centers the partnership acquires or develops.


“We are excited about the opportunity to work with Principal Real Estate Investors. This partnership will allow us to free up assets and add more shopping centers to our portfolio. We are particularly interested in properties that need renovation or that have potential for improvement, which has been our model for more than 25 years,” explained Gary D. Rappaport, founder and CEO of The Rappaport Companies.


Gary Rappaport and Rappaport President Henry Fonvielle will handle acquisitions of existing properties; Executive Vice President Larry Spott is handling new development land acquisitions. COO Steve Pugh and CFO Frank Pieruccini will handle operations and financing, respectively.

“We’ve assembled an incredible team of experienced and creative people and are excited to utilize our talent on an expanding portfolio,” said Fonvielle.


About The Rappaport Companies - The Rappaport Companies management and leasing portfolio totals more than 11 million square feet of retail space in approximately 50 shopping centers and numerous mixed use developments located throughout Washington, D.C., Maryland and Virginia. TRC provides retail leasing, tenant representation, property management, construction management, development, consulting and receivership services for retail space in shopping centers and mixed-use properties. TRC’s clients include some of the area’s most prominent landlords, asset managers, commercial real estate companies, financial institutions and retailers.

About Principal Real Estate Investors -- Principal Real Estate Investors manages or subadvises $44.8 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

ABOUT PRC – PRC, founded in 2005, is a private, boutique real estate investment bank headquartered in Washington, DC focused on providing creative solutions for clients seeking to capitalize real estate assets, including the placement of all forms of debt and equity capital. Through extensive relationships with institutional lenders and equity investors, PRC provides clients access to attractive sources of capital and structuring expertise and a comprehensive approach to investment analysis. Principals of the firm have completed hundreds of transactions, totaling more than $10 billion in value and represent many of the country’s most innovative real estate developers, investors and owners. The website for PRC may be accessed through www.prcib.com.