Rushmore Properties, LLC — a commercial real estate investor with a knack for re-positioning underperforming properties.

Rushmore Properties, LLC, based in Chicago, Illinois, has generated a strong track record in re-positioning underperforming commercial properties.  The company manages private equity, primarily from individual investors, to acquire office, retail and industrial properties which are then resold in three to five years after being successfully re-leased and/or renovated.  During the last four years alone, Rushmore has acquired in excess of $110,000,000 in assets.  The three principals of the firm, Marc Reinisch, Jenny Hall and Jay Weitzman, over the course of their careers, have acquired over 4,000,000 square feet, representing a total capitalization in excess of $450,000,000.

So what’s the secret to Rushmore’s success? The keys to success, according to Managing Principal Marc Reinisch, “are acquiring the properties at an attractive basis, actively re-introducing the assets to the market, and entering markets with improving fundamentals.”  Rushmore differentiates itself by acquiring a limited number of properties in any given year and focusing on less broadly marketed acquisition opportunities.  The company typically acquires properties in major or secondary markets across the country.  Rushmore’s current portfolio includes approximately 1,000,000 square feet of office properties and 480,000 square feet of retail properties in Chicago, Boston, Atlanta, Dallas, Kansas City and Ocala and Gainesville, Florida.

A recent acquisition typifies the firm’s investment philosophy.  In June 2004, Rushmore acquired three 62% leased office parks totaling 369,000 square feet in suburban Atlanta from an institutional seller.  The properties were acquired for approximately $50 per square foot, well below replacement cost.  The investment plan for these assets includes upgrading the physical condition of the buildings, converting some of the square footage to retail space, and leasing the vacant space. Of course site selection is key and these properties are located in one of the area’s most desirable submarkets.  In addition, the exit strategy was designed to provide the ability to sell the individual office parks separately to more aggressive buyers.  As a result, the portfolio is now substantially leased and the company is in the process of selling off the first of the three office parks.

The company is always looking for new qualified investors.  Investment units typically start at $25,000.

You can learn more about Rushmore Properties by visiting its website at http://www.rushmoreproperties.com/.