Steven P. Rosenthal – Opportunities and Balance

Apr 03, 14 Steven P. Rosenthal – Opportunities and Balance

Posted by in All, Boston, Business, Real Estate

Steven P. Rosenthal and Northland Investment Corporation utilize a large number of sources to find real estate deals. They do not hesitate to seek out brokers, title companies, local contacts and its in-house managers to find the best transactions. Rosenthal, Northland’s President and CEO, explains: “We’re going to be very aggressive when there’s an appropriate opportunity” Rosenthal says. “There may be all kinds of opportunities, not just buying notes. For instance, some of the smaller REITs have to sell property. Maybe there’s an opportunity to take a small REIT private.” Northland does not just jump into a purchase without a thorough understanding of the entire picture. Not only is the acquisitions department involved in the legwork before purchases, but the management team plays a crucial role also, doing market surveys and lease audits. “We literally do up to a one-year budget from the property management folks, and we match it [with the budget from acquisitions] and see how far apart they are” says William M. Thompson, vice president of asset management for Northland. “Typically, property management is more conservative, and acquisition folks are more optimistic. It’s a good balance for what the pro formas are in the broker packages.” Northland is also attracted to many of the country’s high-tech hubs for growth potential. Rosenthal explains: “With places like Austin, Charlotte, or Raleigh, you see a real concentration of brain power” says Marblehead MA-based Rosenthal. “You have a lot of smart people living in the same place. That will drive the...

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