Western Reserve Partners Advises Giltz & Associates in Commercial Real Estate Joint Venture with Harbert Management Corporation


10/30/2007

Western Reserve Partners LLC is pleased to announce that it advised Giltz & Associates Inc., a family-owned real estate developer based in North Canton, Ohio, in the recent formation of a commercial real estate joint venture with Harbert Management Corporation of Birmingham, Ala.

The joint venture will develop approximately 20 shadow-anchored retail shopping centers – centers that draw upon retail traffic from a nearby anchored center – primarily in the Southeastern United States. The 15,000- to 25,000-square foot centers will offer primarily small shop space to national tenants in the coffee, convenience food, cell phone and consumer products industries. Giltz & Associates develops, acquires, leases and manages retail and residential real estate throughout the Eastern United States.

“We are pleased to have been able to bring together two parties with outstanding track records in their respective fields,” said Victor Faris, managing director, who led the Western Reserve transaction team that included Justin Wolfort, associate, and Chris Pummill, analyst. “There is every reason to expect them to be successful together.”

Western Reserve Partners will provide services to the joint venture until the committed funds are invested and the developed properties are harvested. The firm previously advised Giltz & Associates in its 2005 operating partnership swap transaction with a public REIT.

Harry Giltz, chairman of Giltz & Associates, said, “The Western Reserve team delivered on everything we had hoped for in this transaction. We think Harbert will be a great partner, allowing us to execute this real estate strategy and grow our business.”

Harbert Management Corporation manages funds for itself and for institutions and high-net-worth individuals in a variety of platforms, including commercial real estate.

“We have been looking for a partner to execute a shadow-anchored shopping center strategy for some time,” said Michael White, director of investments, domestic real estate, Harbert Management Corporation. “The Giltz organization was just what we were looking for, and we anticipate a very rewarding joint venture.”

Western Reserve Partners LLC is a boutique investment banking firm that provides customized investment banking solutions for middle-market companies. The firm’s managing directors collectively have more than 160 years of experience and have directly executed more than 500 transactions and managed more than 1,300 transactions. For more information, visit www.wesrespartners.com.

For additional information, please contact Victor Faris at (216) 589-9531 or vfaris@wesrespartners.com.

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.