SkyREM Sells $100 Million Worth of Properties in December 2020

SkyREM ended an unquestionably tough year on a good note, selling approximately $100 million in real estate assets in December 2020. The sales included properties that were extensively renovated and modernized while owned by SkyREM, specifically multi-family and flex properties in Pennsylvania and North Carolina.

One of the properties, Northridge Business Center in North Carolina, was purchased by SkyREM over six years ago and was nearly vacant at that time. SkyREM renovated the 175,000-square-foot, four-building complex and implemented an aggressive leasing strategy. When it was sold by SkyREM, it was nearly 100% occupied.

Business Strategy

Why did SkyREM decide to sell $100 million worth of properties at this point? “We felt that it was time to exit certain investments due to the current high demand for multi-family and flex industrial properties. The sales were part of our company’s strategic realignment to re-invest in larger industrial properties across the U.S.,” said Alex Dembitzer, founder of SkyREM.

As Managing Director Marc Civitillo said, “the sale of Northridge Business Center, combined with three other 2020 year-end commercial property sales, positions SkyREM to aggressively redeploy capital to acquire and develop larger warehouse and manufacturing-related assets.”

Alex Dembitzer further commented: “For over a decade, SkyREM has been successfully buying, investing, and managing various types of properties. We have two offices, one in New York City and one in Philadelphia, but our properties are not limited to these two locations. I believe that the key to our past (and future) success is that we have access to substantial capital for immediate investments. This gives us the ability to close cash deals with no financing contingencies.”