About GM Portfolio
Todd Interests acquired five Class-A, mission critical Parts Distribution Centers totaling 1.97mm SF in Chicago, Charlotte, Denver, Rancho Cucamonga, and Reno by first acquiring a 15% minority interest in January 2015 to gain a seat in the bankruptcy court proceedings of the portfolio. Through this process, Todd Interests acquired the balance of ownership and mezzanine debt from the General Retirement System of the City of Detroit and Police and Fireman’s Retirement System of Detroit. The tenant had leases expiring 16 months from acquisition and a dramatically below market Purchase Option. Todd Interests executed a 5-year contractual renewal with $1mm in rent increases across the portfolio as well as negotiating a lease amendment that extended the renewal term from 5 to 12 years and removed GM’s Purchase Option. The Portfolio was sold back to GM.