Eola Capital has acquired America’s Capital Partners’ GP interest in a portfolio of 22 office properties and hired its co-founder as chief executive officer.
The stake is secured against 7.6 million-square-feet of office space. Eola said in a statement the deal will also boost its invested capital under management by another $400 million. No financial details were disclosed.
As part of the transaction, America’s Capital Partners co-founder Rudy Touzet has been hired as Eola chief executive officer. He has also acquired an interest in Eola, the firm added.
ACP said though the transaction related to LP interests held personally by its chairman and chief executive officer Allen de Olazarra, who had “significant obligations” with Touzet and Eola chairman Jim Heistand.
“Mr de Olazarra elected to sell a majority of his partnership interests in the South Florida and Atlanta office markets to Rudy Touzet and Jim Heistand along with the associated management contracts,” a statement said. de Olazarra also sold his limited partnership interests in Two Liberty Place, Philadelphia, and Irvington Centre at King Farm, Rockville, Maryland.
“The purchases do not effect that portion of the portfolio owned and operated by ACP Mid-Atlantic. There were significant obligations between Allen, Rudy and Jim,” said Brian Katz, president of ACP Mid-Atlantic. “This transaction was crafted, in large part, to settle those obligations and does not affect the properties or the partners of ACP Mid-Atlantic.”
Orlando-based Eola was founded by Heistand in 1999 with senior management and staff from the former Associated Capital Properties. The deal almost doubles Eola’s assets under management.