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Fund spends $93M on former Levitz properties.(Lubert-Adler Real Estate Opportunity Fund II)
Center City-based financiers Ira Lubert and Dean Adler have invested $93.5 million purchasing 35 properties in nine states from the bankrupt Levitz Furniture chain.
The pair operating as the Lubert-Adler Real Estate Opportunity Fund II, a $300 million equity fund, partnered on the Levitz deal with Chicago-based Klaff Realty LP.
The joint venture, known as Klaff-Adler Inc., is leasing a portion of the stores back to Levitz, and the Boca Raton, Fla.-based retailer said that as a result of the sales, it hopes to "significantly decrease, if not pay down entirely" the company's debt. Levitz filed for Chapter 11 bankruptcy protection in September 1997. It now …
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