Behringer Announces Acquisition of 4880 Alpha and Transition of Vertical Capital Income Fund

Rhea-AI Summary

Behringer and its partners have had an active first half of 2023. They transitioned their adviser role with Vertical Capital Income Fund to Carlyle Global Credit Investment Management. Behringer also acquired 4880 Alpha Road in partnership with Orangestar. The building is located in an emerging entertainment district and can support retail, office, flex/industrial, and entertainment uses. The building can be occupied in Q1 2024. Behringer and Orangestar will share responsibilities for asset management and investment decisions. Behringer's subsidiary, Oakline Advisors, ended its role as adviser to NYSE: VCIF, which transitioned to Carlyle Global Credit Investment Management. Shares of closed-end funds may trade at a discount from their net asset value.

Positive

• Behringer's acquisition of 4880 Alpha Road in partnership with Orangestar provides potential opportunities for retail, office, and entertainment uses. The building's location in an emerging entertainment district and its versatility make it an attractive investment. The transition of Vertical Capital Income Fund to Carlyle Global Credit Investment Management may lead to improved performance and growth potential.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- The first half of the calendar year (2023) has been an active period for private investor Behringer and its partners. The Dallas-based investment platform formed in 1989 has transitioned its adviser role with the publicly-traded, NYSE-listed Vertical Capital Income Fund to Carlyle Global Credit Investment Management L.L.C. Also, in conjunction with Orangestar, Behringer acquired 4880 Alpha Road, an office/showroom/industrial property, furthering the previously announced venture between the two.

Michael Cohen, President and CEO of Behringer, stated, “These milestones in another year of growth and evolution for Behringer serve as further proof that we do what we say we are going to do for our trusted investors and valued employees. We are very pleased to mark these successes with our key partners as we work tirelessly together creating successful outcomes for our strategic investments.”

4880 Alpha Road

The building was acquired in July in partnership with Orangestar under the previously announced joint venture investing across major metropolitan markets of Texas. Occupying an impeccable location two blocks west of the North Dallas Tollway in the Galleria submarket and adjacent to planned mixed use developments, the asset is in the planning stages for leasing strategies, potential subdivision, and future transformation. Stoic Real Estate Partners represents the partnership on leasing inquiries and advised on the acquisition. Within a dynamic overlay entertainment district being promoted by the City of Farmers Branch, the property is strategically located to take advantage of an emerging destination for diverse industries in and amongst the stalwart north Dallas furniture (and design) retail district.

Commenting on the asset’s potential, Chad Albert, Founder of Stoic Real Estate Partners, said, “The ability to offer approximately 45,000 contiguous air-conditioned single-floor square footage with phenomenal Alpha Road frontage is a rare opportunity just a few blocks west of the Galleria. The building is versatile, and thus can support retail, office, flex/industrial and entertainment type uses.” The building can be occupied in Q1 2024. Inquiries from potential tenants should be directed to the Stoic Real Estate Partners team.

The asset acquisition serves as a continuation of the Behringer and Orangestar joint venture. Seeking both boutique and value-added commercial properties in urban and suburban locations with repositioning potential, the partnership is creating solutions for niche property sellers in the dynamic Texas market.

Jay Post, Managing Partner and President of Orangestar explained, “The [partnership] is looking for opportunities that are durable through uncertain economic conditions. Both partners bring multi-generational investment experience across a variety of cycles and market conditions to drive 4880 Alpha, our existing portfolio, and future identified opportunities to successful outcomes.”

Behringer and Orangestar will share responsibilities for all asset management and significant property investment decisions. Behringer will provide daily property management.

Transition/Full-cycle of Vertical Capital Income Fund

Behringer’s subsidiary Oakline Advisors recently ended its role as adviser to NYSE: VCIF (now NYSE: CCIF) as a result of a review of strategic alternatives by the Fund. Oakline Advisors oversaw the process of raising capital for the Fund beginning in 2015; the process of listing the Fund for trading on the NYSE in 2019; and ultimately the Fund transitioning to Carlyle Global Credit Investment Management L.L.C. as its adviser, which commenced on July 14, 2023.

Disclaimers

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No fund is a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund's investment objective, risks, charges, and expenses. For further details, please visit Carlyle Credit Income Fund's website at carlylecreditincomefund.com.

This release contains forward-looking statements relating to the business and financial outlook of Carlyle Credit Income Fund that are based on the Fund's current expectations, estimates, forecasts and projections and are not guarantees of future performance. There is no assurance that the Fund will achieve its investment objective. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release.

About Behringer

Since its inception in 1989, Dallas-based Behringer, together with its affiliates, has raised equity of more than $6 billion through public and private fund structures, joint ventures, and separately managed accounts. The company offers select private investment opportunities focused on commercial assets in Texas. For more information about Behringer please visit our website at behringerinvestments.com.

About Orangestar

Over the span of 7 decades, Orangestar and its family of companies have been active investors in office, retail, and multifamily properties across the United States. Since the 1980s, Orangestar executives have led the successful development and disposition of various types of residential and commercial properties, including office buildings and shopping centers, across California, Colorado, Georgia, Ohio, Pennsylvania, and Texas. Orangestar's corporate headquarters are in Dallas (Plano), Texas.

About Stoic Real Estate Partners

Stoic Real Estate Partners is a full service industrial real estate brokerage firm. The team's services encompass representing tenants, buyers, landlords and sellers with an intense focus in DFW submarkets. The firm is committed to providing its clients unparalleled market expertise, and is intentional about building value through real estate, one relationship at a time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230905062487/en/

For further information:

Stoic Real Estate Partners - Batya Friedman, Director of Brokerage Operations, bfriedman@stoicrep.com, 972-977-0936

Behringer - Jason Mattox, Chief Operating Officer/Principal, jmattox@behringermail.com, 469-341-2360

Orangestar – Jay Post, Managing Partner & President, jpost@orangestarco.com, 469-808-1220

Source: Behringer