Real Estate Portfolio Transactions | Large Scale
We have the privilege of representing some of the world’s largest private equity and advisory firms in their multi-site real estate portfolio transactions. We understand that whether at a property or equity level transfer, 20 or 300 properties, portfolio transactions are both legally and logistically complex.
Our Property Diligence Niche
Given the sheer scale of a portfolio transaction, it is common to carve up parts of the deal among not only title companies and surveyors, but also counsel. We’ve enjoyed working side-by-side with some of the nation’s largest law firms to take the lead on certain portions of portfolio transactions. Our sweet spot happens to be property diligence, as detailed in our “Areas of Service” below. By working collaboratively (not competitively) with other law firms, our reputation for exceptional diligence work has earned us the honor of acting as co-counsel to top tier law firms.
Our Work Product and Style
Our work product is practical, hyper-organized, and tailored for every client. Our communication systems and work flow processes are carefully considered in advance with nuanced adjustments on every deal. Perhaps most importantly, our team is trained to identify real issues and take the lead on suggesting and executing efficient solutions.
We believe in anticipating and preventing fire drills, though we can extinguish them too. Our communication style goes hand-in-hand with our culture, which is founded on mutual respect and pleasant persistence among ourselves, co-counsel, opposing counsel, and the vendor teams that support the massive diligence undertaking inherent in these transactions.
We have honed our processes over the years to such a degree that we can do the diligence portion of a portfolio deal on a fixed-fee, per-property basis for a defined scope of work. Certainty surrounding due diligence costs is a rare value-added benefit that sets Jackson Walker apart from most other firms that offer discrete due diligence services.
Support from Other Practice Areas
As a full-service firm, our real estate attorneys work closely with our colleagues in Land Use, Finance, Tax, Corporate and Securities, Healthcare, Oil and Gas, and Environmental practice groups to ensure that an issue raised is an issue solved. Providing practical solutions, regardless of the area of focus, is just another way we differ from of our peers.
We’ve worked with world-class professionals—knowing many on a first name, friendly basis. Of the vendors who choose the crucible of portfolio transactions, only a handful of national surveyors, title companies, and zoning consultants have demonstrated top-of-class, consistent performance, and we’d be pleased to make an introduction.
At Jackson Walker, our track record is solid. When clients commit to closing a portfolio transaction, we are part of the village of professionals who help them do so – prepared, on budget, and on time.
- Since 2013, the portfolio team has invested more than 25,000 hours across 26 portfolio deals, involving 2,000+ properties in 46 states, valued at over $28 billion.
- All major asset classes are accounted for: industrial, multifamily, retail, hospitality, assisted living, office, life-science, mixed-use, and raw land.
- Tenants-In-Common, Equity Joint Ventures, CMBS Loan Assumptions, Vertical Subdivision, PO/ROFRs, Oil & Gas Development, and GSA Tenants are a few of the “Special Features” we’ve encountered.
For each of the following diligence items, our customary approach is to “Organize, Analyze, Issue-Spot, Verify, Chart It, Communicate, Clean-Up, and Cure.” There’s no acronym for that process, just results.
- Title Commitments (ALTA/TLTA)
- Title Proformas and Endorsements (ALTA/TLTA/CLTA)
- Surveys at Institutional Standards
- Zoning Reports
- Phase I Environmental Reports
- Required Consents, Estoppels, and Notices
- Lien Search Results
- Legal Descriptions (Vesting, Insured, and As-Surveyed)
- Ownership Documents (e.g., TICs, M&A, Name Changes)
- Service Contracts
- Post-Closing Title Policies
With respect to local counsel, we handle the following:
- Legal opinions
- Comments to purchase agreements and conveyance instruments
- Comments to financing documents
- Curative work (e.g., oil and gas surface waivers, railroad track agreements)
- Introductions to trusted, local relationships and vendors as requested