Sand Capital on fast track to acquire $1 billion in REO, distressed assets

A Scottsdale, Ariz.-based investment company has acquired more than $100 million in distressed debt and REO properties. Sand Capital, a division of Sandor Development Co., said its goal is to acquire $1 billion of distressed assets before the commercial real estate markets stabilize. Jay Stein, president and CEO of Sand Capital, told REO Insider the firm has been acquiring properties for more than two years and now has a presence in about 25 states — investing in all parts of the U.S. except the Northeast. “The economic conditions present in the market for the last two years have created once-in-a-quarter-century opportunities for our company,” Stein said. The latest acquisitions consist of about 75% in nonperforming notes and about 25% of REO properties, he told REOi. The REO portfolio includes 52,000 square feet of ground level retail at the Riverstone Development in Coeur d’Alene, Idaho, a 160-acre, mixed-use masterplanned development. It also includes a partially finished condominium development in Eau Claire, Wis., that Sandor Development will complete and lease until market conditions improve, Stein said.

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