Jacksonville, FL – Hassan & Lear Acquisitions, Ltd. and global private equity firm The Carlyle Group today announced the creation of a $59 million joint venture. The joint venture has made its first acquisition of a 1,800 acre parcel of land in Clay County, Florida for $15 million. Carlyle has committed $50 million of equity capital and Hassan & Lear has committed $9 million to the joint venture, which will mainly acquire, remediate and reposition Brownfields, as well as explore a wide range of real estate investment opportunities throughout the Southeast. “Andy, Derek, and I are thrilled to bring a partner like Carlyle to Jacksonville and its surrounding areas,” said Marc Majed El Hassan, co-founder of Hassan & Lear Acquisitions, Ltd. “This venture allows us to expand our operations in a way that will have a very positive effect on our local environment, public health and safety, as well as benefit our hometown economy. These are all factors that are important to us and we look forward to continuing to work closely with the City of Jacksonville and other local governments and agencies.” Hassan & Lear Acquisitions, Ltd. was founded by Managing Members Marc Majed El Hassan, Andrew M. Hassan and Derek O’Leary. “Prior to the formation of Hassan and Lear, Marc, Andy and I collaborated on several projects,” said Derek O’Leary, formerly of Goldman Sachs & Co. “Over the past few years, as we have become more involved, we have shifted our focus from typical real estate development projects to Brownfields redevelopment projects, which typically require substantial upfront capital commitments. Our venture with Carlyle enhances our ability to pursue such projects and we are excited about the opportunities that lie ahead.” “Carlyle is delighted to enter into this unique transaction with Hassan & Lear. Hassan & Lear is the premier developer of environmentally challenged sites in Northeast Florida and we look forward to continuing our successful partnership with Marc and his team,” said Jason Hart, Vice President of Carlyle’s U.S. Real Estate group. Hassan & Lear Acquisitions, Ltd. has partnered with Deborah Walters, of The Walters Law Firm, and Mike Saylor, former President and CEO of BHR, Inc. and former Director of Planning and Development for the City of Jacksonville. Ms. Walters has more than 22 years of experience in handling the legalities of complex environmental, feasibility, financial, liability and risk management issues. Mr. Saylor has more than 35 years of experience and expertise in comprehensive planning, visioning and redevelopment. * * * * * Hassan & Lear Acquisitions, Ltd.
Hassan & Lear Acquisitions, Ltd. was founded by Marc Majed El Hassan, Andrew Hassan and Derek O’Leary. The company’s business platform is to turn traditionally unusable and unprofitable properties into prime real estate development sites. Each Co-Founder has a different area of expertise to bring to the company. Marc El Hassan focuses on the real estate opportunities and oversees all components of the company ventures from pre-acquisition and due diligence to final disposition and post closing. Andrew Hassan focuses his attention on project development and construction management. Derek O’Leary’s primary responsibilities are site acquisition and disposition. # # # |
