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Case Studies

Complex situations, executed to value.

From raw and entitled land to income-producing platforms — and from distressed assets to repositioned destinations. A look at the work across both the current portfolio and 15 years of track record.

Active Mandates

Launched since 2023

Master Development

Serenity Commons

Canal Winchester, OH · Columbus MSA · ~36 acres

Engaged on a farmed, inactive site (~$4.6M land basis) in January 2023. RF led the full master development — Kroger anchor purchase, an apartment-land strategy and PUD approval, and multiple outlots and ground leases — with TIF covering all road, signal, stormwater and utility infrastructure.

~$25M+

Value indicators

Kroger sale ~$3.4M · ground leases ~$355K/yr · 5 outlots targeted ~$650K/yr · apartment land ~$4.9M

Master Development

Pendleton Master Development

Pendleton, IN · Indianapolis MSA · 76 acres

A long-held parcel (~$1.62M basis) carried to a full master plan — a big-box grocer PSA and due diligence, a BP land sale, outlot leasing, and a family-owned 100-unit BTR plan — backed by a $6M+ infrastructure budget, TIF bond sale and waterline / impact-fee reimbursement.

~$45.6M+

Value indicators

BP ~$1.19M · grocer ~$3.4M · remaining 33 ac ~$8.25M · 80-unit BTR exit ~$30M at ~$17M cost

Aerial of the Pendleton master development site at SR 38 and Heritage Way

Entitlement · Mixed-Use

Wimauma Mixed-Use

Wimauma, FL · Tampa / Hillsborough Co. · 10 acres

Entitled from raw land — Hillsborough County entitlements and civil / building permits for a 62K SF self-storage development plus FDOT access and drainage approval. RF led site planning, contractor bids and the mixed-use strategy, and oversees leasing of 20K SF retail and 10K SF medical office.

~$38M+

Value indicators

Self-storage ~$18.0M · retail / MOB NOI ~$1.5M/yr (≈$20M+ at 7% cap) · dev basis ~$20M

Entitlement

Riverview / Symmes Road

Riverview, FL · Tampa MSA · 17 acres

A debt-free parcel (~$2.4M basis) repositioned through an approved rezoning and entitlement strategy for ~123 housing / BTR lots — turning raw acreage into entitled BTR land in one of the fastest-growing corridors of the Tampa MSA.

~$7.4M

Targeted land sale

Net profit ~$5.0M · ~3.0× equity multiple · ~33–48% IRR by exit timing

Symmes Road Concept “W” approved site plan — 123 townhome lots, Hillsborough County, FL

Approved Concept “W” · 123 townhome lots · PD 2023-0992

Selected Track Record

Distressed · Repositioning · Principal

Aerial of Newport Pavilion power center with the Cincinnati skyline beyond

Distressed Recapitalization · Public Finance

Featured

Newport Pavilion

Newport, KY · Cincinnati MSA · ~53 ac / ~450,000 SF planned

A Kroger- and Target-anchored power center caught in a distressed Bank of America construction loan and Bear Creek portfolio. RF worked the restructuring and recapitalization — lender and investor materials, BofA negotiations, Taft / bankruptcy coordination, a bridge-to-permanent strategy, and a Section 363 / stalking-horse process through Industrial Revenue Bond complexity. The investor group closed, restarted the plan, stabilized the asset and positioned it for institutional exit.

~$67.1M

Phased institutional exit

Sold in phases to an Inland Real Estate / PGGM JV — Phase I ~$43.3M · Phase II ~$23.8M (excl. Target).

Riverside stone entry monument at the South Lebanon master plan

Distressed · Master Plan

South Lebanon / Riverside

South Lebanon, OH · Cincinnati MSA · 110+ ac

With IRG / ICP on a distressed-note, master-planned redevelopment — infrastructure, demolition, residential lots and a residual land strategy.

150 lots sold to NVR (~$45K/lot, demo covered) · Redwood parcel ~$1.35M · ~$4.5M residual marketed via CBRE.

Corporate Campus

LexisNexis / The Pike

Miami Township, OH · Dayton MSA · 60.6 ac

With ICP / IRG on the acquisition of the former LexisNexis / RELX campus — 390,823 SF across four buildings — under a leaseback and repositioning thesis.

Three buildings ~310,294 SF leased — LexisNexis, Accelevation, Sierra Nevada, TQL and U.S. Air Force; broader mixed-use plan underway.

Principal Development

Loveland Retail Center

Loveland, OH · Cincinnati MSA

Principal execution end to end — land acquisition, capital structure, operations, the tax-abatement period and exit.

~$2.8M all-in / ~$850K equity · ~$300K/yr cash flow (2018–24) · sold ~$4.35M (Dec 2024).

Adaptive Reuse

U.S. Playing Card / Factory 52

Norwood, OH · Cincinnati MSA · 20.6 ac

Helped ICP sell the former U.S. Playing Card property to PLK — an asset requiring adaptive-reuse vision and environmental / complexity tolerance.

Late-2019 sale ~$2.0M · transformed into Factory 52, a ~$100M mixed-use destination.

Public Finance

Kenwood Towne Place

Sycamore Twp., OH · Cincinnati MSA

Engaged by Phillips Edison / PREP on retainer for TIF bond analysis and due diligence, before and after acquisition.

Diligence on a stalled $175M mixed-use project — ~200K SF Class A office, ~300K SF retail; BofA-led foreclosure complexity.

The Shoppes at Parma retail frontage at dusk

Lease Diligence

Parmatown Mall

Parma, OH · Cleveland MSA

Engaged by Phillips Edison / PREP on retainer for tenant-by-tenant lease analysis and abstracts across 100+ tenants.

Analyzed dark-anchor & Macy’s closure, co-tenancy, kick-out / termination rights for a 1.1M SF repositioning.

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