New workout partnership - Millennium III Real Estate Corp. and Horizon Partnership Inc. form Millennium /Horizon Partnership acquisition group

Real Estate Weekly, Dec 16, 1992 by Lois Weiss

Two veteran workout consultants and property operators are joining forces to complement their services.

Andrew P. Garr, chief executive officer of Millennium III Real Estate, and Jeffrey Fishman, president of The Horizon Partnership, Inc., have formed the Millennium/Horizon Partnership, a workout and acquisition group concentrating in the areas of commercial and residential property.

Both are attorneys and bring to the table ownership and management expertise in addition to a pool of investor capital to take advantage of the bargain marketplace.

The two joined forces 10 years ago but subsequently Fishman started Horizon with Niki Bronstein, concentrating on New York State apartments including $60 million in condo sales. It manages properties in New York and New Jersey for lenders, investors and itself.

Garr operates out of New York and Florida offices and manages residential complexes, shopping centers and office buildings for institutional portfolios and its own account.

"I've done most everything except operating rent controlled and rent stabilized properties," Garr said.

Fishman said that in many situations, lenders have a package of properties and would rather deal with one company than give an apartment complex to one group and the retail strip to another. Millennium/Horizon was formed to take advantage of these opportunities.

The company will pool its computer and bookkeeping resources and manage projects jointly, providing on-site management coverage, financing, workout capabilities and sales programs.

Garr believes retailing in the United States is changing forever with superstores taking the place of retail strips, which he claims are becoming dinosaurs. Because the lender does not need the same amount of money to survive, however, Garr feels even unhealthy strips can be brought back to life.

"Just because the country is 40 percent vacant doesn't mean I have to be if I out-merchandise and out-think the competition," he explained.

On the apartment side, Garr sees more activity and rent increases outside the city, leading to a feeling the bottom is close or past. "Together we'll be better postured to take advantage of that," he added.