Contact: Michael Greitzer
Miller-Valentine Group
937-293-0900
mgreitzer@mvg.com
Beth Mehlberth
Edward Howard
937-228-1141
bmehlberth@edwardhoward.com
MILLER-VALENTINE GROUP ACQUIRES RELIANCE CAPITAL MANAGEMENT
Acquisition positions Miller-Valentine in retail development
DAYTON (November 5, 2008) - Miller-Valentine Group announced today it has acquired Reliance Capital Management, a Cincinnati-based retail real estate developer. Reliance Capital has projects under development in Ohio, Kentucky, Illinois, Pennsylvania, Indiana and Maryland. This acquisition allows Miller-Valentine to add retail to its development product specialties and supplement its senior leadership and management team with Jerry Atkins, a 25-year real estate industry veteran with long ties to Cincinnati.
Atkins will join Miller-Valentine Group as a partner and President of National Accounts and Development, a division of MV Commercial Development.
"Jerry will add to the ‘bench strength' of our senior management team," noted Michael Greitzer, Partner and President, Dayton Market. We see this acquisition as an integral part of our long term growth plan."
Reliance Capital has developed $23 million of retail projects over the past three years including Mall Road Shoppes in Florence, KY, a specialty shopping center anchored by Starbucks, Family Christian Stores, and FedEx Office. Reliance estimates it will have $25 million of new development over the next two years including Cincinnati-area projects in Fairfield, Eastgate and Springfield Township. Outside of Cincinnati, Reliance Capital is co-developing Crete Marketplace, a Kohl's anchored center located in the south Chicago suburb of Crete; and was selected by the city of LaPorte, Indiana to be the preferred developer of NewPorte Landing, a 50-acre retail site contiguous to the central business district.
"This new relationship with Miller-Valentine allows Reliance Capital to take advantage of Miller-Valentine's capacity in operations and construction so that we can better serve our existing clients," said Atkins. "Our clients are looking to get their needs met by a single source real estate company, whether it be construction, facilities management, or property management. We see it as imperative to be aligned with a single source provider such as Miller-Valentine to meet those client needs."
Atkins started Reliance Capital after selling Property Advisors Corporation in March 2005, a Cincinnati-based commercial real estate firm that he founded and served as President and CEO. Property Advisors had a client base that included Cintas Corporation, Kroger Co., Luxottica, Cornerstone Brands, Castellini Group of Companies, Cincinnati Public Schools, University of Cincinnati and UC Physicians.
Atkins, a lifelong resident of Cincinnati, has served as president of Cincinnati Hills Christian Academy Board of Trustees, Chair of the University of Cincinnati Real
Estate Advisory Council, Vice President of the University of Cincinnati Alumni Association Board of Governors and Board member of UCATS.
