Overview
National Real Estate Advisors, LLC (“National”) provides investment management and
advisory services focusing on investing in equity and debt interests in real estate and real
estate related assets. National seeks to invest and reinvest its clients’ assets in
commercial real estate properties, directly or at the entity level in companies which
develop, own and operate real estate properties located in varying geographic areas in
the United States. For a client's existing stabilized real estate assets, National seeks to
maximize net income from rents and property operations and dispose of investments
when it is believed that maximum value can be achieved. National seeks to invest its
clients’ available cash (from investment activities and new capital contributions) primarily
in equity and debt investments in new developments and redevelopments of properties
that offer opportunities to create current income and capital appreciation, while also
creating good jobs and incorporating responsible contractor policies relative to the use of
union labor to the greatest extent possible consistent with fiduciary responsibility
requirements under the Investment Advisers Act of 1940 (“Advisers Act”) and the
Employee Retirement Income Security Act of 1974 (“ERISA”).
Organization and Governance. National was initially formed as a limited liability company
in October 2008. It is a wholly-owned subsidiary of NREA Holdings, LLC. NREA Holdings,
LLC is wholly-owned by the National Electrical Benefit Fund (“NEBF”), a Taft-Hartley
pension plan established to provide retirement benefits to electrical workers and
contractors. National was established to make available both to NEBF and other pension
plans and institutional
clients the real estate investment skills, experience and expertise
developed over the years by what had been NEBF’s in-house real estate investment
professionals. Before National commenced operations on January 1, 2010, most of
National’s senior officers had been long-time employees of NEBF’s in-house real estate
investment department, and all senior personnel involved in real estate investing within
NEBF’s internal department became employees of National. National is governed by an
independent Board of Directors appointed by NEBF. National’s executive officers are
Jeffrey J. Kanne (President & CEO), Kevin Verdi (Chief Investment Officer), and Jeanne
Ayivorh (Chief Operating Officer; Acting Chief Financial Officer).
Nature of Advisory Services. National offers and provides discretionary real estate
advisory services and expertise to eligible institutional clients, privately offered investment
vehicles (the “Funds”) and other accredited investors. National identifies investment
opportunities for its clients and, in its discretion, acquires, develops, manages and sells
investments on behalf of its clients. National provides investment advisory services to its
clients pursuant to the terms and conditions of an investment management agreement,
which sets forth the nature of services to be provided to the client, fee arrangements, and
any specific investment guidelines or restrictions. Any applicable guidelines or restrictions
on National’s investment discretion on behalf of Fund clients are also set forth in each
Fund’s respective governing documents.
Amount of Client Assets. As of December 31, 2023, National managed approximately
$4.7 billion of its clients’ assets on a discretionary basis.