CRIC Capital is a leader in net leasing not only because of our capital resources but because of our people and our commitment to service. Our professionals have more than a century of combined experience in real estate finance, accounting, and tax law dating back to the first major net lease transaction in 1958. Our principals and professionals have been leaders in the field for over four decades and continue to pioneer creative and carefully structured custom solutions for corporate real estate. Our history begins in 1958, when Robert L. Nessen, the chairman of CRIC Capital, was actively engaged in closing the first major sale-leaseback transaction, involving 106 separate gasoline service stations net leased to DX Sunray Oil Company. At the time, Mr. Nessen practiced with the law firm of Dewey, Ballantine, Bushby, Palmer & Wood in New York City. Over the next several years, Mr. Nessen, together with Richard C. Csaplar, became a senior member of Dewey, Ballantine's net lease department, closing transactions with companies such as JC Penny's, McDonald's Corporation, Michigan Mutual, Safeway, Sears Roebuck Co., Sony Corporation, and many others. Over the next four decades, Mr. Nessen and Mr. Csaplar worked together as attorneys representing most of the institutional lenders and major investment banking firms in the net lease industry. The institutional lenders they represented included: Connecticut General, Massachusetts Mutual, Pacific Mutual, The New England, Bankers Life, and the State of California Retirement Fund. Among the investment banking firms they worked with were Merrill Lynch, Lehman Brothers, Goldman Sachs and Lazard, Freres & Co. In 1970, Peter Nessen joined Robert Nessen and Richard Csaplar to form a private investment-banking firm that specialized in corporate real estate finance, with a particular emphasis on net lease transactions. This endeavor eventually led to the creation of Corporate Realty Capital in the late-1980s, a venture with Corporate Property Investors. At the time, CPI was the largest institutionally owned real estate investment trust in the United States and is now owned by The Simon Group. Corporate Realty Capital, a real estate investment-banking firm, represented corporations in the financing of their real estate. From 1989 through 1997, Corporate Realty Capital arranged approximately $600 million of net lease and other corporate real estate financings. During this time, Ethan Nessen, Marcy Axelrad and Marjorie Palace joined the company and became part of the company's reorganization as Corporate Realty Investment Company (CRIC) in 1997. CRIC, a venture between the principals of Corporate Realty Capital and Nassau Capital, an investment arm of the Princeton University endowment fund, became a principal in net lease transactions. Since the time of its formation, it has closed more than $1 billion of net lease transactions. As the needs and demands of the marketplace expanded and changed, CRIC and Nassau Capital searched for an institutional investor that would take the company to the next level by providing flexibility and increased access to capital that an endowment fund could not provide. That capital partner is Prudential Real Estate Investors (PREI). In February 2002, PREI and CRIC formed CRIC Capital, LLC. PREI is a business of Prudential Financial, Inc. and operates primarily through Prudential Investment Management, Inc., a registered investment advisor. PREI brings to the co-venture more than 30 years experience in real estate investing, in addition to a depth of resources and a wealth of capital to our ability to quickly and efficiently close transactions. Back to top