Lubert-Adler, the Philadelphia real estate partnership run by Ira Lubert and Dean Adler, is among the owners of California-based Mervyn's department stores, which filed for bankruptcy protection today.
Bloomberg bankruptcy story here. Lubert-Adler describes its Mervyn's investment here.
Lubert-Adler Real Estate Fund IV joined Cerebrus Capital Partners, Sun Capital Partners, and Klaff Realty to buy Mervyn's from Target for $1.65 billion four years ago; they have resold dozens of the stores as the chain downsized.
Pennsylvania's state pension funds are among Lubert-Adler's biggest investors. At the end of last year, Lubert-Adler had around $250 million invested for the Public School Employees' Retirement System, and another $60 million with the State Employees' Retirement System.
The partnership has a diverse commercial property portfolio and says it has done deals worth over $15 billion in the past decade. In retail, Lubert-Adler has also bought stores from Service Merchandise, Kmart and Levitz, among other chains; it's a potential investor in Reading-based Boscov's, now searching for funds.
Ira Lubert referred questions to partner Adler, who was traveling today and unavailable for comment, his office said.
UPDATE 8/6: With Boscov's bankrupt, maybe it's Greg Segal's Lubert-backed Versa investment fund (formerly Chrysalis), which invests in distressed companies, that'll be looking at Boscov's.
Whether they're looking at Boscov or not, we know Versa won't say anything unless or until there's a deal.
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