Capital Automotive REIT Names Jay Ferriero
3 February 1999
Capital Automotive REIT Names Jay Ferriero Vice President-Director of Acquisitions
MCLEAN, Va., Feb. 3 -- Capital Automotive REIT
today announced the appointment of Jay M. Ferriero to the position of Vice
President-Director of Acquisitions. Mr. Ferriero will be responsible for the
acquisition of automobile dealership properties as well as development,
training and management of the Company's national acquisition team. In
addition, Mr. Ferriero will also be a member of the Company's investment
committee.
Mr. Ferriero, 41, comes to Capital Automotive REIT after ten years at
Comerica Bank where he was First Vice President of National Dealer Services.
Comerica Bank is a leading financial institution serving the automotive retail
industry. At Comerica, Mr. Ferriero was responsible for managing the multi-
state regional dealer lending offices in Florida and Illinois. Mr. Ferriero
also served as National Accounts Manager at Comerica with a focus primarily on
large multi-bank credit facilities working with many of the auto retailing
industry consolidators.
Thomas D. Eckert, president and chief executive officer, stated, "Jay
brings a unique experience in specialty finance to Capital Automotive. He has
a wealth of knowledge and expertise in building, managing and growing
financial service businesses in addition to a vast understanding of and
contacts throughout the automobile dealership industry. His 20 year's
experience in finance and the automotive retail industry will further enhance
our ability to expand our business and make a world class impact necessary to
sustain our growth through acquisitions."
Mr. Ferriero is a graduate of the University of Notre Dame with degrees in
Finance and Sociology.
Capital Automotive currently owns 131 properties including 203 automotive
franchises representing 36 brands in 18 states. Capital Automotive's
$565 million portfolio includes a total of 4.8 million square feet of
dealership buildings on 759 acres of property. The properties are leased on a
triple-net basis to 30 dealership groups, 12 of which are among the top
100 dealer groups in the country according to Automotive News.
Capital Automotive REIT, headquartered in McLean, Virginia, is the only
public real estate investment trust formed to acquire the real property and
improvements used by operators of multi-site, multi-franchised motor vehicle
dealerships and motor vehicle related business. Additional information on
Capital Automotive REIT is available on the Company's website at
http://www.capitalautomotive.com.
The matters discussed in this press release include forward-looking
statements. In addition, when used in this press release, the words "intends
to," "believes," "anticipates," "expects," "pro forma" and similar expressions
are intended to identify forward-looking statements. Such statements are
subject to a number of risks and uncertainties. Actual results in the future
could differ materially and adversely from those described in the forward-
looking statements as a result of various important factors, including the
general economic climate, the supply of and demand for automotive properties,
interest rate levels, the availability of financing, and other risks
associated with the acquisition and leasing of properties, including risks
that the tenants will not pay rent or that operating costs may be greater than
anticipated, acquisitions that are pursued by the Company may not be
consummated for a variety of reasons, including the failure to reach agreement
with the seller and the other risk factors set forth in the Company's filings
with the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release the result of any revisions to these forward-
looking statements that may be made to reflect any future events or
circumstances.