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Alvarez & Marsal Real Estate Advisory Services professionals have assisted on several EUL and related public-private transactions for the U.S. Department of Defense (DoD), the U.S. Army, U.S. Air Force, and U.S. Navy.
Alvarez & Marsal has been engaged by the Department of Defense (DoD) to assist in the program oversight and management of DoD’s military housing privatization and Enhanced Use Leasing (EUL) programs. Under the housing program, A&M assists DoD with policy and budget development and portfolio management of the more than 100,000 privatized family housing units. EUL involves the out-leasing of underutilized military-owned real property in exchange for cash or in-kind consideration equal to no less than the assets fair market value. Under the EUL program, A&M assists DoD with policy and program development and budget negotiations for the out-lease of up to six million acres of underutilized land and 100 million square feet of underutilized building space.
Alvarez & Marsal has been engaged by US Army Corps of Engineers (USACE), Baltimore District to assist in the development of several Enhanced Use Lease (EUL) transactions. We recently completed the out-lease of 2,400 acres of Army-owned land in Yuma Proving Ground, Arizona, to General Motors Corporation (GM). GM will build its new vehicle testing facility on the site, pay the Army $10.6 million to build a new Army hot weather test complex, and allow joint use of the GM facilities. A&M is currently negotiating an 800-acre EUL transaction at Camp Navajo, Arizona, for the development of a privately-owned and operated industrial complex and bio-mass energy plant; and a 200-acre light industrial development at Ft. Huachuca, Arizona.
Alvarez & Marsal has been engaged by the Department of the Air Force to assist in the development and execution of public-private real estate transactions related to the Air Force’s Military Housing Privatization Initiative (MHPI) and its EUL program. To date, under the MHPI program, the Air Force has privatized nearly 15,000 family housing units, which they previously owned, operated, and maintained. The Air Force’s EUL program is just getting under way - A&M is currently working on EUL transactions at the following Air Force installations, with potential developments including, but not limited to, industrial complexes, office buildings, ports, hospitals, and golf courses.
- Patrick AFB, FL
- Langley AFB, VA
- McConnell AFB, KS
- Travis AFB, CA
- Selfridge ANG, MI
- Lackland AFB, TX
Alvarez & Marsal has been engaged as the Department of the Navy’s sole advisor assist in the development and execution of EUL projects throughout the Navy’s portfolio. A&M has completed or begun EUL feasibility studies at the following Naval installations, with potential developments including, but not limited to industrial complexes, office buildings, ports, co-generation and renewable energy plants, and retail facilities:
- Saufley Field, FL
- Yorktown, VA
- Norfolk, VA
- Great Lakes, IL
- Annapolis, MD
- New London, CT
- MCB Quantico, VA
- Craney Island, VA
- Portsmouth, ME
- Newport, RI
- Millington, TN
- Whidbey Island, WA
- Point Loma, CA
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