You must be a paid BREW subscriber to access this section. If you would like to become a subscriber, click here. If you are a subscriber and would like to login for online access to archived newsletters, register here.
Forgot your password?
|
|
| July 3, 2009
|
| SO. CALIF. OPPORTUNITY FUND SHOPPING FOR DISTRESSED REAL ESTATE/LOAN POOLS IN WEST
|
| Phoenix area – Turner Development Corp. in Newport Beach, Calif. (Rusty Turner, pres.) has put together an investment fund to acquire real estate properties and loan pools in Arizona, California and Nevada. Turner Opportunity Fund I, L.P. wants to purchase distressed commercial real estate assets and pools of performing and non-performing loans. The asset target size is between $3 million and $30 million. Up until now, Turner Development has focused on real estate investments in So. Calif. The privately-held firm has acquired or developed 5.5 million sq. ft. of office and industrial buildings in So. Calif. Turner Development recently completed a 1-million-square-foot mixed-use business park in Riverside, Calif. Turner Development Corp., the manager of the opportunity fund, will find the competition to be stiff in the Valley with all of those chasing loan pools and distressed real estate. Despite all the foreclosures and failed loans, getting deals done is anything but simple. The credit crunch, rising vacancy levels in all property types and market uncertainty has the volume of commercial real estate transactions at a 20-year low in the Phoenix area. “Right now, there are more people that say they are buyers than there are deals,” says Sean Sheward, chief investment officer at Turner Development. “We believe that there is a wave or a flood of distressed properties coming through the pipeline.” Sheward says Turner Development is not disclosing the size of the fund, but that the 30-year-old company will be aggressive in pursuing the distressed properties and loans. Find out more from Sheward at (949) 757-5407. |
Home | Privacy | Contact Us | Subscriber Login
Business Real Estate Weekly & The P&Z Report
14269 N 87th Street, Suite 108 | Scottsdale, AZ 85260
Phone: 480.905.0500 | Fax: 480.905.0005
info@brewaz.com
|
|
|
 |
Apartment Research Reports
Detailed Apartment Research Reports on the Phoenix and Tucson markets
More
|
|
|
|
