COMMERCIAL REAL ESTATE
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Newport Beach’s Turner Opportunity Fund closes
The newly minted arm of Turner Development Corp. will focus on acquiring distressed commercial assets.
By Amanda EstepPublished: June 23, 2009 11:55 AM
Newport Beach-based Turner Development Corp. announced the closing of its Turner Opportunity Fund I, LP.
According to Rusty Turner, president of Turner Development Corp., the fund will acquire distressed commercial real estate assets and pools of performing and nonperforming loans. The targeted asset size for properties located in California, Arizona and Nevada are between $3 million and $30 million.
“The severe recession and the current liquidity crisis have put a great deal of stress on commercial real estate owners and lenders,” says Turner. “Our firm will leverage its 30-year track record of liquidity, speed and assurance of close to acquire these distressed properties from financial institutions and private owners in the Western Region.”
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Newport Beach-based Turner Development Corp. announced the closing of its Turner Opportunity Fund I, LP. According to Rusty Turner, president of Turner Development Corp., the fund will acquire distressed commercial real estate assets and pools of performing and nonperforming loans. The targeted asset size for properties located in California, Arizona and Nevada are between $3 million and $30 million. “The severe recession and the current liquidity crisis have put a great deal of stress on commercial real estate owners and lenders,” says Turner. “Our firm will leverage its 30-year track record of liquidity, speed and assurance of close to acquire these distressed properties from financial institutions and private owners in the Western Region.” NEXT PAGE >> Related headlines NHA sues REDC of Irvine for $132 million 'OC METRO Minute,' June 23: Real estate, finance jobs up slightly 'OC METRO Minute,' June 19: 90-day foreclosure moratorium |
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