Newport Beach-based Turner Development Corp. is rebranding – changing its name to Turner Real Estate Investment and shifting its focus to concentrate on investment management in commercial real estate.
“We launched our first commercial real estate investment fund, Turner Opportunity Fund I, in 2008 – and have had great success in sourcing value-added deals and deploying our investors’ capital in creative ways,” said Rusty Turner, president and CEO of Turner Real Estate Investments. “With our unparalleled commercial real estate expertise, from sourcing to transacting, rehabilitation to management, we have decided to make investment management our primary focus.”
The firm plans to employ a strategy of focused investment targeting distressed assets in the California, Arizona and Nevada markets. Turner plans to draw on its operational experience, direct sourcing relationships, extensive submarket knowledge and 30 years of development expertise in identifying and closing quickly on attractive opportunities.
The firm’s Turner Opportunity Fund I L.P. is a discretionary real estate private equity fund that has already enabled Turner to leverage its experience and move ahead with commercial investment strategies. The fund takes advantage of favorable market conditions and Turner’s deal-sourcing network to purchase well-built and favorably located industrial and office projects and other properties at dramatic discounts throughout the California, Arizona and Nevada markets.
“Putting the experience and track record of Turner Development Corp. together with the liquidity and financial strength of the firm’s Turner Opportunity Fund I is a potent combination that will create significant value for all parties involved,” said Tom Purcell, president and CEO of The Curci Cos. and investor member of the Turner Opportunity Fund I.
Since rebranding, Turner Real Estate Investments has completed two acquisitions through the Turner Opportunity Fund I in the last month. The firm acquired the commercial real estate note for Airpark 99, located in Scottsdale, Ariz., which the firm renamed Turner Scottsdale Airpark. Turner also purchased the Glendale East Business Park in Sparks, Nev., renaming it Turner Crossing Business Park. The purchase includes 12 buildings, each on its own parcel, for a total of approximately 252,159 square feet.
“2011 will be a watershed year for the commercial real estate markets as banks and CMBS lenders/special servicers begin to sell their problem loans or REO properties at steep discounts and in large quantities,” said Sean Sheward, executive vice president and chief investment officer for Turner Real Estate Investments. “The former high-growth markets of California, Arizona and Nevada have been the hardest hit, but still maintain the demographic and economic fundamentals that will bring recovery and growth in the future.”
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