Turner

NEWPORT BEACH, CA-Turner Development Corp. has changed its name to Turner Real Estate Investments, reflecting a shift in focus from development to commercial real estate investment management. Rusty Turner, president and CEO of Turner Real Estate Investments, explains that since the company launched its first commercial real estate investment fund, Turner Opportunity Fund I, in 2008 it has "had great success in sourcing value-added deals." With its expertise in all phases of commercial real estate development, investment and management, he says, "We have decided to make investment management our primary focus.”

Turner targets distressed assets in markets in California, Arizona and Nevada that are currently out of favor and not easily understood by real estate investment firms that lack track record in these regions, Turner says. The company looks for opportunities where it has a competitive edge through its operational experience, direct sourcing relationships, ability to close quickly and submarket knowledge.

Turner Crossing

Turner Real Estate Investments already is leveraging its experience to take advantage of favorable market conditions for its investors through Turner Opportunity Fund I, a discretionary real estate private equity fund. In the past month, Turner Real Estate Investments has completed two acquisitions of commercial real estate notes and/or property through the fund.

Specifically, Turner acquired the note for Turner Scottsdale Airpark (formerly Airpark 99), located in Scottsdale, AZ. In addition, the firm marked its entry into the Nevada commercial real estate market with the purchase of Glendale East Business Park in Sparks, renaming it Turner Crossing Business Park. The industrial business park comprises 12 buildings, each on its own parcel, totaling approximately 252,159 square feet.

Sean A. Sheward, EVP and chief investment officer of Turner Real Estate Investments, says that 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.” Sheward adds: “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.”