PALM DESERT, CA—Gold River-based Tricorp Hearn Construction has agreed to sell a stake in the company—and perhaps a majority interest—to a Southern California private-equity firm that plans to develop a national presence in real estate development.
Tricorp Hearn CEO Tony Moayed said recnently that his company and American Colonial Capital LLC of Palm Desert, also known as ACC, will work out details in the next 60 days. Discussions have been under way for six months, he said.
Moayed declined to estimate the value of the transaction. All four principals; Moayed, Steve Hunter, Ken Cohen and Dave Bruss will remain with the company.
ACC is investing heavily in building and construction management companies and aims to have a national footprint in development, Moayed said.
The private-equity firm would gain the expertise of Tricorp Hearn and the commercial building firm would gain a capital infusion to grow, Moayed said. He expects the company, which now has offices in Irvine and Bakersfield, to add offices in Southern California. The Sacramento office also could grow eventually, he said.
For Tricorp Hearn, the deal would mean "we have new opportunities for further expansion into new territories," he said. These include Oregon, Nevada, Hawaii and later perhaps Texas, New York and Florida.
Established in 2004, Tricorp Hearn has about 60 employees. Its projects include multifamily, hospitality, medical, education, government and others. Among its recent projects is 16 Powerhouse, a mixed-use development at 16th and P streets in Sacramento. American Colonial Capital, is a $200 million fund focusing initially on hospitality properties.