Shea Opens Commercial Office

WESTLAKE, CA-Shea Properties, the commercial development and investment arm of the J.F. Shea Co., has opened a new office in Ventura County and has named 20-year industry veteran and development executive David Newsome to oversee the new operation. Newsome most recently was VP of development with the Westrust retail development and management company in Calabasas and before that was VP of development at Center Trust shopping center REIT in Manhattan Beach, where he worked on renovations and expansions totaling more than 2.9 million sf.The Westlake Shea Properties operation will focus on projects in Oxnard, Ventura, San Fernando Valley and Simi Valley. Its initial project from the Westlake office is the River Park Town Center, a 700-acre, mixed-use, master planned community located in the West Ventura County retail corridor that is now under construction.The company expects to expand the office both in terms of personnel and projects, according to W. William Gaboury, president and CEO of Aliso Viejo-based Shea Properties. Gaboury tells GlobeSt.com that the company is looking for two more development people now and that the office will grow over time to include property management specialists too, including management for an apartment complex planned in Oxnard. "We're actively looking at apartments and other retail projects, and to a certain extent office, although the office is not as much of a priority for us as the apartments and retail," Gaboury says. Shea actively pursues projects alone and in conjunction with Shea Homes, which has operated an office in Westlake for some time. Newsome is based in that office, which Shea Properties now shares with Shea Homes. Newsome, who has been involved in nearly 9 million sf of developments in his career, has experience in all facets of conceiving, analyzing, and implementing new development and redevelopment. In addition to his experience at Westrust and Center Trust, he has held positions at The Uhlmann Offices Inc. in Sherman Oaks, at Lewis Homes Retail in Upland, at Ahmanson Commercial Development Co. in Los Angeles and at The Irvine Co. in Newport Beach.Shea Properties owns and operates more than 7,000 apartment units and 4.4 million sf of commercial real estate in California and Colorado. Another 10 million square feet of office, industrial and retail space and 1,200 apartment units are in the development pipeline in California, Colorado and Arizona. The company's operating revenues have grown from less than $17 million in 1984 to more than $165 million in 2004. During that same time, the value of its portfolio grew from $150 million to $1.7 billion.