PORTLAND-Former RealNet Investments managing principal Jason Larson has established A-Spire Financial Corp. to sponsor tenant-in-common transactions and development deals. Larson, who has been joined by other former RealNet employees, says that his new firm will work on development, redevelopment, custom disposition partnerships and general project management and consulting in addition to TIC transactions.
Starting the new firm was in large part "a response to client requests," according to Larson. "They wanted a long-term partner who could handle more of their real estate needs," he says.
A-Spire starts with about 525,000 sf under management and $60 million of real estate under contract. Larson says he expects to acquire in excess of $100 million of real estate by the end of the year. In addition to Larson, the A-Spire Financial team includes chief investment officer Joe Wettstead and transaction management director Maija Mueller. The company has hired a chief operating officer, but Larson says he can't release the name for another two weeks.
A-Spire's business plan is to buy and warehouse properties for resale to two categories of investors. The first are those who have recently sold a property and are looking to reinvest the proceeds in a 1031 exchange. The second group consists of those with money in a 401K, money market fund or some other vehicle who want to diversify their portfolio.
Larson was one of two principals of RealNet Investments LLC, an early TIC sponsor. He sold his half of the business back to his former partner last month and launched A-Spire Financial.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.