The combined operation plans to acquire, develop and manage retail and commercial properties in the western US; to assist financial institutions and investors in managing, stabilizing, repositioning and/or disposing of their real estate holdings, and; to help recapitalize existing development or redevelopment projects that need additional capital to meet lending requirements and complete their projects.
Rawson, Blum & Leon's director acquisitions Jeffrey S. Leon tells GlobeSt.com that while the two companies' current investments will be kept separate the two companies will be partners in all new investments. The hope is that West Valley's high-net-worth investors will provide reliable co-investment capital for Rawson, Blum & Leon's institutional investors, and vice versa.
"We both figured we needed a mixed bag of capital to go forward in what we perceive will be a very tough real estate environment," Leon tells GlobeSt.com. "It will enhance our ability to bring capital to bear on certain transactions."
The two companies existing ownership and management portfolios total four million square feet. As a result, Leon says the two companies have the appropriate staffing, knowledge and resources. That knowledge includes previous experience in economic down cycles that it says will help clients effectively navigate development and leasing issues in order to maximize value.
"West Valley Properties' thirty years of experience managing stabilized retail centers are a good match with Rawson, Blum & Leon's talent for achieving added-value through entitlements, development and construction," Chris Bryant, senior vice president of West Valley Properties.
Leon says RBL Real Estate is actively seeking Western US retail and commercial projects that range in size from $5 million to $100 million, including single-tenant build-to-suits, urban infill centers, suburban neighborhood and community shopping centers; and value-add regional malls. The company is focused on commercial corridors throughout California, Oregon Washington, Nevada, Arizona and Idaho.
West Valley Properties was founded in 1976 by its current president Jon Rayden to acquire and manage stabilized retail properties. Rayden was joined in recent years by partners Lisa Barton-Olt and Chris Bryant. The company has offices in Los Altos and Phoenix, AZ, from which it manages 2.5 million sf for its investors.
Rawson, Blum and Leon has acquired and managed approximately 50 properties in joint venture relationships with a variety of financial institutions and life insurance companies. In 2004, it formed a joint venture with Weingarten, which owns more than 50 million square feet of commercial property throughout the United States.
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