Kennedy Wilson Lands 3M SF in Management Deals

BEVERLY HILLS, CA-Locally based Kennedy Wilson has landed three million square feet of new property management and accounting assignments across five states. The new assignments, under seven new contracts the company has signed, include 400,000 square feet of office buildings in Denver, CO, a 315,000 square foot portfolio in Sacramento, CA, a 340,000 square foot shopping center in Moreno Valley, CA, a 1,700,000 square foot commercial portfolio in Mississippi and Indiana, a 34,000 square foot shopping center in downtown Los Angeles and a 128-unit apartment project in Houston.

Jim Rosten, president of KW Properties Group, notes that the company is also opening a new office in Denver to serve more clients in the Rocky Mountain area. “We believe that Denver’s growth and improving fundamentals will provide opportunities to expand our service business lines,” Rosten says.

Kennedy Wilson launched its property management business in 1998 when it acquired Heitman Properties Ltd., a full service property management, leasing and construction management company. Since then, the firm’s portfolio has grown to include more than 40 million square feet of income property under management.

The new management contracts are the latest in a series of announcements by Kennedy Wilson, which has been active on a number of fronts in the commercial real estate investment, finance and management sectors. For example, the company y and its partners recently acquired Club Palisades, a 750-unit multifamily community in Federal Way, WA. The property is the second largest multifamily asset in the Seattle metro area, according to a prepared statement, and was purchased as an REO from a group of insurance companies. Kennedy Wilson capitalized the transaction with its partners, Fairfax Financial, the LeFrak Organization and KW Property Fund III, along with new financing of $46.75 million through Fannie Mae.

In another announcement by the firm recently, Kennedy Wilson acquired a portfolio of loans with an unpaid balance of $82.5 million and completed more than $11 million of retail leases, as reported on GlobeSt.com. The loan portfolio, which Kennedy Wilson acquired in partnership with other investors, consists of 19 loans secured by real estate located primarily in Southern California. The leases, negotiated by the company’s retail brokerage group, included Roger Dunn Golf ‘s signing of a 12,000-square-foot lease at NoHo 14 in North Hollywood and Korea-based Tom N Toms Coffee’s deal to establish its flagship US location at Solair in Koreatown.