SKB Spins Off Capital West Assoc.

PORTLAND-ScanlanKemperBard Cos. says it is selling Capital West Associates Inc., acquired in March 2000, to its principals, Linda Lucas and George Bean.

SKB is a Portland-based real estate merchant banking and development advisory firm that was founded in 1993 and currently. Capital West is a real estate investment firm specializing in small corporate pension funds, endowments and foundations.

Capital West will continue to office at SKB’s Downtown Portland headquarters in Pacwest Center. “This will allow both companies to work together but also independently in their specialty investment areas,” states SKB Principal Robert D. Scanlan, describing Capital West as “a continuous source of capital for SKB.”

SKB will allow Capital West access to its deal flow, underwriting and debt sources for deals that Capital West will do both with SKB and independently, allowing Capital West to provide independent advisory services to its institutional and private clients, as well as avail them of SKB’s resources, said Lucas.

In April, SKB brought on Jim Kessler, the former chief development officer for both Federal Realty Investment Trust and made its first Portland acquisition from the same company, paying “in excess of $20 million” for Uptown Shopping Center, which includes a 72,000 sf shopping center, 47-apartment units and a “potentially developable pad” of about 55,000 sf. The acquisition is scheduled to close in June.