“With our unparalleled
commercial real estate expertise, from sourcing to transacting, rehabilitation to management, we have decided to make investment management our primary focus.” -Rusty Turner, President/CEO, Turner Real Estate Investment
Newport Beach, CA (Vocus/PRWEB) February 24, 2011
Turner Development Corporation today announced that it is changing its name to Turner Real Estate Investments, reflecting a shift in the company’s primary focus from commercial real estate development to commercial real estate investment management.
“We launched our first commercial real estate investment fund, Turner Opportunity Fund I, in 2008 - and have had great success in sourcing value-added deals and deploying our investors’ capital in creative ways,” said Rusty Turner, President/CEO, Turner Real Estate Investments. “With our unparalleled commercial real estate expertise, from sourcing to transacting, rehabilitation to management, we have decided to make investment management our primary focus.”
Turner Real Estate Investments’ focused investment strategy targets distressed assets in markets within California, Arizona and Nevada - that are currently out of favor and not easily understood by real estate investment firms that lack Turner’s extensive track record in these regions. Attractive opportunities to Turner are ones where a competitive edge can be gained through the firm’s operational experience, direct sourcing relationships, ability to close quickly and extensive submarket knowledge.
“2011 will be a watershed year for the commercial real estate markets as banks and CMBS lenders/special servicers begin to sell their problem loans or REO properties at steep discounts and in large quantities,” said Sean A. Sheward, Executive Vice President/Chief Investment Officer, Turner Real Estate Investments. “The former high-growth markets of California, Arizona and Nevada have been the hardest hit, but still maintain the demographic and economic fundamentals that will bring recovery and growth in the future.”
Turner Real Estate Investments already is leveraging its experience to take advantage of favorable market conditions for its investors through the firm’s Turner Opportunity Fund I, L.P., a discretionary real estate private equity fund. The fund capitalizes on the opportunity to buy well-located, well-built industrial and office projects at dramatic discounts in the California, Arizona and Nevada markets via Turner Real Estate Investments’ unparalleled deal sourcing network.
Turner Development Changes Name, Shifts Focus
In the past month alone, Turner Real Estate Investments, through its Turner Opportunity Fund I, has completed acquisitions of commercial real estate notes and/or property in Scottsdale, Arizona and Sparks, Nevada.
“Putting the experience and track record of Turner Development Corporation together with the liquidity and financial strength of the firm’s Turner Opportunity Fund I is a potent combination that will create significant value for all parties involved,” says Tom Purcell, President/CEO, The Curci Companies and Investor Member of Turner Opportunity Fund I, L.P.
Based in Newport Beach, California, Turner Real Estate Investments is a commercial real estate investment management firm focused on acquiring distressed commercial real estate assets with growth potential in California, Arizona and Nevada. To deliver added value to investors, the principals of Turner Real Estate Investments leverage their proven, 30-year track record as real estate developers, owners and operators with an impressive network of relationships and an unmatched deal sourcing pipeline.
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