GlobeSt – TREI Hires Mike McKenna

NEWPORT BEACH, CA-Turner Real Estate Investments has appointed Mike McKenna to the position of asset manager for the company. In this role, he will maximize asset value across TREI’s investment portfolio by efficiently managing property operations and special projects. Before joining TREI, McKenna worked at the Irvine Co. here. Prior to that, he served in an asset management role for Wentworth Property Management and Liberty Property Trust.

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Real Estate Finance & Investment – Turner Finds Value-Added Play In Its Own Backyard (Almost)

Turner Real Estate Investments has acquired 1300 Quail Street, a two-story, free-standing office building that is just a few steps away from its longtime headquarters on Quail Street in Newport Beach, Calif. “We have long sought this building and like its location. There are some interesting features that will be attractive to office tenants who are looking to upgrade their image in the Class B market,” said Sean Sheward, executive v.p.
Turner is bullish on the property’s location near a number of freeways and the John Wayne Airport, Sheward said, noting that the company owns another office property nearby. “We like the street very much and we know the better buildings and the ones that suffer from mismanagement,” he added.

The 1980s-vintage property has good bones but needs cosmetic upgrades. “We will focus on lobby improvements, including making it more functional, repainting the building to some pop and sizzle and redo all of the landscaping to make it more drought-tolerant and modern,” he added. Lee & Associates brokered the sale.

The company made the acquisition via its Turner Real Estate Fund II. The discretionary private equity fund targets industrial and office properties in California, Arizona and Nevada. The fund also has the ability to do some speculative development.

GlobeSt.com – Turner Real Estate Investments has purchased a 29,330-square-foot, single-tenant industrial building

ORANGE, CA-Turner Real Estate Investments has purchased a 29,330-square-foot, single-tenant industrial building at 1130 W. Trenton Ave. here for an amount undisclosed to GlobeSt.com. The distressed building was purchased via foreclosure; Chris Migliori of Daum Commercial Real Estate represented TREI in the transaction. The new owner will provide necessary, modest deferred maintenance to the building and plans to reset the building to market in order to create a successful sell to a user.

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Turner Real Estate Investments Expands Portfolio in Arizona with Purchase of Industrial Park

NEWPORT BEACH, Calif. Turner Real Estate Investments (TREI, www.TurnerREI.com), a commercial real estate investment firm based in Orange County, California, today announced the purchase of a flex/industrial park in Scottsdale, Arizona. The industrial park, known as Scottsdale Airpark II, comprises two multi-tenant flex industrial buildings and a single-tenant hangar building, totaling 52,075 square feet. Within 48-hours, TREI sourced and purchased Scottsdale Airpark II at a trustee sale and Robert Buckley, Tracy Cartledge, and Steve Lindley of Cassidy Turley/BRE Commercial in Phoenix represented TREI in the transaction.

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REAL ESTATE: Turner buys Jurupa Valley land

Turner Real Estate investments, which has in the past invested heavily in developing office and medical properties, among others, in Riverside’s La Sierra area, has purchased a vacant lot in Jurupa Valley and ultimately will develop a business park on the site.
The land, 7.37 vacant acres at 68{+t}{+h} Street and Pat’s Ranch Road, was purchased for $720,000, or $2.24 per square foot, according to a statement from Newport Beach-based Turner. The company plans to entitle and develop a project on the site but did not discuss a timetable in its statement.

Turner also announced it has sold a 5.1-acre lot in Redlands it purchased earlier in the year. Turner bought the land for $3.63 per square foot and flipped the parcel for $7.79 per square foot, according to the statement.

The parcel was purchased by the owner of a neighboring piece of land. The buyer also has purchased an additional 10 acres from a third owner.

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Turner Real Estate Investments Expands Portfolio in Nevada with Purchase of Aircenter Business Park

NEWPORT BEACH, Calif. Turner Real Estate Investments (TREI, www.TurnerREI.com), an innovative commercial real estate investment firm based in Orange County, California, today announced the successful purchase of a business park in Reno, Nevada. The flex/industrial business park, now known as Turner Air Crossing, presented an opportunity for TREI to add another strategic acquisition in a well-located air center submarket for its Turner Real Estate Fund II, L.P. The business park was purchased via Auction.com and Dan Buhrmann of CBRE represented TREI in the transaction.

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