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Kearny is targeting acquisitions of non-performing loans of $2 billion in the next three years.
Product Type - Office, Industrial, and R&D/Service Center
Project Size
- $5 - 100 million for land
- $15 - 500 million for existing assets and portfolios
Hold Period - typically 2 to 6 years
Focus Markets/Locations
- Southern California
- B or better locations
- Well-located properties close to amenities
Non-Performing | Sub-Performing Loans
- $10mm+ loans on commercial properties in Southern California (whole loans, mezzanine loans, participations, defaulted CFD’s and “stalking horse” BK bids.
- $25mm+ loans on commercial properties in Western United States
- $50mm+ portfolios with concentration on West Coast
[Example: Heritage Corporate Center, Kearny Street Portfolio]
Land for Sale or Development
Stabilized Core Plus Assets
- Class B- or better
- Less than 10% per year rollover during first three years of hold
- Ability to reset below market rents
- Multi-tenant preferred with largest tenant no more than 50%
- Potential to incorporate minor strategic improvements
[Example: Calabasas Courtyard]
Renovation and Re-positioning
- Any class asset or portfolio in B+ or better location
[Example: Kearny South Bay Business Park]
- Significant vacancy and near-term turnover of below market rents
- Ability to reset below market rents or sell vacant buildings to users
- Potential to incorporate extensive upgrades
- Properties with additional land and/or entitlements
[Example: Pasadena Corporate Park, Kearny South Bay]
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