Citivest Commercial Investments LLC, which, in a joint venture with Angelo, Gordon & Co, known as ACG SD Retail Holdings LLC, recently acquired a nine-property San Diego retail portfolio for $183.3 million, can do transactions ranging from small to very large, president Larry Weese tells GlobeSt.com. We spoke exclusively with Weese about the acquisition, the type of activity the firm is planning and what sets it apart.
GlobeSt.com: How does the recent San Diego portfolio acquisition fit in with your firm’s overall acquisition strategy?
Weese: The history of all the quality people in our company is in the development of shopping centers. Given the recent economic climate, adding value to existing shopping centers in the Western U.S. is our focus. We had the opportunity to acquire nine dominant centers in the San Diego marketplace with good upside potential and executed the transaction.
GlobeSt.com: What type of activity do you have planned for the future?
Weese: We are in escrow on about three other sites, and we’re active with numerous capital partners to pursue as many as make economic sense for the next few years. We are bullish on the market, and there is plenty of room in the market for firms like us who are looking to make a decent return on investment.
GlobeSt.com: What makes your firm unique or special?
Weese: We have excellent people, and we have been in business using these same people for many years. We have a culture of kindness and trust that is refreshing and unique, and no one has an ego so large that they can’t put it aside and do the right thing as far as accomplishing a business plan. Complementary core competencies with very complementary skill sets make our team unique. Some of our personnel have been in the real estate business for 30 years. Attention to the smallest details sets us apart.
GlobeSt.com: What else should our readers know about your firm and where it’s headed?
Weese: We are very humble and approachable and knowledgeable about California commercial real estate. We’re not going to go outside of a two-hour plane ride for acquisitions. We’re very active with our capital partners and aggressive at looking at opportunities brought to us by brokers or third-party consultants. We also have no rulebook – we can do everything from small to very large transactions. We don’t have a box we have to fit in; it has to make economic sense, but we are able to do many transactions that other firms are limited from doing.