LONG BEACH, Calif., March 30, 2015 /PRNewswire/ -- The Bascom Group ("Bascom") of Irvine, CA and Harbor Associates Ventures ("Harbor") of Long Beach, CA announced the formation of a joint venture called Harbor Associates, which will target value-add office and mixed-use opportunities throughout Southern California. Harbor Associates plans to invest $250M over the next two years and will target mid- to high- teens levered returns.
Harbor was launched earlier this month by Joon Choi, Justin Loiacono, and Paul Miszkowicz, who have 25 years of combined experience in the Southern California commercial real estate markets. Choi and Loiacono previously worked for over eight years together at BlackRock in its real estate investment management group. Miszkowicz held acquisitions roles at AEW Capital, Bixby Land, and Bascom. Choi will oversee development and asset management, while Loiacono and Miszkowicz will jointly lead acquisitions, financing, and dispositions.
Harbor Associates is targeting properties in Los Angeles, Orange, and San Diego counties that need significant renovation and repositioning capital to take advantage of improving fundamentals. "The office market in Southern California has lagged the recovery in other Western U.S. markets like San Francisco, Seattle and Denver, presenting compelling opportunities to purchase well-located assets in dynamic submarkets at a substantial discount to replacement cost," said Paul Miszkowicz.
All three principals of Harbor are millennials with a sophisticated understanding of the rapidly evolving trends in the design of cutting-edge office space and the work-environment preferences of their generation. "We will leverage our insight into how our peers work and play to drive the design, repositioning, and re-purposing of various types of existing buildings for today's office users," said Joon Choi.
"Harbor will continue implementing best practices in real estate investment, development and asset management that we've gained from working for industry-leading operating companies and institutions," said Justin Loiacono.
More information can be found at harborassociates.com, or contact Joon Choi at 562-436-6688 or Email
The Bascom Group has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996, including more than 230 multifamily properties containing over 63,000 units. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, the Realm Group, and Premier Business Centers.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bascom-and-harbor-form-new-commercial-value-add-partnership-300057132.html
SOURCE The Bascom Group