National Real Estate Advisors, LLC (National) launched a new development subsidiary called NREA Development Services, LLC (NREADS). Because the lion’s share of the investments National makes on behalf of its clients are in large, complex real estate development projects in markets nationwide, it is critical to maintain in-house development and construction expertise. NREADS provides development management and construction management services across National’s real estate investment portfolio. In selected cases, NREADS acts directly as a developer or co-developer on certain projects. NREADS will also source development opportunities which may be appropriate and attractive investments for National’s clients.
NREADS has assembled an outstanding team of seasoned development and construction professionals. “We hired experts,” NREADS’ Managing Director, Ryan Whitaker, explained. “When we sit down across the table from a general contractor, architect, engineer or other third-party professional, they know they are dealing with people who know the development and construction industry inside and out.” In fact, NREADS senior development and construction personnel each average more than 20 years of industry experience.
This experience will be critical to successfully managing the development of four real estate projects where NREADS is serving as either developer or co-developer. Girard Square, located just two blocks east of Philadelphia’s iconic City Hall, will transform the Market East district of Center City. NREADS recently kicked off a master planning effort which will eventually result in the development of a, place-making project consisting of retail, residential, hotel, parking and other uses in various phases across the 4.3-acre site.
NREADS is also co-developing, along with local firm Emerald Fund, 100 Van Ness, a 400-foot tower which serves as the western gateway to downtown San Francisco. The 100 Van Ness project involves the complex re-development of the former, 1970’s-era headquarters of the California State Automobile Association into approximately 400 new 21st century rental apartments. The building is being stripped of its outdated concrete façade and will be re-built with a modern glass exterior which will afford future residents panoramic views in the city. 100 Van Ness is expected to complete construction in early 2015.
NREADS and Emerald are also co-developing an adjacent project located at 150 Van Ness Avenue. Currently in the entitlement and preliminary design stage, this project will consist of the ground-up construction of more than 400 new mid-rise apartment units. Construction of 150 Van Ness is expected to begin in 2015.
Lastly, NREADS, along with co-developer The Ratkovich Company, is leading the re-development of The Sheraton Los Angeles Downtown hotel. The 485-room Sheraton is an integral component of the mixed-use complex known as The BLOC (formerly Macy’s Plaza) in downtown L.A. Upon completion of renovations in 2016, The BLOC will anchor the renaissance of downtown’s 7th Street corridor with reinvigorated shops and restaurants lining a new, outdoor retail plaza, more than 700,000 square feet of Class A office space and the revitalized Sheraton Hotel. The Sheraton’s rooms will receive a complete makeover, as will common areas including the hotel lobby, bar, restaurant, meeting space and common gathering areas.
National’s President and CEO, Jeff Kanne, believes NREADS’ development and construction know-how is critical to providing maximum value to National’s investment clients. “We invest in sophisticated development and redevelopment projects which include complex construction processes and problems. While our partners and borrowers are some of the best developers in the country, it is critical to our clients’ success to retain our own development and construction expertise in order to minimize risk and maximize opportunity. ,” Kanne said.
Specializing in real estate investments on behalf of large institutional investors, National Real Estate Advisors, LLC manages more than $1.7 billion of client capital invested in more than $4.5 billion of property nationwide. To learn more about National, please visit our website at www.natadvisors.com