The Company has partnered with institutional investors on a variety of real estate ventures.
In 2006, the Company entered into a joint venture with Warburg Pincus to develop a $400 million dollar high-rise residential project in the North Century City area of Los Angeles. Warburg’s interest in the joint venture yielded an internal rate of return (IRR) in excess of 100%.
In 1998, the Company teamed with PaineWebber/UBS to form PW/CHRISTINA, LLC, successfully completing the acquisition of Fireside Plaza, a coveted anchored street-retail shopping center comprising more than a city block in the Montana Avenue Shopping District in Santa Monica, California. The Company yielded its partners an internal rate of return (IRR) in excess of 17% over the six year holding period of the investment.
In 1997, the Company teamed with investment bank Donaldson, Lufkin & Jenrette/Credit Suisse to acquire a significant portfolio of retail properties in Westwood Village. The venture returned more than double the initial capital invested and yielded an internal rate of return (IRR) in excess of 47%.