Development Group Eyes California Retail Projects
San Francisco–based real estate company Rawson, Blum & Leon (RBL) has joined forces with three veteran retail developers to build shopping centers throughout California and the West.
RBL has specialized in office space development, management and acquisition but will turn its attention toward retail properties with the help of veterans Russell R. Pratt, John H. Reininga Jr. and Malcolm R. Riley.
“We are using our collective experience, local market knowledge, and community and governmental relationships to leverage ourselves in this highly competitive marketplace,” said Jeff Leon, principal of RBL.
“We wanted to capitalize on our combined expertise as well as our long-standing industry relationships to aggressively pursue an increased volume of deals,” Riley added.
The alliance is looking for ground-up projects or opportunities to redevelop urban infill centers, suburban neighborhood and community centers, lifestyle centers, power centers, and regional malls in the densely populated commercial corridors of California and the Pacific Northwest.
The team has a long list of credentials.
Pratt has built about 14 shopping centers, totaling more than 2 million square feet of retail space. Riley, president of Los Angeles– based Malcolm Riley & Associates, has developed more than 42 shopping centers, totaling more than 10 million square feet. One of Riley’s most notable projects was the first California Wal-Mart store, located in Lancaster. Reininga developed Paseo Nuevo, a $100 million redevelopment project anchored by Nordstrom and Macy’s in downtown Santa Barbara, Calif.
RBL will provide the group with a strong balance sheet and immediate access to capital. The company raises equity internally and from private parties. In the past five years, RBL has acquired properties with a gross value of approximately $150 million.
—Robert McAllister
