The current economic turmoil might well have\u00a0 the commercial property industry feeling pain for some time to come. But according to a newly-hired executive with Buchanan Street Partners, the tumult will also create an environment rife with opportunities.<\/p>\n
Buchanan Street Partners has hired Bob Peterson as managing director in its Newport Beach, Calif., office. Peterson, with 28 years of experience in the commercial real estate industry, will be responsible for investing in structured debt and value-added equity opportunities on behalf of the firm\u2019s discretionary funds, and will serve Buchanan Street clients throughout the West. He will also be involved in the acquisition, marketing, and branding efforts for the firm.<\/p>\n
Peterson \u00a0comes to Buchanan Street from Cornerstone Real Estate Funds, where he served as chief investment officer. He has led the investment process on more than $5 billion in office, industrial, retail, and multi-family transactions in his career.<\/p>\n
Much of the commercial real estate market today is in \u201ctotal chaos,\u201d Peterson said, and he believes that his experience during the real estate recession of the early 1990\u2019s will benefit Buchanan Street. \u201cThis feels a lot like 1991 and 1992,\u201d Peterson said, and predicted more pain to come, as the commercial market did not show noticeable improvement in the 90\u2019s downturn until 1995.<\/p>\n
Problems in commercial real estate typically lag the residential market, Peterson said, due to the long-term nature of commercial leases, and large reserve requirements for borrowers. \u201cThere are a lot of owners out there, who are going to need to restructure their debt and equity,\u201d he said.<\/p>\n
Prior to Cornerstone Real Estate Funds, Peterson served as executive vice president of acquisitions and dispositions for Koll Bren Schreiber Realty Advisors. Buchanan Street partners has invested approximately $5 billion of equity in joint venture real estate nationally, and has recently added principal lending products to its platform.<\/p>\n
The firm said in a statement that it is actively seeking investment opportunities in both equity and debt in major metropolitan areas throughout the U.S. The present turmoil in the marketplace has a bright side, Peterson said. \u201cIt is going to create opportunity,\u201d he noted. \u201cThere is going to be a lot of wealth exchanged.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The current economic turmoil might well have\u00a0 the commercial property industry feeling pain for some time to come. But according to a newly-hired executive with Buchanan Street Partners, the tumult will also create an environment rife with opportunities. Buchanan Street Partners has hired Bob Peterson as managing director in its Newport Beach, Calif., office. Peterson,…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1003977813","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\n