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“Westrust was completely true to
our sale agreement, despite considerable obstacles imposed upon us by the
City of Calabasas. Westrust aggressively pursued its development plan
in a collaborative manner with the
City and the resultant development remains a positive reflection on General Motors."
Dennis Linville
Western Region Manager
General Motors
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Mission
To complete successful retail and mixed-use development projects in California and be highly valued by our clients, tenants, service providers, and employees as partners in their success. |
History
Westrust was founded in 1992 and is entering its 15th year of business. We specialize in the acquisition, development, redevelopment, leasing and property management of neighborhood, community, power and lifestyle shopping centers and mixed-use projects. We typically include office and residential as a mixed-use component of our projects. Westrust has offices in Los Angeles, San Francisco, Irvine, and Beverly Hills. Westrust currently has a team of 38 dedicated employees.
Since its inception, Westrust has purchased, developed or are currently developing 48 properties totaling over $1.09 Billion in value. Westrust has acquired, developed and redeveloped 28 retail centers totaling more than 4,300,000 square feet. Included in our experience is over 1,800,000 square feet of active development projects detailed as below.
Our Active Development Projects in 2006 include over 1,800,000 square feet and project costs over $461,000,000.
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Project |
City |
SF |
Project Costs |
Nut Tree Village |
Vacaville |
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The Orchard |
Lake Forest |
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BeverlyConnection |
Los Angeles |
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Hemet Village |
Hemet |
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Aloha Tower |
Honolulu |
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The Plant |
San Jose |
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| TOTALS |
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1,834,000 |
$462,000,000 |
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| Note: Nut Tree Village includes 35,000 square feet of office space. The Beverly Connection includes 157 senior housing residential units and 60 luxury condominiums. Aloha Tower Marketplace includes 250 residential condominium units. |
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Westrust has built strong relationships with major financial institutions, brokers and advisors, as well as institutional and individual owners of assets. Westrust has equity relationships with Apollo Real Estate Advisors, L.P., Rockwood Capital, Pacific Coast Capital Partners, Vornado Realty Trust, The Baupost Group, and Cargill Financial Services. Westrust has well established lending relationships with Wells Fargo Bank, Citicorp, Smith Barney, Wachovia, and U.S. Bank.
Westrust has established itself as a pre-eminent developer, owner, and operator of retail centers. We have consistently leveraged our reputation as a recognized buyer by quickly closing simple and complicated transactions. Our growing team of professionals follow a thorough pre-escrow underwriting and due diligence process that allows us to accurately assess the potential returns for a given investment and recognize strategic opportunities. Westrust has significant retail tenant relationships that have been maintained by applying first class leasing and management practices at its shopping centers. As a result, we have a 93% lease retention rate amongst our tenants.
Westrust will continue its strong commitment to its investors and lenders by maximizing risk adjusted returns by applying creative and aggressive real estate, development and financial engineering skills to complicated real estate assets. Westrust’s stable and loyal investor relationships have been maintained through a consistent track record of investment successes which have yielded excellent returns averaging in excess of a 27% IRR.
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