The Carson Cos., a private REIT specializing in Class-A industrial property, has formed Carson Advisors to partner and invest with public and corporate pension funds, sovereign wealth funds, endowments, foundations and high net worth investors. The Carson Cos. currently owns and operates 10 million sq. ft. of industrial property valued at more than $800 million.
Based in Newport Beach, Calif., Carson Advisors is seeking to partner with entities that are capable of investing $100 million to $200 million. Historically, The Carson Cos.’ strategy has been to acquire distribution and light manufacturing industrial properties in Southern California and Houston, while utilizing low levels of leverage.
“This newly formed entity is a recent initiative by The Carson Cos. to respond to the unique real estate market conditions to acquire quality assets at attractive yields within the industrial sector,” says James Flynn, president of The Carson Cos. “We believe this strategy will appeal to pension investors that want to de-lever their portfolios.”
The Carson Cos. did not purchase any properties in Southern California from 2006 through 2008, and sold a significant portion of its portfolio in 2008, according to Flynn. During that period, the firm concentrated its efforts in Houston, where it now owns 2 million sq. ft. of industrial property, explains Flynn. “Houston has weathered the storm much better than California.”