For a total price of $89.5 million, Dallas-based Prentiss Properties, a national REIT, has acquired the majority of the assets of Newport National Corp., a Carlsbad, Calif.-based real estate development and management company.
Included in Prentiss' Newport National acquisition was a 1.4 million sq. ft. portfolio of office and industrial projects, which are all located in California except one seven-building office and industrial project located in Tucson, Ariz.
In conjunction with the acquisition, the owners and key officers of Newport National Corp., along with the staff of 17, will now operate as the San Diego regional office of Prentiss Properties. F.M. "Bruce" Brusseau, the founder and chairman of Newport National Corp., has been named director of investment/client relations for Prentiss Properties and will primarily focus on acquisitions involving UPREIT transactions.
Scott Brusseau, former president and CEO of Newport National Corp., will serve as regional director. He will be pursuing acquisition and development opportunities in the Southern California marketplace, including San Diego, Orange and Riverside counties.