Investment Group, Advisor Might Go Public
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After accumulating a huge Southern California office portfolio in the last two years, a partnership headed by Newport Beach-based investment group Layton-Belling & Associates is entertaining thoughts of going public. LBA and pension fund advisor Aldrich Eastman & Waltch of Boston have made portfolio purchases totaling 3.6 million square feet over the last two years. This year alone the group has snapped up six more buildings, including most recently the $5.4-million purchase of a 45,000-square-foot office building that was foreclosed on in the Spectrum.
However the group’s available pool of capital is expected to be exhausted later this year, officials say, after it makes several purchases throughout Southern California. Company officials are “considering all their options,” including the possibility of a public offering, depending on the market.
Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832 and at [email protected]
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