CRE portfolio generated 20% NOI increase in
last two years
LOS ANGELES ,
April 23,
2024 /PRNewswire/ -- Today, Prism Places, an
innovative CRE management and investment firm, shares a milestone:
its assets under management have surged to $2.5 billion in less than three years. Since
launch in February 2021, Prism has
quietly assembled a premiere portfolio of over 2.7 million square
feet which includes high-quality, legacy properties in major
markets; mixed-use new developments that are industry models; and
challenged mall projects that demand operational precision and
visionary redevelopment.
The projects are united by a goal: to create "places with
purpose" by embracing local culture, fostering community and
generating extraordinary value for Prism's stakeholders. This value
can be seen in the responses from the local communities themselves
as well as the net operating income (NOI) growth of 20% over the
last two years throughout the portfolio—which includes Legacy West
in Plano, Texas; Pasadena Commons
in Pasadena, California; and
RUNWAY in Playa Vista,
California.
"We founded Prism to fill the void of great operators in today's
market," said Stenn Parton, Prism's Founder and CEO. "Rates likely
wouldn't be able to stay low forever, and eventually capital
wouldn't be able to rely on low rates to maintain values but would
need active operators to actually roll-up their sleeves, execute
business plans and grow NOI."
With offices in California,
Texas and Colorado and forty two employees, Prism's
$2.5 B in assets benefit from the
team's deep and varied experience, high-touch approach to strategy
and effective management powered by data – which utilizes
innovative cloud-based technologies to gather real-time
intelligence that enhances decision-making for real estate asset
management, marketing, development, leasing, and investing.
Prism's projects reflect the team's savvy for placemaking, which
is achieved through memorable design, tenant curation and community
building. Programming is a foundational strategy at Prism. Its
properties hosted more than 5,500 events last year, driving foot
traffic and community engagement.
Parton brings more than 15 years of experience in real estate
development, acquisitions, leasing, and brand building. He cut his
teeth at DJM Capital, where he rose to Chief Retail Officer. There
he shaped the CRE firm's growing portfolio of lifestyle centers
such as Lido Marina Village and Pacific City—both in Orange County, California—which reflect
Parton's belief that great retail should always be a place the
local community is proud of and can be seen through place-based
design; curated leasing to include local, regional and national
retail/ restaurant; and activated public spaces to constantly be
engaging the local community.
That strategy has been enhanced at Prism.
"I am proud of the Prism team and the amazing growth we have
accomplished over the last three years. At Prism, community and
local culture is an anchor of our strategy. Understanding the
alchemy of creative design, merchandising and programming can
transform a property from just another building to becoming a
heart-beat of a community. Our aim is to create value not only for
today, but for generations," explained Parton. "We look at each
asset with a bespoke approach as each community has its own
personality and DNA. These projects should be a reflection of each
and every one of these communities – a place with purpose! If we do
our job right we create projects with generational staying power
within communities, and extraordinary returns to our partners."
Most recently, Prism won Paseo Nuevo as its newest property in
2023. Prism was brought in by owner Alliance Bernstein to operate
Paseo Nuevo. Located in downtown Santa
Barbara, the open-air shopping center—revered by locals but
in need of reimagining—stands as Prism's latest opportunity to show
what purposeful retail can be.
In 2021, Prism acquired the Foothills Mall in Fort Collins, Colorado in partnership with
McWhinney, a real estate investment and development company based
in Denver, Colorado. The mall has
been under stress in the mountain town and needs a new life. Last
year, Prism and McWhinney unveiled plans to turn the mall into a
dynamic, mixed-use district that will give Fort Collins a new place to gather.
"Prism has been an invaluable partner whose team provides
data-powered insights and experience-driven vision for Foothills
Mall," said Chad McWhinney, CEO,
Chairman and Co-Founder of McWhinney. "Their dedication to
meaningful retail, community engagement and good business is best
in class."
Additionally, Prism partnered with Invesco Real Estate, a global
real estate asset manager, and BMC Investments (BMC), a
Denver-based, fully-integrated
real estate investment company, to redevelop Clayton Lane in Denver's Cherry Creek
North neighborhood. The reimagined Clayton Lane is expected to include more than
420 multifamily units and a retail transformation adding more than
150,000 square feet of space.
The silently surging firm previously inked operating
partnerships with leading mixed-use projects including RUNWAY Playa
Vista in Los Angeles; Pasadena
Commons in Los Angeles; and Legacy
West in Plano, Texas.
Prism is headquartered in Los Angeles,
California.
About Prism Places
Prism Places provides a new
perspective on commercial real estate grounded in the insight that
assets should generate value over their lifetime. This value
creation is the result of an aligned vision, accountability, and
active participation in the day-to-day operations of each property.
Prism brings a robust and integrated operating platform married
with a sense of urgency, creativity, and discipline to the daily
experiences on property.
Prism was founded by Stenn Parton who brings more than fifteen
years of experience in real estate development, acquisitions,
leasing, and brand building. Prism provides a fully integrated team
with a dynamic understanding of the current market and consumer
demands blended with the know-how to transform a property into a
place that meets today's market and cultural demands and actively
operate each investment with a diligent focus on creating value for
generations, in short -- places with purpose.
CONTACT: Carolyn Lowe,
carolyn@theleadpr.com
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SOURCE Prism Places