July 26, 2016
In just two days, we will raise the curtains on our annual gathering of some 500 CRE leaders in Orange County. You still have time to register for Connect OC at Balboa Bay Club on July 28.
One of those trailblazers you’ll be hearing from at Connect OC is Kevin Hayes, who took the wraps off his latest venture called Pendulum Property Partners this week. Connect Media’s Dennis Kaiser asked the former Lincoln Property Co. and Irvine Company executive to share what his new team is about and why it is the right time to launch a company.
Q: What is your new venture Pendulum Property Partners?
A: Pendulum is a fully integrated owner/operator of commercial office, industrial and retail property. Our team is deeply experienced in creating value through significant development, redevelopment and repositioning of assets. We are actively seeking value-add and core-plus real estate opportunities within Southern California from $10 million to more than $200 million.
We currently asset manage over 2.8 million square feet of commercial product and 817 apartment units all throughout California, Hawaii, Colorado and Nevada. Our services include: Acquisitions and Dispositions, Asset Management, Property Management and Construction & Development. Our goal over time is to build a best-in-class operating and investment platform in all major west coast markets in commercial and multi-family product types.
Q: Why did you form Pendulum now?
A: We formed Pendulum for three reasons, all equally important:
1) We believe there is a significant buying period in front of us and wanted to be prepared for the opportunity. It is incredibly difficult to venture out on your own, and even more difficult in uncertain economic conditions. At some point, however, you have to be comfortable getting started and be in a position to maintain your investment pricing discipline.
2) The competition is fierce and aging slowly. Boomers are healthy and hard at work. We believe they will be slow to turn the reins over to some of the most recognizable and talented firms in our industry. Pendulum is a small group of unique people in my age cohort, with more than 15 years of institutional experience, that united to grow a platform without waiting for the torch to pass. We plan to fill a niche in the marketplace with our senior level capabilities and ownership mindset.
3) We all know that bigger isn’t always better. In a world where we are all being bombarded to “do more,” we may be just as well served to “do less better”.
Q: How will Pendulum serve the needs of tomorrow’s CRE marketplace?
A: We believe we are well positioned to understand and accommodate the needs and wants of the next generation of corporate users of space. We also truly understand the technology that is rapidly changing the retail landscape and how to leverage it.
We are committed to maintaining pricing discipline and understanding the capital markets and market fundamentals. This approach allows us to understand where the pendulum is on its arc, enabling us to cater strategies to meet the specific objectives of our clients. We can respond quickly to cycles, adding or preserving investment value.
For comments, questions or concerns, please contact Dennis Kaiser