Benderson Development, a large privately held real estate business under the leadership of Randy Benderson, recently closed on property purchases valued at a whopping $89 million. These are among the latest of the company’s many real estate purchases — purchases that have put the company on the map time and time again due to its unique strategic approach to expanding and managing its expansive portfolio of real estate properties.
Its recent $89 million worth of purchases were made for a handful of net-leased properties in San Francisco, the southern part of California, Seattle, and Alaska. The purchased properties span around 220,000 square feet. In Laguna Beach, California, Benderson Development’s newly purchased property operates under Pavilions on the Pacific Coast Highway. Meanwhile, the company’s new property in Oakland/Berkeley, California, and in Seattle, Washington, operate under Safeway (at College Avenue and on 134st respectively). The final recently purchased property is located in Anchorage, Alaska, where it operates under Safeway/Carrs at Abbott Road.
The company’s acquisition of these four properties aligns with its current strategy of obtaining assets in major markets along the West Coast to keep expanding its national footprint. Its strategy was apparently different in early 2017, according to the latest scoop at that time. Benderson Development last January ended up purchasing a shopping center in Sarasota, Florida, that was struggling. The company’s goal was to revitalize the shopping center, a neighborhood retail hub, as it was not effectively retaining tenants. Not long after purchasing the foreclosure property at an auction, the real estate developer added a Japanese steakhouse as well as a lunch and breakfast eatery to the shopping center, according to news reports.
Under Randy Benderson’s direction, Benderson Development will no doubt remain a major real estate player in the United States. In fact, you’d be hard pressed to find a matching company when it comes to developing, leasing, and managing industrial, medical, office, retail, residential, and hotel properties across the country in the years to come.