Kessler most recently was Chief Development Officer with Federal Realty Investment Trust in San Francisco, and prior to that was Chief Development Officer with Burnham Pacific Properties, Inc. in San Francisco from 1995 to 1999. Kessler will keep his office in San Francisco.
SKB acts as a fiduciary for approximately 225 investors representing more than $115 million in real estate investment. Since 1996, the firm has acquired 35 projects with an aggregate value of approximately $540 million.
SKB President Robert Scanlan tells GlobeSt.com the firm's goal is to hit $1 billion by the end of 2003. Last month it began consolidating management of its properties with Cushman & Wakefield. Last August, SKB established an investor liaison office in Paris, France.
Currently, Kessler isn't the only thing SKB is taking from Federal Realty. It's also taking the Uptown Shopping Center, an upscale center at the corner of 23rd and West Burnside in Northwest Portland. Uptown is SKB's first local acquisition and just its fifth retail property. Scanlan tells GlobeSt.com the purchase price, "in excess of $20 million," includes the 72,000 sf shopping center, 47-apartment units and a "potentially developable pad" of about 55,000 sf. The acquisition is scheduled to close in June.
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