PHOENIX-Two veterans with more than 40 years of experience in Valley commercial real estate development have joined forces in a new partnership, Samuelson-McKone.
Jack Samuelson of Los Angeles and Phoenix-native Daniel McKone have a 28-acre site in escrow. The first project will be a retail center.
McKone, who started his own firm, McKone Development about a year ago, tells GlobeSt.com that he was looking for a "money partner" when an old family friend, Tom Hornaday, suggested he contact Samuelson. Hornaday and Samuelson had worked together since 1978 in a similar partnership to Samuelson-McKone. The Hornaday-Samuelson partnership's first project was Biltmore Plaza, a shopping center located at the northwest corner of 32nd Street and Camelback Road. Since then, Samuelson has been part of real estate developments in Phoenix totaling more than one million sf, including Arizona Business Park, a 125-acre business park located between Greenway and Bell roads on the west side of Interstate 17.
"Samuelson had a very successful partnership here with Tom and they wanted to keep a presence in Phoenix," McKone says. "It's just a phenomenal opportunity for both of us because we both have the same ideas and similar business philosophies. It's just a very good match."
The Samuelson-McKone partnership is looking for development opportunities in retail, office, industrial and multifamily. It also will consider acquisitions. "We have a long-term philosophy," McKone says. "We want to hold them forever, (we) don't like to sell."
McKone says the company has not determined how much capital will be invested in development or acquisitions opportunities. "We didn't want to put a number and then not hit that number," he explains. "And, there really is no limit for us…it's all about what viable opportunities there are."
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