The new partnership plans to focus on value-add properties. "The joint venture was formed to seek out value-added and opportunistic situations in which WestCorp's active management can maximize the value of the asset," says John Didrickson, a principal with Equibase. Didrickson would not disclose the amount of equity for the venture.
The joint venture plans to invest in properties throughout the US. WestCorp plans to "add substantial value through enhanced management and re-positioning strategies," Woolley said in a released statement. Representatives from WestCorp did not respond to a request to be interviewed. WestCorp is part of the Nevada West Development family of companies, which has completed more than $600 million of development and redevelopment projects since 1991.
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