Pacifica Establishes South FL Office

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-In order to take advantage of upcoming opportunities in the distressed market, San Diego-based Pacifica Cos. has hired multifamily specialist Gerard Yetming to serve as director of acquisitions. Much of the privately-held, diversified real estate company’s $2.5 billion portfolio is located on the West Coast, but after making its first distressed purchase in Florida in 2008, it will now establish a local office.

Yetming, who previously spent six years with CB Richard Ellis’ multihousing team, will start up the firm’s new location and lead its efforts to acquire fractured condo conversions and new condo projects, along with distressed retail, hospitality and office properties throughout Florida. “We don’t have a particular target in terms of how much cash we want to put out because it really just depends on the opportunities,” Yetming tells GlobeSt.com. “It would be easy to imagine that if the opportunities continue to develop the way they have been, we could do a couple hundred million dollars of deals this year if we find sellers motivated to move assets.”