Jeffrey Sofferman
California-based developer Trumark Cos. has relaunched Trumark Commercial, and has hired Jeffrey Sofferman as EVP to lead division. Trumark Commercial will focus on developing commercial properties across asset classes in dense urban markets throughout California, and it is prepared to hit the ground running.
"The managing principals of Trumark saw an opportunity for redevelopment and new development of several commercial sectors in California, and potentially combine that with their current Trumark Homes and communities," Sofferman tells GlobeSt.com. "The true impetus was the changes in the marketplace, which include changes in the way we live and changes to entitlements. Entering into this sector will provide various opportunities for the company to grow."
The company sees a wealth of opportunities in the commercial sector, and is particularly interested in sites where it can create value. "We are focused on urban areas where land is constrained, where there is an entitlement process and where we can create value," says Sofferman. "We do believe that the world is changing quickly with technology, and that changes the way that we use real estate. These changes create opportunities, and to look at the world different will allow all of these different sectors to benefit."
The division will target dense, urban markets in California, including Silicon Valley, San Francisco, Orange County, Los Angeles, San Diego and San Francisco. "That is where job growth is and where transportation and infrastructure, and that is where these changes will be needed the most," says Sofferman. The company is already underwriting opportunities in several of those markets, and hopes to close on an opportunity in early 2020, along with consistent activity throughout the remainder of next year.
Trumark is not only looking across asset classes, but across project size and timing to build a robust pipeline of projects. "We are developing a pipeline of development and redevelopment projects with a variety of scale and timing," says Sofferman. "I do like to work on big projects that are complex, and I do understand that it is important to have wings and look for projects in the near term and not just many years down the road. My goal is to look for projects in Northern and Southern California that entail a variety of uses, retail, office, multifamily and hotels as well as mixed-use, that can be developed over a short and long period of time to generate business sooner than later for the company."
For Sofferman, this was an exciting opportunity. He brings 30 years of experience to the company, including high-level positions at Archstone and The Clarett Group. "I enjoy working with people that look at things with an entrepreneurial mindset. Re-launching this platform was exciting to me," he says about his decision to join the firm. "It involved developing the strategic business plan, looking for new projects and building a personal infrastructure."
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Kelsi Maree Borland
