Over the past 40 years, Western Avenue Capital’s predecessor companies have established a diversified portfolio of retail, healthcare, multifamily, industrial and office properties across the United States, with the majority of assets in the Los Angeles MSA. The company’s total portfolio capitalization (managed and passive) currently exceeds $1 billion across 3 million square feet.
WAC’s management team has a unique combination of hands-on real estate operating experience, in-depth knowledge of its target markets and a successful track record of repositioning assets. Its capabilities include acquisition, financing, asset management and property management.
Co-founder & Partner
David focuses on new acquisitions, financing, property management, development and leasing of Western Avenue’s portfolio. Prior to founding WAC, David worked at Federal Realty Investment Trust, focusing on asset management and development of Federal’s Mid-Atlantic portfolio. David also previously worked at Arbor Realty Trust originating and underwriting commercial real estate loans. David received his MBA in Real Estate and Finance from the Wharton School at the University of Pennsylvania and his BA in history and Spanish from the University of Pennsylvania. David is a member of the International Council of Shopping Centers. In his spare time, David enjoys playing ice-hockey and spending time with his two daughters.
Co-founder & Partner
Jonathan is primarily responsible for new investments, portfolio management and strategic initiatives. Prior to the formation of WAC, Jonathan was an investment professional at Colony Capital, where he was involved in over $350 million of new investments through Colony’s credit funds. Prior to joining Colony, Jonathan was on the investment team at AREA Property Partners (fka Apollo Real Estate Advisors), where he closed over $500 million of new investments and worked on over $1 billion of restructurings through AREA’s opportunistic and value-added strategies. Jonathan began his career in the Leveraged Finance Origination and Restructuring Group at Credit Suisse and graduated with honors from the Wharton School at the University of Pennsylvania.
Co-founder & Partner
Josh provides legal and strategic oversight of the firm’s investments and operations. He focuses on structuring, negotiating and documenting WAC’s transactions and participates in lease negotiations with large tenants, including Fortune 500 and regional players. Josh's experience acquiring and operating healthcare assets drives WAC’s investments in the space. He is a seasoned attorney who received his law degree from Cardozo School of Law in New York and is a member of the Bar in California and New York. He also holds an MPH from Columbia University and a BA from Brandeis University. Josh is a member of ICSC. A former rugby player, Josh now spends his free time with his family, coaching youth sports and serving on school and synagogue boards.
Finding opportunity and creating value
Western Avenue Capital is focused on core and value-add opportunities where capital improvements and effective management can produce high risk-adjusted returns. WAC invests across the real estate spectrum with investments containing one or more of the following characteristics:
- Strong in-place cash flow
- Below replacement cost
- Below market leases or in-place vacancy
- Neglected/mismanaged assets
- Distressed situations
The company invests in California and select Western markets where local relationships and market knowledge provide a competitive edge over national investors.
- High replacement costs
- Prime location with high traffic counts
- Growing, diversified economies
A joint venture between Western Avenue Capital and Northstar Enterprise Opportunity Fund I, LP announced that it has acquired Foothill Square Shopping Center, a 120,000 square foot anchored retail center in Oakland, CA. The well-established property was originally developed in 1962 and underwent a major renovation between 2013 and 2016 whereby the property was significantly … Read More
LOS ANGELES, CA – April 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Canyon Springs Hospital, a 57,479-square-foot intermediate care inpatient facility in Cathedral City (Palm Springs), California. HFF worked on behalf of Western Avenue Capital to arrange the 10-year, fixed-rate loan through Rabobank, N.A. Loan proceeds … Read More
A joint venture between Western Avenue Capital and ALTO Real Estate Funds announced that it has acquired American Fork Shopping Center, a 148,180 square foot anchored retail center in American Fork, UT, a suburb of Salt Lake City, UT. The acquisition price equates to a mid-8% going-in cap rate, providing mid-teens cash on cash returns … Read More