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Alternative Market Briefing

Ex-Colony Northstar execs launch Miramar Capital

Friday, August 25, 2017

Bailey McCann, Opalesque New York:

Colony Northstar executives Paul Fuhrman, Jae Yi and Perry Hariri have left the firm to launch Miramar Capital a Santa Monica, CA-based real estate operating and investment platform. Miramar will team with private and institutional capital sources to pursue value-add commercial real estate investments targeting infill properties in California.

The new platform has closed three transactions - the most recent being a venture with Grand China Overseas Investment Management LTD (Grand China). The two firms partnered in an off-market deal for office space in Mountain View, California. "The transaction with Grand China is an example of the kinds of deals that are in the sweet spot for us," Fuhrman explains in an interview with Opalesque. "We know the Mountain View area very well and there is an additional opportunity with re-entitlements for that property. With the operator/investor model, we are well placed to partner with other investment firms."

The other two transactions include a mixed-use development in San Jose and office space in Fremont, California.

Miramar has also reached an agreement with Colony Northstar, to pursue certain California-based development and re-entitlement opportunities, according to Fuhrman. Colony has allocated $100 million to investment opportunities with Miramar.

"Finding basic bread and butter transactions is much harder now because we are at the end of the cycle," Fuhrman says. "But we're ......................

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