THE TRACK RECORD · 1989 – PRESENT

Three decades of contrarian timing.

Thirty investments and developments across five markets — 29 completed, one in development.

THE TIMING
1992–96
RTC era — acquired ~$150M of distressed property. Cornerstone: Biltmore Financial Center, Phoenix.
1999–02
Re-entry across AZ, Hawaii, Houston & SoCal. Asset base grew to $250M (office, industrial, hotels, apartments).
2002–06
Liquidated into the run-up — nearly all assets sold by Dec 2006, remaining holdings debt-free by 2007.
2008–12
Recovery buying — ~1,000 multifamily units, 100+ homes refurbished and leased, Carlsbad Corporate Center.
2016
Industrial development — 213,000 SF at Broadway 101 (Motorola Site), Mesa, AZ. Building the next hold.
Now
Broadway 101 Phase 2 (Mesa) + first Pacific NW residential in Hood River, OR — Cascadia Townhomes completed; 3330 Brookside condos in development.
RECENT & CURRENT DEVELOPMENTS

Where PRA is building now.

COMPLETED
Broadway 101 Commerce — Phase 2
MESA, AZ · INDUSTRIAL
The second phase of PRA's Broadway 101 industrial development, following the 213,000 SF Phase 1 (Motorola Site, 2016). Built and complete.
COMPLETED
Cascadia Townhomes
HOOD RIVER, OR · TOWNHOMES
PRA's first Pacific Northwest residential development — new townhomes on Oak Street in downtown Hood River. Built and complete.
IN DEVELOPMENT
3330 Brookside
HOOD RIVER, OR · CONDOMINIUMS
PRA's flagship residential project — 50 high-end condominiums over an 85-space underground podium garage, with Mt. Hood and Indian Creek views. PRA entitled the land and donated a conservation easement to the City of Hood River to protect the adjacent wetlands and open space.

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Mission View Plaza
51,675 SF · 3-story · 1988
SAN DIEGO

A 3-story, 51,675 SF office building in Mission Valley, fronting I-8 opposite Qualcomm Stadium. The State of California was a major long-term tenant at 40% occupancy. Features a 2-story parking garage.

BUILT1988
SUBMARKETMission Valley
ANCHORState of CA (40%)
STATUSRealized
Rancho Bernardo Financial Center
~71,200 SF · Two 3-story bldgs
SAN DIEGO

Two 3-story office buildings totaling approximately 71,200 SF in the Rancho Bernardo Town Center, featuring a signature courtyard water feature.

BUILT
SUBMARKETRB Town Center
BUILDINGS2
STATUSRealized
Chesapeake Center
2-story · 58,811 SF
SAN DIEGO

A 2-story, 58,811 SF office building at 9555 Chesapeake Drive in the Kearny Mesa submarket, anchored by the State of California Health Services.

BUILT
SUBMARKETKearny Mesa
ANCHORState of CA Health Svc
STATUSRealized
Park West Court
3-story · 45,000 SF · 1981
SAN DIEGO

A 3-story, 45,000 SF office building (1981) in Rancho Bernardo featuring a dramatic atrium lobby and walking decks.

BUILT1981
SUBMARKETRancho Bernardo
FEATUREAtrium, walking decks
STATUSRealized
Cornerstone Business Park
115,000 SF · Class A R&D
SAN DIEGO

A Class A R&D/industrial park totaling 115,000 SF, built in 1988 in the Sorrento Mesa submarket — one of San Diego's premier R&D corridors.

BUILT1988
SUBMARKETSorrento Mesa
CLASSClass A
STATUSRealized
Carlsbad Airport Corporate Center
121,500 SF · 100% leased · 1996
SAN DIEGO

A 121,500 SF, 100%-leased office building (1996) in Carlsbad adjacent to Palomar Airport, designed for large-tenant use with a 6/1,000 parking ratio.

BUILT1996
SUBMARKETCarlsbad
PARKING6/1,000
STATUSRealized
Industrial Portfolio
560,000 SF · 4 projects
SAN DIEGO

A four-project, 560,000 SF multi-tenant industrial portfolio in the Miramar submarket of San Diego, built in 1985.

BUILT1985
SUBMARKETMiramar
PROJECTS4
STATUSRealized
Lincoln Business Center
131,000 SF · Class A · 4 bldgs
SAN DIEGO

A Class A, 4-building, 131,000 SF industrial park (1989) in Poway off I-15 — 100% occupied across 6 tenants at the time of PRA's hold.

BUILT1989
SUBMARKETPoway
OCCUPANCY100% · 6 tenants
STATUSRealized
Wimbledon Racquet Club Apartments
176 units · 2-story garden · 1981
SAN DIEGO

A 176-unit, 2-story garden apartment community (1981) on 8.5 acres in South Bay, just off I-805 near Bonita.

BUILT1981
SUBMARKETSouth Bay
ACRES8.5
STATUSRealized
Forest Park Apartments
338 units (226×1BR, 112×2BR) · 1975
SAN DIEGO

A 338-unit apartment community (1975) in El Cajon, comprising 226 one-bedroom and 112 two-bedroom units.

BUILT1975
SUBMARKETEl Cajon
MIX226×1BR, 112×2BR
STATUSRealized
City Square
~750,000 SF office · Mixed-use
PHOENIX

A landmark mixed-use complex in Phoenix's Uptown CBD comprising 3 high-rises with approximately 750,000 SF of office, a 35,000 SF health club, and a 156-room Hilton Garden Inn.

BUILT
SUBMARKETUptown CBD
HOTEL156-room Hilton Garden Inn
STATUSRealized
Biltmore Financial Center
630,000 SF · Class A
PHOENIX

Two Class A office buildings at the NWC of 24th Street & Camelback — one of Phoenix's premier office addresses, anchored by Northern Trust with restaurants and a health club. PRA's RTC-era cornerstone acquisition.

BUILT
SUBMARKETCamelback
ANCHORNorthern Trust
STATUSRealized
First American Title Building
19-story · 250,000 SF
PHOENIX

A 19-story, 250,000 SF downtown Phoenix high-rise near the civic center and sports arena — a commanding presence in the Phoenix CBD.

BUILT
SUBMARKETDowntown Phoenix
FLOORS19
STATUSRealized
Village at Hayden
150,000 SF · Mixed-use office
PHOENIX

A 150,000 SF mixed-use office and retail complex at the NWC of Hayden Road & Via De Ventura in Scottsdale, featuring 6 restaurants and water features.

BUILT
SUBMARKETScottsdale
RETAIL6 restaurants
STATUSRealized
Quadrangle Office Building
65,000 SF · Redevelopment
PHOENIX

A 65,000 SF office/redevelopment property in the Camelback Corridor — one of Phoenix's most active and prestigious office submarkets.

BUILT
SUBMARKETCamelback Corridor
USEOffice/redevelopment
STATUSRealized
Courtyard Office Building
43,000 SF
PHOENIX

A 43,000 SF office property in Phoenix's Squaw Peak Corridor.

BUILT
SUBMARKETSquaw Peak Corridor
SIZE43,000 SF
STATUSRealized
Black Canyon Business Center
66,000 SF · Class A · 1999
PHOENIX

A 66,000 SF Class A office building (1999) at the NEC of the Black Canyon Freeway & Rose Garden, anchored by Mattel and First Tennessee Bank on 10-year net leases.

BUILT1999
SUBMARKETBlack Canyon / Rose Garden
ANCHORSMattel · First Tennessee Bank
STATUSRealized
Washington Business Park
373,000 SF · Office/assembly/warehouse
PHOENIX

A 373,000 SF office/assembly/warehouse complex along the 44th Street Corridor, adjacent to Phoenix Sky Harbor International Airport.

BUILT
SUBMARKET44th St / Sky Harbor
USEOffice/assembly/warehouse
STATUSRealized
Motorola Site (Broadway 101, Mesa)
213,000 SF · Class A · Completed 2016
PHOENIX

PRA's landmark industrial development: 213,000 SF of Class A space (148,000 SF manufacturing/distribution + 65,000 SF general industrial) on the former Motorola campus. Developed and completed January 2016; long-term hold. Phase 1 of Broadway 101.

COMPLETEDJan 2016
SUBMARKETBroadway 101, Mesa
MIX148K mfg/dist + 65K general
STATUSRealized
Alamo Industrial
10,285 SF · 1989 · Chandler
PHOENIX

A 10,285 SF single-tenant industrial property (1989) in Chandler, AZ — 100% air-conditioned with 2 grade-level doors.

BUILT1989
SUBMARKETChandler
FEATURE100% AC · 2 grade-level doors
STATUSRealized
San Tierra Apartments
284 units (92×1BR, 176×2BR, 16×3BR) · 1989
PHOENIX

A 284-unit apartment community (1989) in Chandler, AZ, comprising 92 one-bedroom, 176 two-bedroom, and 16 three-bedroom units.

BUILT1989
SUBMARKETChandler
MIX92×1BR, 176×2BR, 16×3BR
STATUSRealized
Bayside Apartments
176 units (120×2BR, 56×1BR) · 1999
PHOENIX

A 176-unit apartment community (1999) in North Phoenix, comprising 120 two-bedroom and 56 one-bedroom units.

BUILT1999
SUBMARKETNorth Phoenix
MIX120×2BR, 56×1BR
STATUSRealized
Palm Court Apartments
256 units (208×2BR, 48×1BR) · 1999
PHOENIX

A 256-unit apartment community (1999) in North Phoenix, comprising 208 two-bedroom and 48 one-bedroom units.

BUILT1999
SUBMARKETNorth Phoenix
MIX208×2BR, 48×1BR
STATUSRealized
Ridge Gate Apartments
216 units (168×2BR, 48×1BR) · 1999
PHOENIX

A 216-unit apartment community (1999) in North Phoenix, comprising 168 two-bedroom and 48 one-bedroom units.

BUILT1999
SUBMARKETNorth Phoenix
MIX168×2BR, 48×1BR
STATUSRealized
Single Family Residential Portfolio
106 homes · post-2007 acquisition
PHOENIX

A portfolio of 106 single-family homes acquired over 18 months after the 2007 downturn — all post-2000 builds in HOA subdivisions, purchased for cash, refurbished, and leased.

ACQUIREDPost-2007 · 18 mo
SUBMARKETPhoenix Metro
STRATEGYCash · refurbished · leased
STATUSRealized
Harbor Court
31-story · 185,135 SF high-rise
HONOLULU

A landmark 31-story high-rise in Honolulu's central business district: 185,135 SF office tower, 10,763 SF mezzanine, and 4,355 SF plaza retail — with unobstructed ocean views adjacent to the harbor.

FLOORS31
SUBMARKETHonolulu CBD
RETAIL4,355 SF plaza
STATUSRealized
Northborough Corporate Center
6-story · 120,000 SF · Shell Oil
HOUSTON

A 6-story, 120,000 SF single-tenant office building in the Greenspoint/North Belt submarket of Houston — 100% leased to Shell Oil.

BUILT
SUBMARKETGreenspoint / North Belt
TENANTShell Oil (100%)
STATUSRealized
Broadway 101 Commerce — Phase 2
Industrial · SF TBC
MESA, AZ

The second phase of PRA's Broadway 101 industrial development in Mesa, following the 213,000 SF Phase 1 (Motorola Site, 2016). Built and complete; square footage to be confirmed.

PHASE2 of 2
SUBMARKETBroadway 101, Mesa
SFTBC
STATUSCompleted
Cascadia Townhomes
Townhomes · Units TBC
HOOD RIVER, OR

New townhomes on Oak Street in downtown Hood River — PRA's first Pacific Northwest residential development. Built and complete; unit count to be confirmed.

BUILT
STREETOak Street
UNITSTBC
STATUSCompleted
3330 Brookside
50 high-end condominiums
HOOD RIVER, OR

PRA's flagship residential project — 50 high-end condominiums over an 85-space secure underground podium garage, with high-ceiling homes and expansive views of Mt. Hood to the south and the Indian Creek open space to the west and north. PRA acquired and entitled the land in 2024 (rezoned R3 / C2), then donated a conservation easement on the larger parcel to the City of Hood River — protecting its wetlands and open space in perpetuity and helping connect the Indian Creek Trail.

RESIDENCES50
PARKING85 podium
VIEWSMt. Hood
STATUSIn development