Trumark Cos. has relaunched its commercial arm.
Trumark Commercial, based out of the company’s Newport Beach office, will focus on developing office, multifamily and mixed-use projects in California, including Orange County.
Leading the venture is newly appointed Executive Vice President Jeffrey Sofferman, who previously led multifamily operations as a senior vice president for Irvine-based master developer SunCal.
Sofferman said the company is looking at new office developments, retail conversions, and mixed-use buildings to take advantage of the changing landscape of work and living spaces, and growing demand for live-work-play environments.
“Cities and suburbs are rapidly changing and advancements in technology are transforming the way we communicate, receive/send information and travel. All of these are impacting the physical relationship between our work and living spaces,” said Sofferman.
Trumark has developed some 2 million square feet of office, R&D, retail and hotel properties in the state over its history, but has scaled back that portion of its business in recent years.
It’s focused on homebuilding and residential land development over that time; its Trumark Homes division, based in Danville, now is one of the largest builders in Brea, among other markets in California.
In addition to Orange County, Trumark Commerical will look at other “supply constrained markets,” such as Silicon Valley and pockets of Southern California.
No projects for the new division have been disclosed yet.
Modern Urban Planning
The company is thinking futuristically when it comes to commercial projects.
“We are looking at converting older retail centers and office complexes into more vibrant mixed-used communities, new creative office and co-working office opportunities, redevelopment and new ground-up rental multifamily projects, including co-living and senior living arrangements,” Sofferman said.
The company is also taking a close look at the demand for parking, “designing future parking to have the potential to be converted into other uses that will provide future benefits.”
These projects could complement existing residential developments by Trumark Homes, the company said.
Deals on the Way
Trumark Commercial has several deals in the works, with the goal of making its first acquisition by the start of next year.
“My immediate goal as executive vice president is to develop a pipeline of projects of varying scales and timelines while adding talented personnel that will support the development process for the platform and specific projects,” Sofferman said.
