Prism Places Surges to $2.5 Billion in Assets

CRE portfolio generated 20% NOI increase in last two years

LOS ANGELES , April 23, 2024 /PRNewswire/ -- Today, Prism Places, an innovative CRE management and investment firm, shares a milestone: its assets under management have surged to $2.5 billion in less than three years. Since launch in February 2021, Prism has quietly assembled a premiere portfolio of over 2.7 million square feet which includes high-quality, legacy properties in major markets; mixed-use new developments that are industry models; and challenged mall projects that demand operational precision and visionary redevelopment.

The projects are united by a goal: to create "places with purpose" by embracing local culture, fostering community and generating extraordinary value for Prism's stakeholders. This value can be seen in the responses from the local communities themselves as well as the net operating income (NOI) growth of 20% over the last two years throughout the portfolio?which includes Legacy West in Plano, Texas; Pasadena Commons in Pasadena, California; and RUNWAY in Playa Vista, California.

"We founded Prism to fill the void of great operators in today's market," said Stenn Parton, Prism's Founder and CEO. "Rates likely wouldn't be able to stay low forever, and eventually capital wouldn't be able to rely on low rates to maintain values but would need active operators to actually roll-up their sleeves, execute business plans and grow NOI."

With offices in California, Texas and Colorado and forty two employees, Prism's $2.5 B in assets benefit from the team's deep and varied experience, high-touch approach to strategy and effective management powered by data ? which utilizes innovative cloud-based technologies to gather real-time intelligence that enhances decision-making for real estate asset management, marketing, development, leasing, and investing.

Prism's projects reflect the team's savvy for placemaking, which is achieved through memorable design, tenant curation and community building. Programming is a foundational strategy at Prism. Its properties hosted more than 5,500 events last year, driving foot traffic and community engagement.

Parton brings more than 15 years of experience in real estate development, acquisitions, leasing, and brand building. He cut his teeth at DJM Capital, where he rose to Chief Retail Officer. There he shaped the CRE firm's growing portfolio of lifestyle centers such as Lido Marina Village and Pacific City?both in Orange County, California?which reflect Parton's belief that great retail should always be a place the local community is proud of and can be seen through place-based design; curated leasing to include local, regional and national retail/ restaurant; and activated public spaces to constantly be engaging the local community.

That strategy has been enhanced at Prism.

"I am proud of the Prism team and the amazing growth we have accomplished over the last three years. At Prism, community and local culture is an anchor of our strategy. Understanding the alchemy of creative design, merchandising and programming can transform a property from just another building to becoming a heart-beat of a community. Our aim is to create value not only for today, but for generations," explained Parton. "We look at each asset with a bespoke approach as each community has its own personality and DNA. These projects should be a reflection of each and every one of these communities ? a place with purpose! If we do our job right we create projects with generational staying power within communities, and extraordinary returns to our partners."

Most recently, Prism won Paseo Nuevo as its newest property in 2023. Prism was brought in by owner Alliance Bernstein to operate Paseo Nuevo. Located in downtown Santa Barbara, the open-air shopping center?revered by locals but in need of reimagining?stands as Prism's latest opportunity to show what purposeful retail can be.

In 2021, Prism acquired the Foothills Mall in Fort Collins, Colorado in partnership with McWhinney, a real estate investment and development company based in Denver, Colorado. The mall has been under stress in the mountain town and needs a new life. Last year, Prism and McWhinney unveiled plans to turn the mall into a dynamic, mixed-use district that will give Fort Collins a new place to gather.

"Prism has been an invaluable partner whose team provides data-powered insights and experience-driven vision for Foothills Mall," said Chad McWhinney, CEO, Chairman and Co-Founder of McWhinney. "Their dedication to meaningful retail, community engagement and good business is best in class."

Additionally, Prism partnered with Invesco Real Estate, a global real estate asset manager, and BMC Investments (BMC), a Denver-based, fully-integrated real estate investment company, to redevelop Clayton Lane in Denver's Cherry Creek North neighborhood. The reimagined Clayton Lane is expected to include more than 420 multifamily units and a retail transformation adding more than 150,000 square feet of space.

The silently surging firm previously inked operating partnerships with leading mixed-use projects including RUNWAY Playa Vista in Los Angeles; Pasadena Commons in Los Angeles; and Legacy West in Plano, Texas.

Prism is headquartered in Los Angeles, California.

About Prism Places
Prism Places provides a new perspective on commercial real estate grounded in the insight that assets should generate value over their lifetime. This value creation is the result of an aligned vision, accountability, and active participation in the day-to-day operations of each property. Prism brings a robust and integrated operating platform married with a sense of urgency, creativity, and discipline to the daily experiences on property.
Prism was founded by Stenn Parton who brings more than fifteen years of experience in real estate development, acquisitions, leasing, and brand building. Prism provides a fully integrated team with a dynamic understanding of the current market and consumer demands blended with the know-how to transform a property into a place that meets today's market and cultural demands and actively operate each investment with a diligent focus on creating value for generations, in short -- places with purpose.

CONTACT: Carolyn Lowe, [email protected]

SOURCE Prism Places