Article: Turner Development Fund Targeting Distressed Assets

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REAL ESTATE

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Newport Beach-based Turner Development Corp., one of the area's larger developers since its founding in 1979, is eyeing distressed properties and loans for its latest venture.

The company said late last month it had closed on its Turner Opportunity Fund ILP.

The fund, which Turner Development will manage, plans to buy distressed commercial real estate in California, Arizona and Nevada, as well as pools of performing and nonrjerforming loans, according to Rusty Turner, the company's president.

Turner's not disclosing how much money it raised. It plans to buy real estate worth $3 ...

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