A Fullerton-based property management firm that has acquired eight commercial properties in Orange County and the San Fernando Valley in the past four months said it also has recruited former Trammell Crow Co. executive Joseph L. Pesci to manage the sites.
Cambio Property Management Inc., a 11-year-old company with about 7,000 apartment unit holdings in California, Arizona and Texas, purchased the properties, which total more than a million square feet, for a total of $50.8 million, said Patrick Kelly, company president.
The acquisitions, which mark Cambio's entry into commercial property management, include the Fountain Valley Shopping Center in Fountain Valley, the Crown Center in Orange and The Grove in Orange.
Pesci, who for the past two years was senior manager for Trammell Crow of a 1.8-million square-foot development site on land that includes the Irvine corporate headquarters of the Fluor Corp., has been hired to oversee management of the commercial properties, Kelly said.
Fluor sold its 162-acre property to Trammell Crow in 1985 for $340 million and then leased back its office building headquarters.