News Summary
Billionaire investor Neil Kadisha is guiding Omninet Capital’s strategy to acquire distressed commercial and multifamily properties. With a portfolio worth over $1 billion, the firm has made significant moves including a $167 million lease with Los Angeles County for an office building in Long Beach and an $81 million acquisition of the Los Angeles Corporate Center. Kadisha’s strategy of investing in troubled markets showcases his business acumen and reflects a growing trend in commercial real estate.
BEVERLY HILLS – Billionaire investor Neil Kadisha, Co-Managing Partner and Chief Executive of Omninet Capital, is spearheading the firm’s strategy to acquire and invest in distressed markets, focusing particularly on commercial and multifamily properties. With his guidance, Omninet Capital is currently managing an impressive portfolio worth over $1 billion in capital investments.
Recently, the company secured a 15-year lease agreement valued at $167 million with Los Angeles County for a substantial 207,000-square-foot office building in Long Beach. This move indicates Kadisha’s commitment to expanding Omninet’s footprint in valuable yet troubled markets, as the firm also closed a pair of significant office deals in Southern California totaling nearly $80 million. This includes a $39 million off-market sale of the Park Del Amo office campus, which boasts a notable occupancy rate of 92% with significant tenants such as Keenan & Associates. The other deal involved the $39 million sale of Commerce Plaza, a two-building office complex situated in Central Los Angeles.
In addition to these transactions, Omninet Capital also sold Nellis Plaza, a 98% occupied retail and medical center in Las Vegas, for $25 million. This sale marked a significant retail acquisition for the buyer in the area, illustrating the ongoing demand for well-positioned commercial properties. The Nellis Plaza spans a total of 83,930 square feet.
A recent acquisition by Omninet Capital includes the Los Angeles Corporate Center in Monterey Park for $81 million. This suburban office complex covers nearly 400,000 square feet and is currently 95% leased, with tenants including the State of California, Los Angeles County, and telecommunications giant AT&T.
Neil Kadisha’s business roots run deep in telecommunications and real estate. He maintains a substantial stake in Qualcomm Inc., a giant in the telecom industry that acquired his former telecommunications company back in 1988. Kadisha’s net worth is reported at $3.6 billion, a modest increase from last year’s $3.4 billion, reflecting an increase of 4.40%.
Born in Tehran, Kadisha emigrated to the United States following the Iranian Revolution. He is married to Dora, linking him to the prominent Nazarian family, and together they are active in various Jewish organizations. Kadisha, aged 69, owns two homes in Beverly Hills, California, reinforcing his status in the elite circles of financial investment and community engagement.
In addition to his role at Omninet Capital, Kadisha has participated on various boards, including the American Jewish Joint Distribution Committee, Phoenix House, and the Young Presidents’ Organization. His previous experience includes serving as a board member at Qualcomm prior to its merger with Omninet Corporation.
Omninet’s strategy under Kadisha emphasizes resilience in troubled markets, capitalizing on opportunities that others may overlook. The firm’s concentration on strategic acquisitions and investments in distressed properties not only reflects Kadisha’s business acumen but also hints at a broader trend of opportunistic investing within the commercial real estate sector during volatile economic periods.
As Omninet Capital continues to navigate the landscape of commercial real estate, it remains to be seen how Kadisha’s leadership will shape the firm and its investments in the coming years, but the current trajectory is promising amid challenging market conditions.
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- Los Angeles Business Journal: Wealthiest Angelenos 2024
- Connect CRE: Omninet Capital Claims Torrance Commerce Office Complexes for $80M
- Rebusiness Online: Omninet Capital Divests of Retail Medical Plaza in Las Vegas for $25M
- GlobeSt: L.A. County Inks Deal for 207K SF of Long Beach Offices
- Los Angeles Business Journal: Omninet Capital Buys Monterey Park Offices for $81M
- Wikipedia: Neil Kadisha
- Google Search: Neil Kadisha
- Google Scholar: Neil Kadisha
- Encyclopedia Britannica: Neil Kadisha
- Google News: Neil Kadisha
