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A pair of Swedish businessmen who met in Orange County are planning to invest more than $15 million locally during the next several months in new properties.
Their real estate investment firm, SwedeCal Properties Inc. of Newport Beach, is funding the expansion using profits from last year's sell-off of $50 million in holdings in the area to Kilroy Realty Corp., an El Segundo-based REIT.
"Since then, we've reinvested the proceeds," said Jan-Erik Palm, vice president and cofounder of Swede-Cal Properties. "We have acquired 15 different projects in recent months, most of which are in South Orange County."
All of the company's purchases have been small, single-tenant industrial buildings. That's the same type of structure Palm and his partner, Kent Berg, are looking to acquire now.
"Rather than buying a 200,000-square-foot, single-tenant building, we'd rather spread the risk and have 10 smaller buildings," said Palm. "That way, if one large tenant moves out, we still have cash coming in from the other properties."
The partners met in the early 1980s. Palm was a real estate entrepreneur and Berg had moved...