JS Western is a privately held real estate investment firm focused on acquiring and operating retail and office properties in select primary and secondary markets throughout the Western United States. We find opportunities to create value by looking at the intrinsic value of the real estate regardless of the current tenancy or use. Founded in 2013, JSW has a strong track record, is actively acquiring new assets and is poised to grow over the coming years.
We are always actively acquiring assets and will consider opportunities ranging from $2mm to $50mm. We act as principals in conjunction with individual and institutional capital partners.
Our goal is to provide above-average risk adjusted returns by acquiring properties that provide immediate cash flow with potential for strong capital appreciation.
Founder & Managing Partner
As Founder & Managing Partner, Scott is responsible for JS Western’s long-term corporate strategy, equity and debt relationships. Mr. Tiano founded JS Western in 2013 to acquire core plus and value add investments on behalf of his private and family-office clients. Prior to JS Western he was a partner as LS Realty Group / LS Capital where he acquired over $100 million of retail shopping centers and distressed debt throughout the western US.. While at LS, he was also instrumental in sourcing and maintaining a variety of equity relationships ranging from HNW individuals and family offices. From 2004 to 2010, Mr. Tiano was one of the leading real estate investment brokers in Southern California and eventually co-founded Wilson Commercial Investment Sales Group (now the West Coast Retail Group of Jones Lang LaSalle). Mr. Tiano holds a Bachelor of Arts from UCLA in International Economics. As someone committed to both family and philanthropy Mr. Tiano is a proud husband and father of two, and has been involved as a “big brother” since 1998. Scott also dedicates much of his time to many local and regional not-for-profit organizations such as the the Jewish Federation, JBBBS, and Children’s Hospital of Los Angeles.
Acquisitions & Asset Management
Phil is responsible for evaluating and underwriting acquisition opportunities while helping to oversee the asset management of the firm’s current portfolio. Phil has executed transactions for either acquisition, disposition or the refinancing of real estate investments totaling $92 million in total capitalization. Prior to JS Western, Phil worked as a Development Associate at Federal Realty Investment Trust, a $10 billion publicly-traded REIT specializing in retail and mixed-use development. While at Federal Realty, Phil held a wide array of roles relating to asset management, development and financial analysis. Most notably, Phil underwrote the 2nd Phase of Assembly Row, a $2 billion, 64-acre mixed used development which, upon completion, will be comprised of over 500k sf of retail, 2M sf of office, 1,000 residential units, 150 condos and a hotel. Prior to Federal Realty, Phil worked at Cohen & Steers, an asset management firm with over $50 billion under management, raising capital for the firm’s publicly-traded real estate funds. Previous experience also includes several years in the financial services industry with Lord Abbett & Co. and UBS. Phil earned his Bachelor of Science degree in Finance from Villanova University.
Our focus is on internet-resistant, daily-needs retail in dynamic sub-markets of the major metropolitan areas we cover (San Diego, Denver, Portland, Seattle, Salt Lake City and Los Angeles).
PRICE: $5m - $25m
SIZE: 20,000 sf or more
- CA (San Diego, Los Angeles,
- CO (Denver MSA)
- OR (Portland)
- WA (Seattle)
- UT (Salt Lake City)
Sub-markets exhibiting a high concentration of medical and government service uses are of
- Neighborhood and community anchored centers
- Strip centers (un-anchored)
- Urban and mixed-use properties
- Retail boxes with value creation potential
- Creative office
- Portfolios and individual assets.
- Established locations with strong incomes and population growth.
- Markets with barriers to entry.
- Average household income in the upper percentile for the market.
- Necessity-based retail properties.
- Stabilized properties or properties in need of re-positioning, value enhancement or expansion.
IRR Target: 12% (leveraged)
Hold: 5-7 year
Our Core-Plus strategy seeks currently cash-flowing assets that have a component that allows us to create value, though at a lesser degree than our Value-Add assets. Examples of such components are below market rents, acquiring the asset off-market at some discount.
IRR Target: 15% (leveraged)
Hold: 3-5 year
Value-Added opportunities offering potential near-term revenue enhancements that could result from re-positioning the tenant mix, leasing vacancies, building expansion space for existing or new tenants and building out pads.
Leasing: JS Western has a family of quality leasing professionals in our target markets. We work closely with them to develop a strategy based on the distinct voids and needs of the surrounding community.
Acquisitions: Sourcing quality assets starts with the relationships that we have cultivated over numerous transactions and market cycles. We have developed a systematic approach to absorb the information quickly and apply our experience to maximize value. Our strengths lay in our ability to see value creation opportunities and in our understanding of how to “buy right”.
Property Management: We take great pride in the relationships we share with our property managers. The ability to wear multiple hats is critical to the successful operation of retail assets. We only work with teams that have a long history of managing assets in our markets and who have exemplified high integrity, a strong ability to communicate with both tenants and us as the Landlord, and the acumen to solve problems quickly and efficiently.
Asset Management: Rooted in retail fundamentals, our asset management strategy starts with the end in mind. Whether we create value quickly or through long-term appreciation, our exit strategy is top of mind with our focus honed in on the challenges and opportunities ahead. Always proactive, we consistently execute our plan.