Q&A with Kevin Hayes of Pendulum Property Partners
- Aug 02, 2016
Irvine, Calif.—Pendulum Property Partners is one of the newest additions to the West Coast real estate industry. The company was founded by Kevin Hayes, a former top executive with 15 years of experience under his belt, who put together a team of senior-level professionals ready to take on the business. Hayes, managing partner at Pendulum, spoke with Commercial Property Executive about the company’s short and long term goals, and the challenges he could face along the way.
CPE: What led to your decision to start Pendulum Property Partners? How did the idea come about?
Kevin Hayes: It has been a goal of mine since the day I started in the real estate business 15 years ago. I’ve worked to obtain as much knowledge and experience as possible, in multiple facets of the business, with that end in mind. Over the past couple of years, it began to feel like it was a real possibility to start from scratch and that the knowledge I had yet to acquire would need to be learned on the job.
CPE: What are the short term objectives for Pendulum? What about the long term goals?
Hayes: Over the next 12 months we are focusing on one to three quality acquisitions in Southern California, totaling more than $100 million. Mid- to long-term, we want to build a best-in-class West Coast-based owner/operator platform with additional offices in Los Angeles, San Francisco and San Diego.
CPE: Which do you think will be the biggest challenge for a new company such as Pendulum, operating on the West Coast market?
Hayes: There are so many talented large firms with incredible resources. Every deal is always competitive.
CPE: What are the strengths of Pendulum? Are there any unique strong points?
Hayes: Our team is comprised of senior level talent that is deeply experienced in various roles. The knowledge and capabilities of our team is a huge strength. We can also be singularly focused on an acquisition with this talent. By simply not having a lot of other acquisitions in process, we have the ability to zero in on an opportunity. We will leverage our incredible capital relationships and our ability and drive to work long hours to win.
CPE: What can you tell us about Pendulum’s development pipeline? Are there any projects underway?
Hayes: We are focused on a new ground-up retail project that we can share some news about in the coming weeks.
CPE: How would you describe the real estate market in California in terms of trends and challenges?
Hayes: California is a trendsetter. The local tech world has transformed how we use office space. Our retailers are constantly innovating to better the experience for the consumer. It’s a great place to live and work, despite regulatory challenges.
CPE: Do you think the current situation in the U.S. real estate market is encouraging for new companies? Are professionals in the industry encouraged to start their own businesses?
Hayes: There is never a time when venturing out on your own feels easy or comfortable. Brian Walker, my partner, gave me a magnet for our refrigerator that states “Life begins at the end of your comfort zone.” If you wholeheartedly believe you have the skills and work ethic to make it, you probably do. I guess we will find out if our assessment of our capabilities and the market was well founded.
Pendulum Property Partners is a fully integrated real estate firm that owns, operates, develops and manages commercial and multifamily assets. Based in Irvine, Calif., the company’s services include acquisitions and dispositions, asset management, property management, and development.