Steve Leonard is a partner of RPG and formed Pacifica Holding Company in the early 1980s to take advantage of commercial real estate cycles. Pacifica’s approach has been to assemble portfolios in undervalued markets, initially through acquisition of existing buildings and, as the cycles progressed, development with private and eventually institutional investors.
Following a successful cycle in Los Angeles in the 1980’s, Mr. Leonard and his investors established holdings in Colorado in the 1990’s that eventually constituted the largest private commercial portfolio in the state. By 1998, as market values began to peak, he sold the eight million square foot portfolio and management business for approximately $750 million. Subsequently, Leonard participated in the establishment of a second major Los Angeles portfolio of four million square feet. It was sold by 2004 for a total consideration of approximately $400 million. Also in 1998, Steve formed Pacifica Capital Investments, LLC (“PCI”). PCI is an SEC registered investment advisory firm which manages over 250 accounts and an investment partnership with combined assets of $350 million.
In 2011 as the Southern California real estate markets began to recover following the Great Recession, Leonard resumed actively investing in commercial real estate projects primarily in the San Diego area, but also in other areas of Southern California including Santa Barbara. Pacifica partnered with Adam Robionson and focused primarily on the industrial/office/showroom sectors.