Firm History
At its inception, JL focused on the acquisition of distressed Alaska real estate assets. Alaska at that time was suffering through a deep economic shock, and many real estate assets were under extreme economic pressure. Alaska has also historically been characterized by the limited pool and availability of private equity. In that environment, JL forged alliances with non-traditional sources of capital, including many Alaska Native Corporations. JL also focused on real estate assets with unique legal or operational impediments. Many of these acquisitions remain in the JL portfolio, and we continue to enjoy and expand our relationship with our early partners.
Today, JL finds itself as the largest and most active real estate development and management firm in Alaska. JL continues to look for acquisition opportunities, particularly those with unique challenges. While the bulk of JL's portfolio is in Anchorage, JL recently expanded its acquisition strategies into Salt Lake City, Utah and New Mexico, where we have participated in eight opportunities where distressed assets were successfully repositioned.
Over the past 8 years JL has, together with affiliates, successfully undertaken new project development. JL-affiliates typically own the real estate assets, which JL develops. During that period, JL developments have involved over $700 million in construction activity. JL has developed 8 office buildings, totaling over 1,000,000 sq. ft. of Class A office space. In addition, JL has developed over 1200 military housing units and a 100,000 square foot high-tech industrial plant in Utah.
We approach development opportunities with a unique blend of entrepreneurial risk and conservativism. We are aggressive in identifying and creating development opportunities; we do not begin construction, however, until much of the development risk is resolved. In almost all instances, we work with a team of design and construct firms, lead by our principal general contractor, Davis Constructors and Engineers. Each member of our team an Alaskan Leader in their respective disciplines. And, our projects are typically fully leased before construction begins, in several instances to governmental entities in response to public procurements.