Joint Venture Firm Formed to Develop Shopping Centers

Benequity Properties, 3700 Wilshire Blvd., and Metropolitan Real Estate Group of San Francisco, have established Benwest Venture, a new joint venture to develop shopping centers on a national scale. Benwest is now evaluating retail projects ranging from 50,000 to 500,000 square feet in several western states.

Benwest’s management includes Joseph N. Mitchell, chairman, and Jonathan E. Mitchell, president of EDM Equities Inc., the managing general partner of Benequity. Metropolitan’s management is represented by by George Foos, formerly president of the May Co. of California. He is joined by David G. Nasaw, founder of Metropolitan Properties Ltd.

Benequity is involved with six different venture partners representing properties in California, Texas, Alaska and Missouri. Benequity also owns, develops and manages real estate in those states and Oregon.