When he sold his Southern California brokerage business to Coldwell Banker at the turn of the century for more than $100 million, Fred Sands Realtors and its affiliated companies employed 4,000 and was generating $9.4 billion in sales per year.
Now, the Los Angeles Times reports, Fred Sands’ Vintage Real Estate is buying up shopping centers around the country — 1 million square feet in the last 12 months — and he’s also the head of a private investment fund, Vintage Capital Group.
“If you fix up a house, it adds value,” Sands tells the Times. “It’s the same way with shopping centers. A remodel improves its looks, and if you have the right contacts, you can get the right tenants and get a better cash flow.” Source: latimes.com