Primestor Development taps industry veteran as COO

Los Angeles-based real estate development and investment firm Primestor Development has named its new chief operating officer.

Allison Lynch, former president of Watt Properties, brings more than 25 years of real estate experience to Primestor. As president, Lynch led all aspects of operations and performance, providing asset and property management for a portfolio of 50 properties including retail, office, industrial, and multifamily real estate.

Lynch also served as VP of asset management for CNA Enterprises, a real estate investment and advisory firm operating more than 6 million sq. ft. of commercial real estate assets across the country. Additionally, she has held various leadership positions for real estate companies such as Burnham Pacific, CBRE, MBK Northwest, and Terranomics Retail Services.

“After managing the dual roles of president and COO for the past 30 years, now is the opportune time to focus my efforts on the role of company president and welcome a new leader who shares our vision and has the expertise to help us capitalize on our growth strategy,” said Leandro Tyberg, co-founder and president of Primestor. “Allison is a proven leader both corporately and within our industry, and we couldn’t be more excited to have her on our leadership team.”

Founded in 1991, Primestor has invested more than $1 billion to date in urban, mixed-use real estate, predominantly in the Western United States. The firm currently has 10 active open-air properties, with all but two (in Phoenix and Las Vegas) located in California.

Most recently, Primestor acquired the Esplanade Shopping Center, a 357,000-sq.-ft. grocery-anchored center in the coastal city of Oxnard, Calif., located between Santa Barbara and Los Angeles.

“Primestor’s commitment to driving economic growth through community-centric development resonates with my values, as I firmly believe in the power of responsible development to uplift neighborhoods and create lasting positive impact,” said Lynch. “Their track record of success and dedication to social responsibility sets them apart as an industry leader with a heart. I am proud to be a part of such an impactful mission.”