Medican Enterprises Inc. (OTC:MDCN) is pleased to announce that it has appointed a new, experienced CEO, Xavier Mitchell. The industry veteran looks to build a diverse portfolio of real estate assets initially focused on the Southern California Multi Family and Commercial sectors then expanding geographically.
Mr. Mitchell began his journey in Real Estate circa 1992 in San Bernardino County, California. At the time, the climate of the real estate market was stagnant and entering a stage of tumultuous decline. There was an abundance of abandoned and distressed properties due to the closure of Norton Air Force Base in 1994 resulting in a mass exodus that ensued for years. The Base served as an economic pillar to the community.
Mr. Mitchell was able make an instrumental impact on the community by developing hundreds of otherwise abandoned and decrepit homes. As a result of his efforts and contribution to the community, he was issued a key to the city of San Bernardino.
Before he was 30 years old, he founded his first investment firm named Blue Diamond Unlimited with an inventory of nearly 100 single and multifamily properties which eventually appreciated significantly. With this windfall, he opened Blue Diamond Realty, a full service Real Estate sales office. Afterwards, he founded Misster Mortgage in Stockton, California which became one of the largest mortgage brokers in the area. He then started Immediate Properties LLC in 2014 with operations in Georgia, California, and Arizona with multiple holdings ranging from land to multi family residences.
Mr. Mitchell’s competitive advantage rests in his never ending need to educate prospective investors by, not only assisting in their acquisitions, but by significantly curtailing their exposure by purchasing assets with limited to no downside.
With respect to Immediate Properties, he plans to continue adding to this narrative of creating value with limited exposure by continually seeking value in other areas and sectors. He possesses an in-depth knowledge and understanding of the 3D printing industry. With the tremendous rise of lumber costs due to COVID-19, the industry could easily shift to 3D concrete printing as an alternative for residential and commercial projects. This will remain Immediate Properties’ focus outside of real estate as it looks to acquire synergistic assets/companies in the space. In addition, his interest and discussions with key officials has been very productive especially on the subject of affordable housing.
Updates will be forthcoming
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This press release contains forward -looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and jut uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medican Enterprises, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Medican Enterprises, Inc. undertakes no obligation to publicly update any forward -looking statement as a result of new information, future events or otherwise.
About Immediate Properties
Immediate Properties specializes in residential and commercial real estate investment and development. The Company's success has worked to form lasting, concrete relationships with top equity suppliers, such as individual, commercial and institutional sources. These relationships enable Immediate Properties to provide beyond typical market approaches to finding and acquiring income-producing projects.
The Company specializes in value-add investment and development in “A” locations in urban infill areas. It has expertise in multifamily, retail, office, mixed-use, adaptive re-use of industrial buildings and historic renovations. Immediate’s current investment portfolio includes properties across Northern and Southern California, Atlanta, and Nevada. The Company is actively investing in California and other select metro areas where we believe relatively high cap rates are not justified due to strong fundamentals.
6320 Canoga Ave #1564
Woodland Hills, Ca 91367
818 835 0558