Sacramento, CA, September 7, 2017 – ProEquity Asset Management Corporation announces new assignments of 1,320,000 square feet in the first half of 2017. This total includes 583,000 square feet of office product and 737,000 square feet of retail. The assignments’ locations span California, Arizona, Minnesota, Colorado, Texas and Washington and continue to grow, adding nearly 800,000 square feet under management in the third quarter.
“We are in a period rapid expansion,” says Brett Birkeland, Managing Director, ProEquity. “People are looking for a way to realize risk-adjusted returns, capitalize on a period of strong tenant demand and leverage out-of-the box strategic thinking. Our business model is meeting that demand.”
One of the larger portfolio management assignments for the first two quarters includes a receivership assignment of office properties in Colorado with LNR Partners and Private Portfolio Group (PPG) totaling 279,000 square feet. The addition of PPG to ProEquity’s roster of clients is the first entrance into the Colorado market for the firm.
“We seek to create significant value for our clients and their assets by focusing not only on near term property needs, but also by leveraging the depth of experience, our local partners and market insight,” notes Brett. “We’re looking at not just near-term cosmetic issues for an asset, but rather a much more long-term strategic vision that resonates with the market.”
ProEquity’s footprint of growth comes in conjunction with notable personnel expansions. In addition to the hiring of Brett Birkeland, based centrally in Austin, Texas, as Managing Director in May 2017, the firm has grown forty-six percent since the close of 2016, going from 13 to 19 full-time employees. As a full-service commercial real estate company, ProEquity offers not only asset and property management, but also services across the commercial real estate spectrum including: construction management, investment management, receivership, and leasing and sales advisory.
Yuba City, CA, September 7, 2017 – ProEquity Asset Management announces today the successful, repositioning of 73,000 square feet of retail at the former Gottschalks space at Yuba Sutter Mall in Yuba City, California. Construction for the space began in mid-August and tenants are slated to open by the end of 2017.
The three new national retailers for 905 Colusa Avenue will include Smart & Final Grocery, Planet Fitness and Rockin’ Jump Trampoline Park. ProEquity Realty Partners (PRP), an affiliate of ProEquity Asset Management, purchased the asset from Forever 21 in May 2016 and will continue to manage the property and oversee construction.
“Since the purchase last spring, our biggest priority was to find the right mix of retailers to meet the community of Yuba City’s growing needs. This collection of tenants provides an e-commerce resistant rent roll in line with the direction major retail is heading,” states Michael Turner, CEO and Managing Director, ProEquity Asset Management. “Smart & Final, Planet Fitness and Rockin’ Jump will serve as regular destinations for the residents of Yuba City, and each has signed long-term commitments, emphasizing their dedication and commitment to the community. This project underscores our ability to acquire and execute an aggressive leasing strategy to restructure and revitalize investments, and we are actively looking to do more of this type of investing in the future.”
For more information about 905 Colusa Avenue or ProEquity Asset Management, visit www.proequityam.com.
About ProEquity Asset Management Corporation
ProEquity Asset Management is a full-service commercial real estate services company providing comprehensive solutions for real estate occupiers, owners and investors throughout the Western, Southwestern and Midwestern United States.
The firm leverages 100+ years of combined experience to deliver a broad range of integrated services including asset management, property management, receivership, leasing, advisory, development and construction management services. The goal being to provide a superior road map and resources that will allow clients to best understand market dynamics and proactively position their assets for exceptional results in a competitive marketplace and to execute the client strategy while constantly reassessing strategic positioning and mitigating risk.
ProEquity is recognized as a leading provider to some of the nation’s largest commercial real estate institutional owners, servicers, law firms, and private owners, and one of the fastest growing and successful commercial real estate services firms in the nation.
The 28th annual Chain Store Age survey of Fastest-Growing Managers tallied square footage and ranked the top companies with new domestic and international third-party management and leasing contracts obtained during the 2016 calendar year. ProEquity Asset Management ranked sixth with 1.8 million sq. ft. of new contracts in 2016.
“ProEquity was a child of the recession,” Michael H. Turner, CEO of the El Dorado Hills, Calif.-based company. “We have a great program that takes over the projects, runs them, and sells them.”
“I anticipate that 2017 will be a fantastic year,” Turner said. “We’re already ahead of last year.”
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SACRAMENTO, Calif. – National math learning center, Mathnasium, signed a lease with plans to open a new franchise location in Sacramento’s Arden Arcade in early 2017. The new store, a 1,400 SF retail space located at 3333 Arden Way, will be one of several Mathnasium centers in the region that is owned and operated by franchisee Jeff Pudewell / Y Corporation.
The tenant was represented in the transaction by Tom Conwell of Newmark Cornish & Carey. The landlord, United Growth Capital Management Corporation, was represented by Gretchen Tobin and Keith Mellor of ProEquity Real Estate Services, a division of ProEquity Asset Management Corporation.
ProEquity Asset Management Corporation is a fully integrated commercial real estate service company providing a full-service range of solutions, with offices in California, Utah and Arizona.
EL DORADO HILLS, Calif. – Cameron Park-based luxury home décor store, Bella Home Décor will be opening a second store in El Dorado Hills in early October, 2016. The new store in the upscale La Borgata at Serrano center will occupy 2,427 square feet of retail space, next to Flightz Wine Pub.
“I have always loved home décor and once dreamed of opening my own business. Well, it’s a dream come true. I am opening my second store in October and I am so excited,” says owner, Mary Veenhuis. Bella Home Décor offers vintage handmade and hand-painted furniture, luxury bedding and accessories including Bella Notte linens and unique clothing and gifts.
The tenant was represented in the transaction by Gretchen Tobin of ProEquity Real Estate Services, a division of ProEquity Asset Management Corporation. ProEquity Real Estate Services procured several other leases at La Borgata in recent months including Le Grandeur Aesthetics & Anti-Aging and Flightz Wine Pub. The property was purchased in August by Ethan Conrad Properties.
ProEquity Asset Management is a fully integrated commercial real estate service company providing a full service range of solutions, with offices in California, Utah and Arizona.