Voit Named Asset Manager on $150M Distressed Sacramento Portfolio
- May 10, 2010
May 10, 2010
By Allison Landa, News Editor
In these still-stinging-from-recession days, distressed assets continue to provide a major buzzword in commercial real estate. As part of this trend, Voit Real Estate Services has been named asset manager on a $150 million, 12-asset portfolio in the greater Sacramento area.
The portfolio is mixed, containing retail and office as well as industrial and multifamily assets totaling 500,000 square feet. Those include a 339-unit Class A apartment community, a 150,000-square-foot retail community center, and retail strip centers.
“Our charter is clear,” Voit Executive Managing Director of Asset Services John Strockis said when announcing the news. “Create value back into the assets using our experience as real estate operators while minimizing risk to our client.”
A year and a half ago, Voit created a new real estate model by which multiple real estate services are offered in-house. The company said Monday that it is expanding those capabilities in Sacramento by opening a local full-service commercial real estate office there. The office will be Voit’s seventh in California and will be overseen by newly appointed Managing Director Kevin Sheehan.
Voit is headquartered in Newport Beach, Calif., and has offices in California, Arizona, and Nevada.