The SVP title is in acknowledgement of production achievements, says managing director Robert Dean. For the past three years, Hester has completed a minimum of a quarter of million dollars worth of transactions each year.
Hester broke into commercial real estate when he went to work for Marcus & Millichap. "My family has always been in commercial real estate in Los Angeles," says Hester. "So, I was familiar with it."
For the past decade, the Sacramento resident has worked for Grubb & Ellis as an investment specialist with expertise in the sale of multifamily properties. To date, he has handled more than 150 transactions valued in excess of $200 million. Last week, Hester closed a deal on a 96-unit complex in Orangevale for $5 million, and a 110-unit complex in Sacramento for roughly $4 million.
"The apartment market is very good right now," says Hester. "We've seen rents go up faster than they have over the past 20 years, at about 10% each year. The values have also increased about 15 to 20%. There is simply a shortage of product and too many buyers."
In addition to Hester, three other Grubb & Ellis executives have been promoted and another has been recruited:
--Bob King, who joined Grubb & Ellis in 1995, will assume the role of vice president. Previously, the senior advisor focused on the acquisition and deposition of retail and office properties at the local, regional and national level.
--Bill Liggett, an investment broker with the company since 1985, has been promoted from advisor to senior advisor. Liggett has spearheaded the sale and purchase of investment commercial real estate properties totaling more than 3 millions with a value of more than $378 million.
--Tom Bacci, an office specialist with Grubb & Ellis since 1990, has been promoted from advisor to senior advisor, where he will concentrate on the sale and lease of office properties at the local, regional and national level.
--Jose McNeill is the new director of Grubb & Ellis' Industrial Services Group, where he will be responsible for advising clients and business development of the Sacramento region's industrial property base. Prior to joining the company, McNeill was a vice president with Summit Commercial. There, he was responsible for the acquisition, development, construction and sales of land and buildings.
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