Colliers SVP and managing partner Michael Strle tells GlobeSt.com the Bay Area portfolio consists of 95 office, flex, and industrial buildings housing 550 tenants. Vacancy in the portfolio is about 5%.
"It's a very management intensive portfolio," Strle says. "It's an important assignment for us as a firm and for Walton Street s an investment. It's gone quite smoothly so far."
Colliers already had the leasing for about 70% of the properties from Rreef, which is overseeing the properties during their transition from CalWest to Walton Street. Colliers has been adding staff over the past five weeks to prepare for the assignment.
The Walnut Creek office of Colliers International won the property management assignment. Brokers from the San Jose, Fairfield, Pleasanton, Oakland and Walnut Creek Colliers International offices will handle the leasing responsibilities.
Scott Kirkpatrick, senior director of Property Management Operations, will oversee a seven-member team that includes senior portfolio manager Amy Callaghan managing the North Bay assets, senior portfolio manager Steven LaBlanc managing the South Bay assets and Jeffery Ong managing the Hayward assets.
Among other things, the team will identify and repair deferred maintenance attached to the properties and will offer energy reduction strategies in an effort to address green and sustainability options. Additionally, the team will have onsite property managers providing leasing services for the smaller tenants in addition to day-to-day operational duties.
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