(Carl Cronan is editor of Real EstateFlorida.)
ORLANDO, FL-Lutz Real Estate Investments aims to expand both its acquisition and advisory services capacities within Florida and the Southeast. The Michigan-based firm has named John L. Builder III to the position of senior vice president at its new local office.
Builder, who is originally from Orlando, previously served as senior director of North American equity investments for GE Commercial Finance in Atlanta, where he handled more than $1 billion in joint-venture acquisitions, and as a director for Prudential Real Estate Investors. The Vanderbilt University graduate says joining Lutz allows him to help the firm build its business throughout the region.
"We see an opportunity in this market, with the current lack of liquidity, to find property owners with refinance exposure as well as institutional investors who want to divest some of their equity positions in the market," Builder tells GlobeSt.com. "We're looking at distressed capital instead of distressed real estate."
Farmington Hills, MI-based Lutz Real Estate Investments has acquired several commercial properties throughout the Southeast over the last three years, including Tri County Business Park near Tampa, 100 Bay Central in St. Petersburg and Northridge Business Park in Atlanta. The second-generation company has bought, developed or financed at least $5 billion worth of commercial real estate, concentrating on value-add opportunities.
Adam Lutz, the firm's managing principal, says bringing Builder on board gives it a solid presence in both its principal investment and advisory service capacities. "John is a first-class person, extremely knowledgeable and well respected in the industry," Lutz tells GlobeSt.com.
Builder says Lutz Real Estate will be able to react more quickly to property investment opportunities than larger national firms, as well as complete deals for smaller opportunities that the bigger players are likely to bypass. He adds that the firm will likely establish a separate group for advisory services.
In a related note, Lutz Real Estate has promoted Tony Landa from vice president to senior VP at its Farmington Hills headquarters. Landa has been with the company since 2004 and previously worked with Builder at PREI.
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