(Carl Cronan is editor of Real EstateFlorida.)
NAPLES, FL-Westmount Realty Capital LLC, a commercial real estate investment and development firm based in Dallas, has established its first office in the Southeast. Keith Jennings, a 25-year development executive in Southwest Florida, will lead the new office here as Southeast region managing director.
Jennings has served for the last seven years as a partner and senior vice president with Pelican Bay Development in Bonita Springs, with responsibilities including acquisitions, entitlement and finance. He says the transition from developer to buyer and holder of commercial real estate has been fairly smooth.
"It's a fairly big change, but it involves a lot of the precepts from the deals side of the business," Jennings tells GlobeSt.com about his new role with Westmount. He says he will concentrate on seeking value-add opportunities throughout the Southeast, particularly in industrial/flex, office and retail properties.
Cliff Booth, Westmount president, says his privately held firm has been active in the Southeast region over the last several years and looks to heighten its participation through the opening of the Naples office. "We're entering a new market area with a proven winner leading the way," Booth said in announcing Jennings' hiring.
Westmount is involved in investment, development and lending in all commercial real estate sectors, seeking properties based on future trends and unrealized value potential. Earlier this year, it introduced its Westmount Structured Finance affiliate to offer financing options to commercial investors nationwide.
Jennings notes that it was good timing for himself and Westmount that it wanted to place its regional office in Naples. "It's a new venture for both of us," he says.
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