SACRAMENTO-GlobeSt.com exclusively learned that Voit Real Estate Services has been named asset manager on a 12-asset distressed commercial real estate portfolio in the greater Sacramento area, according to Robert Voit, CEO of Voit Real Estate Services. The portfolio has a notional value of $150 million.
The assets total 500,000 square feet of retail, office, industrial and multifamily assets, including a 339-unit class-A apartment community, a 150,000-square-foot retail community center, a retail strip center, and several office and industrial properties.
An unidentified source not involved in the deal tells GlobeSt.com that Voit’s client is Wells Fargo, however Voit would not confirm, however they did tell GlobeSt.com that the client "is a national bank."
The assignment as asset manager is to create value back into the assets, while minimizing risk to the client, says John Strockis, Voit’s executive managing director of asset services, who points out that, "Distressed properties are distressed for a reason."
Strockis continues that Voit’s new real estate model—which the company created 18 months ago—"offers multiple real estate services in-house to oversee the complex assignments required by this portfolio."
The "new model" that Strockis refers to was created in March of 2009, as GlobeSt.com reported, when Voit launched a refocus on asset services tailored to the new realities of the commercial real estate market. At the time, Voit told GlobeSt.com that "At certain points in the market, such as the current conditions, as well as the period of 1989 to 1995, Voit’s emphasis is on third-party institutional clients. What the company is doing now constitutes a re-emphasis on providing asset services to third-party institutional clients."
The new assignment proves that the new platform is on target with precisely what financial institutions are seeking in this cycle, according to the company’s CEO, in a prepared statement. In addition, the company has a Sacramento office ready to handle everything under one roof—including services like construction, asset management, property management, administration. The company also recently hired Kevin Sheehan as managing director to oversee all aspects of its operations in the Greater Sacramento market, as GlobeSt.com previously reported.
"Voit is committed to this community, and to turning around this portfolio to ensure that the properties are well maintained," Strockis notes. "The Voit team is intent on creating a professional environment for the operations and management of the assets, as well as creating the best scenario for the successful operation, maintenance, and lease-up of the properties to make them appealing and marketable to strong buyers."
The company works throughout the Western US and has been in the greater Sacramento market for nearly four decades. It has developed and managed numerous offices, retail and industrial facilities in the greater Sacramento area. In addition, Voit’s construction services arm, Valley Commercial Contractors, has had offices in the market continuously since 1977.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
