SEATTLE-Locally based Unico Properties LLC, a real estate investment and operating company, and Portland, OR-based ScanlanKemperBard Cos. LLC have revealed a joint venture partnership in which Unico will provide property management services for the majority of SKB’s 7-million-square-foot portfolio of commercial office, industrial, and retail properties in eight western US markets.
SKB will continue to provide asset management and investor relations for the portfolio. As part of the joint venture, SKB will contribute its accounting staff, accounting systems and reporting infrastructure. The partnership allows SKB to consolidate the majority of its property management services with one firm, creating a more efficient operating platform, according to a prepared statement.
The partnership will take effect on Oct. 1, 2010, capitalizing on the strengths of both firms and providing economies of scale and efficiencies for both companies, according to the prepared statement. Unico will manage all day-to-day property management responsibilities for the majority of SKB’s portfolio in Washington, Oregon, Arizona, California, Colorado, Hawaii and Utah. Within this portfolio, Unico will expand into new markets: Southern California, Phoenix, Salt Lake City and Honolulu.
As part of the partnership, Unico will contribute property management staff and its operating platform. With the addition of SKB properties, Unico now owns and/or manages 16 million square feet of properties in the western US.
“This partnership brings together two reputable firms, creating a win-win opportunity for both Unico and SKB,” says John Lamb, Unico Properties’ CFO and senior vice president of property management. “This is an exciting management opportunity for Unico which extends our reach geographically into four new markets, while expanding our breadth in those markets where Unico already has an established presence.”
Lamb tells GlobeSt.com that there are a total of 36 properties in SKB’s portfolio that Unico will be managing. In the “four new markets” that Lamb referred to, he says that the following properties represent the major property in each new market, but don’t reflect all of the properties there. In Phoenix, Unico will manage Lakeside Center, a 152,600-square-foot office property. In Tustin, CA, the company will manage the 300,602-square-foot Tustin Business Park. In Honolulu, it will manage Pacific Park Plaza, a 254,639-square-foot office. And in Salt Lake City, Unico will manage Trolley Square, a 319,134-square-foot retail center.
As a result of this new venture, Unico is not only expanding geographically, but is also growing in terms of staff. The company is hiring approximately 40 new employees across the SKB portfolio and is promoting numerous Unico employees within Unico’s existing markets.
Lamb tells GlobeSt.com that the majority of the employees are being hired Oct. 1, 2010 and they will be located on-site at all of the properties as property management staff. “We have nine property offices,” he says. “Plus, we’ll have a few employees located in Seattle at Unico’s corporate office as well.”
Lamb continues that “Our team is energized by the growth and employment opportunities created by this partnership. We’re pleased to welcome new talent into our company and to challenge our existing staff with new responsibilities.”
He adds that “Increasing our management portfolio is exciting for our team, especially in a down economy. And, we’re eager to partner with other companies who are interested in elevating the performance of their property management functions.”
Lamb explains that the percentages of each type of property within SKB’s portfolio that it will be managing are: 17% industrial; 25% mixed-use of office and retail; 6% of medical office buildings, which are transitioning to Unico on Jan. 1, 2011; 33% office; and 19% retail.
“The commercial markets are going to rebound,” says Bob Scanlan, chairman and CEO of SKB. “This partnership will strengthen our ability to capitalize on future investment opportunities and secure long-term growth for both companies. It positions us to take advantage of the commercial real estate market recovery ahead.”
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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.
