SANTA MONICA, CA-The Watt Cos. has named Nadine Watt as the new president of the company, effective July 1, a move that reflects Santa Monica-based Watt's shift away from property management toward acquisitions and development, according to an announcement by the company. Watt, who previously was a vice president at the company, will succeed Jim Maginn in the president's post. Maginn, who joined the Watt Cos. in 1986 as chief financial officer and was named president and CEO in 1995, will now spearhead a newly created investment division in partnership with chief investment officer Dean Pentikis that will focus on acquiring retail and multifamily assets.
In its new strategic shift, the Watt Cos. will focus on "acquiring and developing real estate assets, and pursuing entrepreneurial joint ventures to diversify the company’s existing portfolio of investments," the company said in its announcement. Scott Watt, chairman of Watt Cos. commented: “The real estate market has changed dramatically over the past few years, and the best way to adapt to the new landscape is to shift our focus to investment, joint ventures and acquisition activities.” He added, “Watt Companies prides itself on being a family-run organization, and Nadine will do a wonderful job carrying out the vision of my father and her grandfather, Ray Watt.”
Nadine Watt "has played significant roles in nearly all facets of Watt’s operations for the past 12 years," the company noted. During her tenure at the company, she has helped develop more than 300 apartment units along with two shopping centers that are currently under her management. She has also overseen management and operations at Watt Plaza, a 920,000-square-foot, class-A office building in Century City. She was responsible for a multi-million dollar renovation program that transformed the property’s lobbies and common areas and was instrumental in securing the building’s Gold LEED certification in 2009. Nadine has also served as VP of Watt Genton Associates, where she identified and analyzed urban, mixed-use and multifamily development opportunities throughout the greater Southwest Region.
“My grandfather Ray Watt (founder of the company) taught me more than anyone can imagine,” she said. “I will work hard to protect his legacy and carry on the business with the same kind of vision and care he modeled during his seven-decade career.”
As part of the organization’s new strategic focus, Watt will consolidate all of its investment in homebuilding ventures under the leadership of Scott Watt and Howard Press, president of Watt Communities. Press has worked in the homebuilding industry for 27 years, 20 of which have been spent at Watt.
In addition, the leasing and property management activities traditionally performed in-house will be transferred to outside firms. The new firms, anticipated to be selected in the next 60 days, will help manage a diverse portfolio of 40 shopping centers as well as industrial buildings, apartments, and mobile home communities. Watt has leased over one million square feet of space and invested over $35 million of redevelopment capital in its portfolio since 2008, and intends to deploy another $20 million over the next two years.
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