Nadine Watt Takes Helm as Firm Shifts Strategy

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.”