NEWPORT BEACH, Calif., May 10, 2010 /PRNewswire via COMTEX/ -- Proving that its new platform is on target with precisely what financial institutions are seeking in this cycle, Voit Real Estate Services has been named asset manager on a twelve-asset distressed commercial real estate portfolio in the greater Sacramento, California area, according to Robert D. Voit, CEO of Voit Real Estate Services. The portfolio has a notional value of $150 million.
The twelve assets total 500,000 square feet of retail, office, industrial and multifamily assets, which includes a 339-unit Class A apartment community, a 150,000 square-foot retail community center, retail strip centers, and several office and industrial properties.
"Distressed properties are distressed for a reason," explained John Strockis, Voit's Executive Managing Director of Asset Services. "Our charter is clear; create value back into the assets using our experience as real estate operators while minimizing risk to our client. Voit's new real estate model, which we created 18 months ago, offers multiple real estate services in-house to oversee the complex assignments required by this portfolio." Voit works throughout the Western United States and has worked in the greater Sacramento market for nearly four decades. Voit 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.
Voit also announced that its operations are expanding in the Greater Sacramento market with the opening of a new full-service commercial real estate office which will be overseen by Kevin Sheehan, the newly appointed Managing Director.
"Voit is committed to this community, and to turning around this portfolio to ensure that the properties are well maintained," Strockis noted. "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." Voit Real Estate Services offers its clients a one-stop, full-service commercial real estate services platform that supports managers and advisors that control distressed notes and assets.
With decades of experience serving clients in the Western United States, Voit offers Receivership, Property and Association Management, Asset Management, Construction and Development Services, Asset Business Plans, Accounting and Reporting, Property Condition Assessments, Brokerage leasing and sales, and Market Research scaled to meet each client's customized needs. Voit Real Estate Services is headquartered in Newport Beach, Calif. Founded by Robert D. Voit, the firm has offices throughout California, as well as in Arizona and Nevada.
Further information is available at www.voitco.com.
Monica Seely/Judith Brower
Brower, Miller & Cole
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