Value Rock Retains Colliers' Property Management Division
Colliers International Property Management to Manage 21 Retail and Mixed-Use Properties Totaling 700,000 SF
Colliers International’s Property Management Division has been retained by Value Rock Realty Partners, one of the nation’s leading retail and mixed use real estate investment firms, to provide a full range of property management services for 21 retail and mixed-use properties throughout California, officials of both companies have confirmed. The properties total approximately 700,000 square feet.
Regionally based in Irvine, California, Colliers will be responsible for the management of a diverse list of properties that range in size from 9,000 to 108,000 square feet, including nine neighborhood shopping centers, a pair of restaurant properties, a single-use “Big Box” facility, several centers that are being renovated or are in major lease-up phases, and 10 branch banking facilities totaling 107,000 square feet that Value Rock leases to Bank of America.
Eight of the nine retail and mixed-use centers are located in Orange County with another located in San Jose. Specifically, the properties are located in Yorba Linda, Huntington Beach, Irvine, Lake Forest, Mission Viejo, and San Juan Capistrano, all of which were managed in-house prior to the agreement with Colliers. The bank branches are concentrated in Los Angeles County.
“This represents a significant portion of Value Rock’s investment portfolio in California and it underscores the benefits of outsourcing management services,” said Colliers’ David Rowley, managing director of Investor Services, who will oversee the assignment. “This new assignment will allow Value Rock the ability to leverage the Colliers platform in order to execute their strategy at the property level and allow Value Rock to concentrate fully on its core business of property investment without the distraction of managing so many different kinds and types of retail centers.
Among the property and asset management services Colliers will provide are accounting and related financial services; lease administration; project and construction management for tenant improvements and renovations; and general physical maintenance of the properties.