This large-scale assignment underscores the efficacy of RiverRock’s approach - delivering value creation, strategic consult and a higher degree of service" - John Combs, Founder, RiverRock Real Estate Group
Newport Beach, CA (PRWEB) November 30, 2011
RiverRock Real Estate Group, a West Coast-based commercial real estate management and leasing firm, today announced that it has been selected by Red Mountain Retail Group to provide property management services to approximately three million square feet of commercial real estate holdings. The new assignment spans retail properties in California and Arizona and brings RiverRock’s property management portfolio to nearly 20 million square feet under management.
“We are honored that Red Mountain Retail Group has selected the RiverRock team to provide property management services for its retail portfolio,” said John Combs, founder and principal, RiverRock Real Estate Group. “This large-scale assignment underscores the efficacy of RiverRock’s approach - delivering value creation, strategic consult and a higher degree of service – all within our economically and operationally attractive solution for institutional owners.”
Red Mountain Retail Group, a full-service real estate asset management and development firm based in Santa Ana, appointed RiverRock to manage its extensive portfolio of retail properties – comprising approximately three million square feet of neighborhood and regional shopping centers - in Greater Phoenix, Southern and Northern California.
“After we explored internalizing the management function, and reviewed other outsourcing solutions, we selected RiverRock to represent our property management interests,” says Lori Gast, senior vice president of operations, Red Mountain Retail Group. “The combination of RiverRock’s expertise, proven track record of success, and cooperative partnership approach made them the natural choice to manage our retail assets.”
Bringing more than two decades of retail property management experience to RiverRock, Stacey Monroe will serve as Portfolio Manager for the Red Mountain account. Monroe will be based out of RiverRock’s Newport Beach headquarters, manage on-the-ground teams in Newport Beach, Sacramento and Phoenix, and report to the firm’s COO, Steve Core.
“RiverRock will build on Red Mountain’s strong positive relationships with tenants, while enhancing the properties via cost-effective improvements delivered by our superior vendor network,” says Monroe. “We anticipate creating value for Red Mountain in the form of rent appreciation.”
In addition to significantly increasing RiverRock’s portfolio under management, the Red Mountain account win illustrates RiverRock Real Estate Group’s continued expansion throughout California and Arizona, where the company services all product types from high-rise office towers to industrial parks to retail centers.
RiverRock Real Estate Group, Inc. is a West Coast-based commercial real estate management and leasing firm specializing in commercial, industrial and retail management. Headquartered in Newport Beach, Calif., RiverRock’s California office locations include Laguna Hills, Los Angeles, Long Beach, San Diego, San Francisco, Santa Ana, Santa Clara, Walnut Creek, Woodland Hills and Phoenix, Arizona. The firm manages a West Coast portfolio totaling in excess of 20 million square feet of space.
RiverRock Real Estate Group was founded in August 2003 by John Combs, a leading figure in the property management industry in California and nationally as the former head of Insignia ESG's property services division. RiverRock Real Estate Group established a breakthrough property management model based on innovative, client-focused standards for operational efficiency, customer service, fee structure, outsourcing, personnel and training that increases the ability of building managers to positively impact the value of a real estate asset. The branded service platform includes a Northern California joint venture operating as Cornish & Carey RiverRock.
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