Norfolk, VA (PRWEB) September 11, 2011
For more information, please contact:
Sid Bridge, Manager of Corporate Communications
Harbor Group International, LLC
Harbor Group Management Co. Takes Over Property Management Business of Great Atlantic.
Harbor Group International (“HGI”) announced today that its management company, Harbor Group Management Co. (“HGMC”), will be taking over the property management business of Great Atlantic Management. Great Atlantic’s portfolio of 21 properties includes 3,880 apartment units and 116,224 square feet of commercial space. Great Atlantic’s portfolio includes properties in Hampton Roads, Williamsburg and Richmond.
Earlier this year in a real estate acquisition, HGI acquired 2,508 apartment units from affiliates of Great Atlantic for $165.9 million. In this transaction, HGI is assuming the property management rights for the balance of the properties currently being managed by Great Atlantic but is not acquiring any real estate.
HGMC and Great Atlantic plan to transition the management of the properties by the end of September.
“Harbor Group has built a reputation as a high quality, institutional property manager with the capacity to absorb and effectively manage large portfolios,” said Robert S. Friedman, President of Harbor Group Management Co. “We focus on creating value and positioning assets in a manner consistent with each owner’s strategic objectives.”
Friedman further added, “We’re looking forward to putting our leadership to work at these properties. We will work with Great Atlantic’s current staff to implement our proven methodology and leverage our economies of scale in the Hampton Roads market. With a large and efficient infrastructure in place, the Great Atlantic portfolio is a very good opportunity for us.”
Aubrey Layne, President of Great Atlantic Management, commented “We have sold 21 of our assets during the course of the year, including the eight we sold to HGI. With a smaller portfolio, it made sense to exit the property management business. During the process of working with HGI on the sale of various assets to them, it became clear that they were the best choice to manage and operate the assets, particularly given their expertise in the Hampton Roads and surrounding markets. We are looking forward to a smooth and effective transition.”
Harbor Group Management Co., headquartered in Norfolk, VA, also has regional offices in Atlanta, Chicago, Dallas, Fort Lauderdale and Houston. The company manages more than 11 million square feet of commercial space and approximately 25,000 apartment units. For additional information, please visit http://www.harborgroupint.com.