-Advertisement-

Portfolio Growth for OC Property Managers

Industrial development and acquisitions resulted in year-over-year portfolio growth for Orange Countyโ€™s top commercial property managers.

OCโ€™s largest property managers boosted their local rentable footprint to 188 million square feet, up from 186 million square feet a year ago, according to this weekโ€™s Businessโ€ˆJournal list.

This yearโ€™s list includes a mix of owner-operator property managers, such as Newport Beach-based developer Irvine Co., third-party property managers, such as CBRE Group Inc., and hybrid firms that look after their own and other companiesโ€™ assets.

The company that saw the largest growth in its portfolio is Dallas-based Lincoln Property Co., No. 5 on this yearโ€™s list.

The company greatly boosted its local footprint when it acquired Irvine-based property and asset management firm RiverRock Real Estate Group Inc. last July. RiverRock was No. 6 in the 2023 edition of the property managers list, with about 10 million square feet of local properties managed.

The total square footage run by Lincolnโ€™s Newport Beach office now tops 13.7 million.

โ€œTogether, weโ€™ve become a much bigger force,โ€ added RiverRock founder and Lincoln Executive VP John Combs, noting that each firmโ€™s markets, clientele and service lines are complementary to each other.

On top of the RiverRock merger, Lincolnโ€”a hybrid property managerโ€”added about 700,000 square feet organically, according to Lincoln OC Executive VP Parke Miller.

The RiverRock deal is the first of many acquisitions on the horizon for Lincoln.

โ€œWeโ€™re looking to merge with more firms in our space to expand our service offerings,โ€ Miller told the Business Journal.

National Draw

Other large firms that saw portfolio growth over the past year were third-party property manager CBRE, ranked No. 3, and Transwestern Real Estate Services, which is No. 4 on
the list.

Dallas-based CBRE increased its local portfolio 6.9% to 17.2 million square feet.

Transwestern Real Estate in Houston, which predominantly operates as a third-party property manager, upped its OC portfolio 9.7% to 14.1 million square feet.

โ€œA number of self-managed clients are outsourcing and want to work with bigger firms,โ€ Combs said. โ€œNational owners want to go with national firms.โ€

Some property owners, however, are going against the grain and taking back their real estate from property managers.

Seattle-based Kidder Mathews, a third-party property manager ranked No. 16 on this yearโ€™s list, lost business when one of its clients opted to manage their own assets.

As a result, the firmโ€™s companywide portfolio, which spans across the West Coast, slipped 8.8% to 51 million square feet.

The company was one of few property managers that saw national portfolio shrinkage despite increased local footprint.

Kidder Mathewโ€™s rentable square footage in OC jumped 11% to 2.5 million square feet.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-