PMRG Brings Success to Chino Hills Center
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IRVINE, CA-PM Realty Group has provided third-party leasing and operations for The Shoppes at Chino Hills in Chino Hills, CA, since the original developer Opus West filed bankruptcy in 2008. PMRG was retained by Bank of America as the center was put up for sale and was asked to stay on by new ownership, a family trust that purchased the center in spring 2010. Due to the Opus bankruptcy and downturn, the center got off to a rough start, but, as GlobeSt.com reported in May, has seen a strong comeback with some 30 months of increased sales. It is currently 96% occupied, and the office component is 100% leased. GlobeSt.com recently spoke with Scott Kuklish, PMRG’s VP for Southern California, about the firm’s repositioning efforts for the center, as well as what its management portfolio looks like today and what he foresees for the company’s future.
GlobeSt.com: Would you give us a snapshot of PMRG’s management portfolio today?
Scott Kuklish: On a global basis, PM Realty Group is a privately held, primarily management company. We’ve been in business since 1954 and now have a portfolio that pretty much spans the US as a smile down the west, across the south and up north through Boston. We currently handle 175 million square feet, and this includes Hawaii as we have a headquarters in Honolulu as well. It’s a fairly large reach, and our portfolio is made up of commercial office buildings as well as industrial and retail. Our client base is primarily institutional in nature; we also have individual clients who have substantial assets. The Shoppes at Chino Hills is a family trust, and the family is based in Orange County.
GlobeSt.com: To what extent is the company looking to grow, and is that targeted at any property types or markets?
Kuklish: PM Realty Group, while privately held, has very much an institutional large-property focus. Our portfolio is a mix of commercial office buildings, high-rises and retail in major markets. Of that 175 million square feet of product under management, about 15% is retail. Our focus is to continue to develop long-term relationships with strong, financially based owners who, like most of our institutional clients, have a mix of product types. We’re focused on serving the needs of our clients, and that entails meeting their expectations across the board. In this particular case, with The Shoppes at Chino Hills, we have focused on really taking that property to a new level. We’re very pleased with the performance of the shopping center. I know the ownership is as well—with occupancy at 96%, that speaks for itself. It’s really come a long way.
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