"We've been on a pretty big growth curve for the past couple of years," says COO Charlie Lindgren. In fact, Shea Commercial, was named a "2004 Hot Growth Company" by an Arizona business magazine.

"We're expanding and continuing to focus on office condos as our primary source of business, but also looking at other opportunities," Lindgren says. Shea Commercial has about 1.5 million sf of office condos under development in Dallas, Phoenix and Las Vegas and plans to expand into San Diego, Denver and Washington, DC in 2005.

To help with the expansion drive, Shea Commercial promoted Neal Waldman, a three-year employee with 18 years' experience, to senior vice president of acquisitions and development and brought on Richard Stannard Jr. as acquisitions director. Previously, Stannard, with 10 years of real estate experience, was associate vice president for investments at Wachovia Securities in Scottsdale.

"Neal's goal and mission is to sift through all the new deals that we get a chance to look at," Lindgren tells GlobeSt.com. "Neal and Rick will work together to hunt up new deals."

Additionally, Barbara Lloyd and Andrea Davis were hired as brokers. They gained their experience in the office condo market while working for Phoenix-based Cavan Commercial. Lloyd and Davis will join nearly 25 other brokers in the charge to sell office condos on Shea Commercial's behalf and also provide third-party brokerage services.

"Cavan Commercial wishes Andrea and Barbara success," Brad Logan, Cavan Commercial's principal, says in a prepared statement. To fill in the gap from the loss of Davis is newly hired Tyler C. Smith, previously with Grubb & Ellis/BRE Commercial.

Instant Insights /

Shea Plans 1M SF of Office Condos in Six Markets

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