MAPLETON, UT—Present Value Properties Inc., a full service retail real estate brokerage and consulting firm headquartered in Tustin, CA, has revealed that retail real estate veteran Bradley O. Whitaker has joined the firm as EVP. In this position, he will expand and provide leadership to investment acquisitions and sales, partner development and self-development opportunities.
Greg Fisher, president of Present Value Properties, exclusively tells GlobeSt.com that the firm is “excited to be expanding our presence in the intermountain area because the fundamentals economic conditions are so sound.” Job growth, he says, “is very good in these areas due to the highly educated work force with a high work ethic, and state governments that are facilitating business growth with their wise policies. When you add these two factors to the increasing population from both natural birth rate and in-migration, it creates a perfect environment for retail development.”
He adds that “We are also finding cap rate arbitrage opportunities to move investor money from oversold markets with low cap rates and into comparable quality assets in the intermountain region selling at higher cap rates. There has always been about 100 to 150 basis point spread between California and other states, but recently we are seeing that spread increase as California assets increase in price. We have several California clients who recognize these advantages and are eager to take advantage of this disequilibrium.”
In the position, Whitaker will expand and provide leadership to investment acquisitions and sales, partner development and self-development opportunities. Present Value Properties has been very active in the Utah market for many years.
“Brad's extensive experience in both the retailer and developer worlds uniquely qualify him to assist our clients in making sound investments in existing assets and in mitigating the risks associated with new developments,” Fisher tells GlobeSt.com. “Our goal is find opportunities to deploy capital in overlooked markets and assets in the high job growth areas, and Brad's knowledge of the markets and retailer contacts will allow [us] to make strategic investments throughout the intermountain states.”
Whitaker has served in various corporate development roles over his 30-plus-year career including most recently serving as the SVP of real estate and station development for Transfuels LLC, a developer of Liquid Natural Gas stations nationally.
Previously, he was president and CEO of the Whitaker Group Inc., a regional shopping center developer, chief development officer for Panda Express during its explosive growth moving the company from 50 locations to 1,200, as well as VP of development or other senior management positions for YUM Brands (KFC and Pizza Hut), CKE Restaurants (Carl's Jr.), and Marriott Hotels.
During his career, Whitaker has procured more than 1,800 restaurants, 75 hotels, 50 shopping centers, and other commercial real estate projects and ventures. Whitaker has developed in almost all the major markets in the US and many internationally. He will be located at 1252 Dogwood Dr. in Mapleton.
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