Newsroom

Rockville Town Center Management

November, 2017

Premier is pleased to have been selected to manage a new, fully leased retail center in the Rockville Town Center for an out of state owner.  Tenants include Bank of America, a large school, a spa, and several restaurants.  The property also includes underground parking.  Premier Management Services is an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, and serves properties throughout the Mid-Atlantic region.

Premier Acquires Office Park

August, 2017

In July 2017 Premier acquired the 8.5 acre, 68,000 sf office park known as Cloverleaf Office Park, a six building campus located in Richmond (Midlothian) Virginia.  At the time of purchase, Cloverleaf was 70% occupied, mostly by a mix of small professional and service firms.  Premier was able to acquire the property at an especially attractive price, and will promptly undertake a re-branding and cosmetic refresh.  This acquisition brings Premier’s presence in Richmond to 550,000 sf of office, retail, and medical real estate.

Premier acquired Cloverleaf from the Hamilton Real Estate Fund.  Acquisition debt was provided by Symetra, a west coast life insurance company.  Mortgage brokerage services were provided by Keith Wells at Northmarq.  Jason Guillot with Thalhimer represented the Seller.  Equity was provided by a small group of private investors led by Jonathan Cutler, president of Premier.

Property management will be handled by Premier Management Services, L.C.  Premier Management is an Accredited Management Organization (AMO) under auspices of the Institute of Real Estate Management and manages commercial real estate throughout the Mid-Atlantic region.

Premier Participates in Tenley Hill Acquisition

July, 2017

When Premier assisted a private client with the $8.5M sale of a warehouse property recently, the client sought a high quality 1031 exchange opportunity.  The retail and office space at 4725 Wisconsin Avenue in Washington DC fit the bill perfectly.  The property is 100% leased to a range of legal, PR, and professional service firms, and houses a well known language immersion preschool as well.

Premier represented the buyer and also managed every aspect of the acquisition from contract negotiation to financing to due diligence to closing.  The seller was PN Hoffman and financing was provided by Sandy Spring Bank.  The seller was represented by Rick Fernandez of The Calkain Companies.

Jonathan Cutler, Premier’s president, also took an equity stake in the property.  Premier Management Services, an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, will manage the property for the ownership.

Premier to Manage 142,000 sf Warehouse

June, 2017

Premier is pleased to have been selected to manage a 142,000 warehouse property in Beltsville, MD.  Premier has been involved with this property for a number of years, and recently assisted in the sale of the property to the current ownership.  Tenants include a major auto parts supplier, a national supplier to the mechanical trades, a supplier to the restaurant industry, and a bedding manufacturer, among others.  Premier has been instrumental in the recent leasing of almost 15,000 sf at the property.  Premier Management Services is an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, and serves properties throughout the Mid-Atlantic region.

An Honor to Serve

March, 2017


Premier is honored to have been selected as the facilities manager for the Women in Military Service for America Memorial at Arlington National Cemetery.  The glass roofed 33,000 square foot memorial is constructed behind the historic façade at the entrance to Arlington Cemetery.  This beautiful memorial houses display galleries, offices, a theater, and often hosts military events.  Part of Premier’s duties will be the oversight of a substantial historic restoration effort in the coming year. We could not be prouder to be affiliated with an organization that pays tribute to the service and sacrifices made by women in the military throughout our history.

Premier Selected for Facilities Management

October, 2016

Premier is pleased to announce that it has been selected to manage two prestigious properties for the First Church of Christ Scientist.  Their new reading room, event spaces and offices at 910 16th Street recently opened to architectural acclaim.  The beautiful sculptural glass facade is complimented inside by high ceilings with tonal wood and glass.  The second property at 1782 Columbia Road also provides a reading room, office space, and several retail and office tenant suites.  Premier will provide facilities management, leasing, and property management services.

Premier Purchases 142,000 sf Richmond Office Propery

August, 2016

On July 13, 2016 Premier acquired the 142,000 sf office complex at 2810 N. Parham Road in Richmond, Virginia.  This property is as notable for its excellent West End location as it is for its tenant roster, which includes GSA, Xerox, University of Virginia, Virginia Tech, United Lex, and Make a Wish, among others.  Premier will re-brand the property as Premier Tech Center and will be investing over $1,000,000 in improvements.  With this acquisition, Premier’s Richmond area presence grows to almost 500,000 sf.

Premier acquired Premier Tech Center from Grander Capital.  The acquisition loan was provided by Farm Bureau Life with mortgage brokerage services provided by Keith Wells at Northmarq.  Primary equity investors include Jonathan Cutler and 888 Realty Investors.  The Seller was represented by Will Bradley of CBRE.  Premier Management Services will provide property management and CBRE will provide the leasing.  The property was 86% occupied at the time of the acquisition.

Premier Medical Center Sold

May, 2016

Premier Medical Center

Premier is pleased to announce that on May 12, 2016, the Premier Medical Center in College Park, MD was sold to a Washington real estate investor, and the transaction was very profitable for both Premier and its investors.

Premier purchased the under-performing Science Park Medical Center in 2012 from a life company lender.  Debt financing was provided by the American Armed Forces Mutual Aid Association (AAFMAA), and 888 Realty Investors became a lead investor.

At the time of acquisition, the 45,000 center was almost 30% vacant and more tenants were threatening to leave.  Premier jumped in and rebranded the property, upgraded the Center cosmetically and functionally, solved some tricky ADA related problems, and brought in its own brand of high level touch to operations and tenant relations.

Results were quick to evolve.  Major tenants signed longer term renewals, several upgraded and expanded, and new tenants filled in the new renovated vacancies.  By 2015, Premier Medical Center had a new reputation and occupancy approaching 95%.  The Center was put on the market for sale with Jim Kornick of  Avison Young in late 2015 and the sale closed in May 2016.

Premier to Manage Gaithersburg Center

March, 2016

Talbot Center

Premier Management is pleased to announce that it has been selected to manage the Talbot Shopping Center in Gaithersburg, Maryland.  This neighborhood center is shadow anchored by Food Lion and was 100% occupied at the time of acquisition.  Premier assisted its client JG Realty with all aspects of the acquisition and will now begin implementation of a modest capital improvement program.  Financing was provided by Sandy Spring Bank.

Premier Sells 74,000 sf Florida Mixed Use Center

February, 2016

Premier wishes to announce that it has successfully sold it’s Fort Lauderdale area mixed use retail and industrial center.  The four (4) building complex had a variety of tenants including a charter school, a gas station, an auto repair center, a restaurant, and a church.  The center, which Premier rebranded as Palm Plaza, was purchased in 2007 from General Electric and was financed by National Life of the Southwest.  The sale was handled by Douglas Mandel of Marcus and Millichap and the buyer was a German investment firm.  The center was 95% leased at the time of sale.

Premier Sells Richmond Apartments

February, 2016

Chamberlayne Photos May 2014 (9)

In early 2014 Premier put 216 apartments under contract in Richmond, Virginia.  The property, then known as Chamberlayne Gardens, was purchased from FNMA through a servicer and financed by BB&T with assistance from Northmarq.   At the time of acquisition the project suffered from high vacancy and significant deferred maintenance.  Some of the improvements immediately undertaken included bringing wiring to code, installing laundry rooms, adding 43 video cameras for security, replacing over 1,000 windows, and establishing best practices in the management office.  The property was also renamed to Premier Gardens and a new marketing program was instituted.  Occupancy quickly began to climb, increasing over 15% in the first 16 months.   Then, in January of 2016 we received an unsolicited offer from a New York investor that we could not refuse!  Needless to say both Premier and our investors were very pleased to be able to sell this project at a substantial profit less than 2 years after first putting it under contract.

Cascade Partners Chooses Premier for Management

January, 2016

Columbia Pike Photo

When Cascade Realty Partners purchased 3401 Columbia Pike in Arlington last September, they came to Premier for management.  According to Cascade, they chose Premier because of our deep experience in asset management and value engineering, especially in dealing with older properties.  With Bank of America as the primary tenant, they knew that tenant expectations and demands would be very high with regard to both financial accountability and maintenance of the property.  In a few short months Premier has already discovered and collected significant monies due to the Landlord, as well as begun work on several deferred maintenance issues.  In the long run, this building represents a redevelopment opportunity for the Cascade team, but for the next few years it is all about the management!

Premier VP Gets Prestigious Award

November, 2015

Premier Management vice president Adam Santos was recently named Certified Property Manager of the Year by The Institute of Real Estate Management Chapter 92.  Mr. Santos’ leadership and exceptional property management skills have of course been known to our clients for years!  It is with pride that we announce that he has now been recognized by the professional management community with this prestigious award.

Premier Chosen as Management Consultant

October, 2015

3347 M St

Premier is pleased to have been hired as a consultant and manager on the development of an historic building in the heart of Georgetown in Washington DC.  This M Street property is retail on the ground level with apartments being developed above.  The assignment is to consult on development and leasing and to help position the property for disposition in the near term.

Premier to Manage Frederick Maryland Shopping Center

October, 2015

 

McCain SmallWhen a renowned Washington doctor invests in real estate, you know that he is going to have exacting standards when it comes to property management!  That’s why Premier is particularly honored to have been selected to manage the McCain Shopping Center in Frederick, Maryland.  Premier had to mobilize for this assignment in less than a week because closing was only days away.  We quickly discovered that there were maintenance issues, leases that were poorly documented, and no marketing program.  We are now well on our way to building value in this property through more rigorous lease documentation and collections, new vendor contracts that will save many thousands of dollars annually for our client, a targeted budget conscious repair program, and cost effective marketing strategies.  Tenants include PNC bank, an ethnic grocery store, several financial service companies, a restaurant, Boost Mobile, and Nationwide Insurance, among others.

Premier Selected to Manage 3 Building Portfolio

July, 2015

 

Bni

Premier Management has been selected to provide a full range of property management services for BNi Properties.  Assets to be managed include 2 downtown office buildings and a shopping center in Montgomery County. Together the properties total roughly 65,000 square feet and include tenants such as BB&T Bank, Universal Healthcare, University Legal Services, Clark Construction, and the National Alliance to End Homelessness.

Adam Santos is New IREM Chapter President

February, 2015

AdamSantosPremier Management Services’ Vice President Adam Santos was recently sworn in as President of Chapter 92 of the Institute of Real Estate Management (IREM). IREM is an international community of real estate managers dedicated to ethical business practices and maximizing the value of investment real estate.

Mr. Santos is a Certified Property Manager (CPM®) with extensive experience in commercial asset management. Since joining Premier 8 years ago, he has been instrumental in growing Premier’s management and investment portfolio. Mr. Santos is also active in and/or serves on the board of several community associations.

Premier Receives Prestigious AMO® Designation

September, 2014

Premier Management Services LC is extremely proud to have been awarded the Accredited Management Organization (AMO®) designation by the Institute of Real Estate Management (IREM®). The AMO® accreditation indicates that the Company has demonstrated the highest standards of professionalism, financial performance and ethics.

About the AMO® designation

  • Only 535 firms have achieved this designation internationally
  • Accredited firms must pass a financial review, demonstrate integrity and stability, and demonstrate that they engage in best management practices
  • Accredited firms must have Certified Property Managers in key positions
  • 80 percent of accredited firms have been established for over 15 years

Richmond Apartments Acquired, 216 Units

August, 2014

Today Premier is proud to announce the purchase of Chamberlayne Gardens, a 216 unit apartment complex in Richmond, Virginia.  The property is located just off of I-95 in North Richmond, and is also close to several other Premier owned and managed properties.

Premier acquired Chamberlayne Gardens from Fannie Mae, who had foreclosed on the property a year earlier.  The acquisition loan was provided by BB&T, with Northmarq providing assistance in the financing process.  Premier was represented in the transaction by Larry FitzGerald of Newmark Grubb Knight Frank, and the Seller was represented by Chris Rice of NAI Eagle.  The property was just over 70% occupied at the time of the acquisition.  Premier plans to re-brand the property and make substantial capital and operational improvements.

Yuma Study Center Chooses Premier Management

July, 2014

Premier Management is pleased to announce that it has been selected to provide Facility Management Services to the Yuma Study Center (YSC), a 45,000 square foot historic property comprised of both apartment residences and offices located at Tenley Circle in Washington, DC.

In 2006, YSC purchased the property then known as the Convent de Bon Secours, a building which was designed in the Italianate style and built for the Sisters of Bon Secours in 1927.  YSC subsequently spent over $7 million to renovate the historic property to LEED Gold standards, building an addition, 12 residences, and world class offices in the process.

Premier will act as the owner’s representative on some remaining construction issues, and then will continue to handle all facility related maintenance and management issues for YSC on a going forward basis.