Newsroom

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.

 

 

The Premier Companies Assumes Management of 467,000 SF Real Estate Portfolio

February, 2014

JG Realty has hired The Premier Companies (Premier) to provide property management and leasing services to the firm’s real estate portfolio, covering ten buildings in the Washington, DC area.

The management contract includes a total of 467,000 square feet, and represents a combination of retail, office and warehouse properties spanning locations from Olney, MD to Fredericksburg, VA.

Premier has been providing property and asset management services in metropolitan Washington, DC, Maryland, Virginia, Delaware and Florida for over 20 years. JG Realty is a third generation real estate investment company headquartered in Washington, DC. (more…)

James Kernan, CPM, Joins the Premier Team

September, 2013

Jim Kernan V3

James M. Kernan is a Certified Property Manager (CPM®) and a licensed real estate broker in the District, Maryland and Virginia. Jim brings over 35 years of experience in property management, leasing and real estate brokerage to Premier.  Previously, Jim has held senior executive positions with Donohoe Real Estate Services, Randall Hagner,  Aldon Management, and his own real estate services company.  He is a past president of the Greater Washington Institute of Real Estate Management (IREM), Chapter 8, and is a Life Member of the Greater Washington Commercial Association of Realtors Million Dollar Sales and Leasing Club.  At Premier, Jim will be Vice President of Leasing and Business Development and can be reached at 888-597-8700 x55.

College Park Medical Center Purchased

November, 2012

Premier recently announced the purchase of a 45,000 sf medical center just down the street from the University of Maryland in College Park. The transaction closed in November 2012. Debt financing was provided by the Army Air Force Mutual Aid Association, and represents the 7th property acquisition AAFMAA has financed for Premier and its partners. Significant equity was provided by 888 Realty Investors. Jim Kornick of Avison Young represented the seller, which was National Life. The property was 74% leased at the time of acquisition. Premier plans to re-brand the property, make numerous improvements, and increase the occupancy.

Update:  Within the first 6 months of ownership Premier has accomplished new leasing and several renewals, given the property a new look, a new name, new signage, a state of the art video system, implemented significant advertising, and prepared several suites for immediate leasing.

Fairfax Office Tower, Management Becomes Ownership

October, 2012

In late 2011, Premier took over management of Mosby Tower, a 113,000 sf office building across from the courthouse in Fairfax City, Virginia.  At that time, occupancy was stuck at 61%, most tenants were on one year leases, and cash flow was correspondingly challenged. Fast forward 15 months and occupancy has climbed to 81%, and with Premier’s assistance and involvement, ownership was able to negotiate a favorable buyout of the loan, place new debt on competitive terms, and recapitalize the equity stack. Closing on the refinancing occurred in October 2012, and as part of this recapitalization, Premier is proud to announce that it has become the managing partner. Special thanks are due to Robert P. Freeman, CEO of Greyfields, for giving Premier this opportunity to demonstrate our skills, and to Prime Finance for providing the new debt financing.

Rockmanor Office Park Management

May, 2012

In early 2012, GE Capital had a problem with a small office building in Rockville, Maryland. A loan that they had made to a local owner/user had gone bad, and now they were expecting to acquire the asset through foreclosure. Having done several transactions with Premier in the past, they called for help. Could we take over management of this property, with little or no historical data, missing copies of leases, and an uncooperative former owner . . . . and do it literally tomorrow? So the next night our crew worked until after midnight changing locks and getting ready to contact tenants with keys and explanations the next day. GE never wanted to own this property, so they promptly charged Premier with getting it ready for sale. Premier recommended to GE that they hire the regional brokerage Divaris, then went to work re-documenting leases, handling deferred maintenance, and getting the property prepared for sale.

Update:  Within 5 months the property sold to a local investor.  Premier assisted with the transaction and was subsequently hired by the new ownership to manage the property.  With Premier’s help, the new ownership has already embarked on a successful leasing program, retained all of the prior tenants, and stabilized the property.

Richmond Shopping Center Bought from GE

March, 2012

The Brookhill Azalea Shopping Center has been acquired by Premier in a partnership with Broad Street Ventures. The 162,000 sf regional center is anchored by Food Lion, and boasts many national tenants including KFC, Family Dollar, Subway, Aaron Rents, and CitiTrends. Occupancy at the center had suffered recently, hovering at about 67%. Premier acquired the center through its long standing relationship with General Electric, who had taken ownership of the center several years ago due to a defaulted loan. Premier and Broad Street will enter into a capital improvement program, installing new awnings and signage, painting, and various other refurbishment projects. Premier has engaged Divaris to handle the leasing, and the team has already identified a number of strong prospects. Debt financing was provided by Virginia Heritage Bank.

Update:  Over 20,000 square feet of new leases have been executed in less than a year.  We have executed on plans for new signage, new awnings, new landscaping, and other capital improvements.