Asset Management Update

The Schafer Richardson Asset Management team currently consists of three experienced team members who oversee a portfolio of over 50 properties (with more to come in 2022 and beyond)- this includes Schafer Richardson Realty Trust (SRRT), Non-SRRT and joint ventures. The diverse commercial portfolio consists of office, retail and industrial product totaling over 3,600,000 square feet.  The multifamily portfolio includes 9 residential/mixed-use properties featuring 1,487 residential units with more added development growth in the next couple years. The properties are located in Minneapolis, St. Paul, Duluth, Kansas City, Lincoln, Omaha, Milwaukee and Davenport.

The Asset Management department’s newest team member is Kevin Howat who joined us December 2021.  Kevin joined as a Senior Asset Manager, with a particular focus on the company’s multi-family assets.  He has over 25 years of experience including COO responsibilities for two privately-held apartment management companies.  He has also served as a Senior Asset Manager with several institutional and family-office investors with portfolios covering all property types located in over twenty states.

In 2021, asset management worked with SR’s accounting team to implement Deal Manager and Forecast Manager, software that works with our accounting system to increase our efficiency in achieving transactions and reporting. The Asset Management and Leasing team completed 90 new/renewal commercial leases totaling over 700,000 square feet.  Some of our biggest deals included:

250,000 sf early renewal at Botts Road in Kansas City

125,000 sf expansion at Botts Road in Kansas City

25,000 sf new tenant at the Edge in Lincoln

12,000 sf new restaurant tenant at Bassett Creek in Minneapolis

Our goals in 2022 include meeting or achieving our investors expectations on returns while increasing our communication and efficiencies with all departments within Schafer Richardson.