Schafer Richardson Management (SRM) Team: Reflecting on 2020 and transforming in 2021
Posted Under: Blog
2020 was a very busy year for the Schafer Richardson Management (SRM) team! With 3.6 million square feet under management, this team of 5 property managers, 1 property administrator, 2 maintenance engineers and 1 director remained diligent and optimistic through an unprecedented, pandemic year.
Some of the challenges that the SRM team faced included responding to a myriad of COVID-19 related issues from a slow leasing market to sweeping changes in safety/wellness/building management and local civil unrest. Overall, the team had to embrace the unknown throughout our current portfolio, gained 3 new assets, and successfully sold 1 multifamily asset in North Dakota in 2020.
The current breakdown of owned and managed assets in the SR portfolio is:
15 Office
9 Retail
10 Industrial
5 Residential consisting of 893 units (managed on behalf of Steven-Scott Management)
9 Mixed-Use
3 Parking Lots/Ramp
51 Total Assets
These assets are not just located in Minnesota! SR owns and manages property in five states including: Minnesota, Missouri, Wisconsin, Iowa and Nebraska.
In 2021, we anticipate asset growth by way of mixed-use development delivery and acquisitions through our partnership with SR Realty Trust.
The SRM team also has 2 in-house real estate agents who work to lease up and keep the Schafer Richardson commercial portfolio full.
Although 2020 was a slow leasing year, the SR Leasing Team is proud to report the following notable transactions:
Boon Logic – Itasca Building – New lease signed 3,870 SF
CESO – Banks Building – Expanded 5,408 SF
Tech Gen — 2300 Kennedy Building – Renewed and expanded 7,400 SF
Cole’s Salon – Cobblestone Court — Renewed and expanded 17,876 SF
Pizza Hut – Cedar Cliff Shopping Center – Renewed 1,571 SF
Lulu & Lo Salon – Red20 – New lease signed 1,096 SF
Looking ahead as we enter the 2nd Quarter of 2021, we expect it will be a transformational year for the SRM team! We are growing in number of assets, and team members (we are currently hiring a property manager and we would like to welcome Taylor Trautman!), and leasing activity and velocity has increased exponentially.
SRM will continue to focus on our core values of strong customer, vendor and tenant relations and a return to a new version of normal in the commercial real estate sector.
If you have any questions about the SRM Team, please contact Jen Nergard, RPA at jnergard@sr-re.com.