TUCSON, AZ (February 7, 2024) -- Melissa Lal, CCIM, President of Larsen Banker, LLC, announced that four (4) employees at the company were appointed as new equity partners in Larsen Baker Holdings, LLC. The new partners are Andrea Grijalva, Kelly Rosales, Isaac Figueroa, CCIM, and Ted Herman, CCIM.
Larsen Baker Holdings (LBH) is an Employee Stock Ownership Trust that invests in and receives earned equity in many of the development / re-development projects originated by Larsen Baker. Recent LBH projects include Archwell Health on Broadway, Sol Block on the Sunshine Mile, and Chop Shop on Campbell Ave.
President Lal said, "Our new partners have earned their LBH ownershop through their commercial real estate expertise and their long time... (average 17 years!) of service to our company and our investors / partners."
In Larsen Baker's Annual Letter, it reported 2023 as a very good year!
- With 60 leases signed and renewed 45 existing leases. Six new investment properties acquired and one property sold. The company now manages 3.3 million square feet of its own, and 450,000 square feet of properties owned by clients and liking the 3d party property management niche, which is new to them. Treating their 3rd party leasing/ managing activities with the same priority as their own properties makes them pretty good at it.
- Occupancy levels for all Larsen Baker properties in its portfolio is about 90%. An astounding number considering they like to buy properties that have "issues" at a discount to their intrinsic value - which means properties with high vacancy.
- In 2023, the company originated $10 million in new loans and oversaw $10 million in construction project at properties during this same time.
The company reports looks forward to buying more adaptive re-use projects in 2024 and bringing on line some of the properties it has been working on the past few years.