View From the Sell Side
As co-head of Prudential Real Estate Investors' investment dispositions group, Collete English Dixon brings self-assuredglamourto the often-overlooked sell side. So she was a must-have for tomorrow's Bisnow Chicago State of Office event. When the equity real estate investment manager is looking to take a property to market, Collete's team handles the engagement of brokerage firms, oversees sales and marketing initiatives, and eventually negotiates terms and documentation. PREI transacted $2.5B in the US last year but very little in the Midwest (mostly stronger growth markets like Seattle and San Diego, she tells us).
PREI's local office portfolio includes Presidential Plaza in Rosemont, 120 N LaSalle (pictured), and 22 W Washington (a special 2011 buy, its first office acquired in Chicago post-downturn). Collete finds dispositions to be the most consistent. "We weren't bored in 2009 and 2010," she laughs. Despite today's office worries--new supply, rising rents relative to costs, and changing occupancy drivers-- she says a market like Chicago lends itself to more patient, long-term investing (Cubs fans, patient?).PREI will likely hold its local assets this year--stable properties, owned by its core fund. If only all this rain would stop coaxing up weeds in her perennial garden.