The region’s largest commercial real estate brokerage, based on sales and leasing volume, is quietly surging up a related list: property management.
Wormleysburg-based NAI CIR recently inked a series of contracts under its NAI CIR Property Management division, including contracts covering real estate portfolios in Swatara Township and a mixed-use property in downtown Harrisburg.
A 70,000-square-foot multifamily complex in York County also was just added.
Those deals have pushed the company to more than 800,000 square feet under management — about double where it was just a few months ago.
“It does open us up to be able to serve a broader range of clients,” President Robin Zellers said.
NAI CIR, a commercial powerhouse that often exceeds $400 million in annual transaction volume, was the first dedicated nonresidential real estate brokerage in the Harrisburg area in 1970. Historically, it has managed properties owned by closely held partnerships.
But within the last year, the focus has shifted to managing properties for third parties.
“We expect to continue to build on it,” Zellers said.
The firm is marketing its regional expertise to investors who want local property managers, but might not have a need for sales and leasing services, Zellers said.
NAI CIR has been managing the Senate Plaza office building in East Pennsboro Township, as well as the Crums Mill Office Park in Lower Paxton Township.
The company recently picked up 108-114 N. Second St. in Harrisburg, a 41,000-square-foot multitenant office building with a first-floor restaurant space.
The owner, New York City-based Sandton Capital, is looking to increase occupancy and hopefully sell the five-story property, Zellers said. The downtown property is listed for $3.9 million.
One new tenant is on the way. A restaurant group has signed a lease and plans to open an Indian eatery this spring, commercial agent Dan Alderman said. Bollywood Bar and Grill will occupy about 4,500 square feet on the first floor, a space formerly occupied by Zia’s at Red Door.
In Swatara Township, NAI CIR is looking to add value for buy-and-hold investors.
NAI CIR is managing a five-building portfolio of retail, office and flex buildings totaling 165,000 square feet, at 7400-8000 Derry St.
Occupancy is about 80 percent with seven spaces available, ranging between 1,600 and 8,600 square feet.
At 777-995 Eisenhower Blvd., the firm is managing a four-building portfolio of retail, office and flex properties totaling 150,000 square feet. That portfolio is about 60 percent occupied with available spaces ranging from 1,500 to 11,840 square feet.
“Our intention is to create better value through occupancy and better management,” Zellers said. “These are income-producing properties.”
In Littlestown, NAI CIR inked a 44-unit multifamily deal with a New York affiliate of Cantor Fitzgerald, a capital markets investment bank.
NAI CIR recently inked contracts covering real estate portfolios in Swatara Township and a mixed-use property in downtown Harrisburg.