In The News
THE CORKY MCMILLIN COMPANIES 2009 GROWTH STRATEGY FOR MCMILLIN DEVELOPMENT INC
--Veteran Home Builder/ Land Developer Plans to Increase Asset Management Services in 2009--
San Diego, CA, January 29, 2009 – The Corky McMillin Companies recently announced plans to expand its newly-offered asset management services in 2009. McMillin has always managed and developed real estate projects, however, in the last half of 2008, the company began offering their services outside the company through McMillin Development, Inc. (MDI), at the request ofother land owners, banks, investors, developers and receivers. Once these services were offered outside of the company, an international bank, one of the world’s most highly rated financial institutions, was quick to jump on the opportunity and retained McMillin Development’s services for the past three quarters to manage 40 assets located in various regions of North, Central and Southern California and in Phoenix, Arizona.Growth Strategy in 2009
The McMillin Development Asset Management group is headed up by Ken Baumgartner, President of McMillin Land Development and is comprised of several highly skilled members of McMillin’s home building/ development, financial and construction teams. According to Baumgartner, all combined, they have over five decades of experience and expertise in all areas of residential and commercial real estate, including project management, feasibility analysis, real estate valuation, engineering, site development, construction, and asset disposition.
Baumgartner states, “We are delighted that our asset management services have been so well-received, so quickly after we began offering them. In our current economy, these services have proven to be very valuable to the real estate industry.”
Baumgartner adds the company expects to grow its asset management services throughout 2009.
When retained by a bank or a lender, McMillin has the unique ability to act as an owner’s representative in providing a full range of services from securing sites for health and safety reasons to completing partially finished homes, preparing strategic valuation analysis to marketing and selling the assets for the client.
The Corky McMillin Companies, founded in 1960 by the late Corky McMillin and now led by his two sons, Scott McMillin, Chairman of the Board and Mark McMillin, President and CEO.
Over the last 48 years, McMillin has built 30,000 homes, 16 mixed-use master-planned communities, more than 20 community parks, new roads, schools, shopping centers, business parks, college dormitories and 2000 military residences on seven bases.
For additional information regarding MDI’s asset management services, please contact Jeff Brazel at (619) 794-1310 or Scott McFerran at (619) 818 3596.