Indicative of its rapidly expanding management portfolio of properties in receivership or real estate-owned properties (REO), Onyx Equities reported that it assumed management of more than 3.5 million square feet of office, retail, industrial and residential space during the first two quarters of 2014.
Among the largest of the 14 properties that came under Onyx management during the first half of the year are:
A 147,000 s/f industrial complex in Waldorf, MD. The shipping and distribution warehouse currently houses 12 tenants including Sears and Fed-Ex.
A 119,241 s/f, four-building, campus-style office park in Manassas, VA. The Prince William County business center currently houses 23 tenants and is located across from the Bull Run shopping center in close proximity to Interstate 66, as well as Routes 28, 29 and 234.
A 103,173 s/f, five-story office building in economically booming Fairfax County. Located adjacent to Route 50/29 and one-quarter from Interstate 66, this property offers easy access to the Metrorail and is well equipped for both business and medical tenants.
The new assignments come on the heels of Onyx’s recent announcement that it has expanded its receivership and REO management business into the Mid-Atlantic region (Maryland, Delaware, Washington D.C. and Virginia).
The firm has become known among banks, servicers and institutions for its technology-driven approach to tenant communications and for its use of an integrated, customizable software platform to manage all aspects of a property’s operations.
“Management of REO and receivership properties continues to be a rapidly growing
business area for Onyx,” said Jon Schultz, co-founder and managing principal, Onyx Equities, LLC.
“Because we’ve managed tens of millions of square feet, we are able to identify and implement necessary efficiencies that ultimately allow our partners to realize the true value of their underperforming assets.
“Our integration of leading-edge, mobile technology in order to streamline administrative processes and deliver a consistently outstanding tenant experience puts us at the forefront of property management.”