Craig Hannay Featured : Hannay Investment Properties SMALL COMPANY, BIG ACCOMPLISHMENTS

Commercial Executive Magazine

Today, when most Arizona real estate companies are downsizing and fighting for survival, Hannay Investment Properties finds itself able to meet the challenges of these tough economic times. Led by Craig Hannay, the company’s president, the firm has been able to quickly and nimbly position itself into a key niche of the growing commercial real estate foreclosures taking place throughout the United States. Their prior expertise in property management and receivership has enabled the company to be well positioned to attract additional opportunities. Hannay has several lines of business, including property management, receivership, and maintenance services, as well as their original core business of investing in commercial real estate.

Hannay Sees Opportunities To Grow Its Business Through Property Management

Some time ago, Hannay Investment Properties saw an opportunity to expand their business services by offering property management services. Having managed their own commercial property portfolio for years, it seemed a natural progression to offer their experience and expertise to other commercial property owners.

Unlike many other property management companies, Hannay Investment Property’s approach is to offer property management services from “An Owners Perspective” by addressing all facets of property management geared towards enhancing property value. “We believe that our many years of experience in owning and managing our own portfolio of commercial real estate gives us a unique perspective when managing properties for others,” states Craig Hannay.

Hannay also has their own in-house maintenance staff and a fleet of trucks that service their properties. “Having our own maintenance team enables us to react quickly to our tenant’s needs because we don’t have to outsource from a third party,” reports Hannay.

Receivership – The Wave of the Future

Because of their wide range of commercial real estate and banking experience, receivership work seemed a perfect match for the company’s capabilities. In the current economic downturn, lenders are frequently asking the courts to appoint an independent receiver to take over the operation of a property when a borrower defaults on the loan.

By performing both receivership and property management services, the company provides a more efficient and costeffective platform than firms that perform only one function or the other. Hannay typically charges a flat monthly fee for receivership work, in addition to the normal property management fees. “Most firms that provide receivership services charge hourly rates, and the fees can get out of hand pretty fast,” states Hannay. In addition, there is a significant amount of communication necessary between the receiver and the property manager. Separating the functions makes the project more complicated and increases the chances that important details will be overlooked.”

Being able to take on any type of commercial property, from Class A to Class C, from retail to office to multi-family, with little or no notice requires being able to react quickly. “We are small enough to be quick on our feet, yet large enough to be able to handle most anything that comes our way”, states Hannay.

Concerning Phoenix’s future, he stays optimistic. “We’ve gone through these cycles before, and we’re fortunate because Arizona is a great place to live. People are still drawn to the Southwest and continue to move here. I’m certain our economy will recover; it’s just a question of when and how quickly.”

“The whole foreclosure wave in commercial real estate is massive and growing. We’ve taken on over fifty properties in the last year most of them located in the metropolitan Phoenix area, but recently we are seeing business coming in from other areas as well.” “We are doing work for virtually every large lender or special servicer in the country.” The company is also licensed in Nevada and California, and, with a number of projects pending in the near term, expects a to establish a presence in those markets during the next year.

Experienced Team

The continued growth in the firm’s receivership and management business has enabled them to add some really talented key staff members to their growing employee roster. John Schweikert, whose focus is on retail properties, has worked in all facets of the business, from brokerage to development to management. Reid Bracken, who runs the multi-family and mini-storage division, has 30 years of experience in commercial real estate and brokerage and is an engineer and licensed contractor. “Reid’s construction background is extremely valuable, as we often run into partially completed projects or properties that need a substantial amount of work,” reports Hannay. The company’s senior property managers are all well respected industry veterans who have managed high-profile projects throughout the Valley and in California.

Hannay’s senior maintenance engineers are also highly skilled, being able to handle everything from the simplest package HVAC unit to complex chiller systems in high-rise office buildings.

“I am extremely proud of the skilled and experienced team we have at Hannay. It’s a pleasure to be around a group of people that are so dedicated and take such pride in the quality of their work.”

A Nine-Inning Game

When asked about the company’s original core business of investing in real estate, Hannay states “We certainly intend to be a player in the commercial real estate business here in Arizona for a long time. It’s still early in the game, but we will undoubtedly be looking at opportunities over the next few years.”

Concerning Phoenix’s future, he stays optimistic. “We’ve gone through these cycles before, and we’re fortunate because Arizona is a great place to live. People are still drawn to the Southwest and continue to move here. I’m certain our economy will recover; it’s just a question of when and how quickly.”

Rock ‘N Roll or Real Estate

It may seem like Craig Hannay is
all work, work, work, but that is
not the case.

Craig is a dedicated family man who beams whenever he speaks of his wife Carrie and their three children. “My family is my biggest source of pride. It sounds corny but every day I am thankful for them. They are clearly my source of unending drive and energy.”

The quiet, thoughtful executive also
has another side—he’s a talented and
passionate guitarist and prides himself
on his collection of fine acoustic and
electric guitars. “For me playing music
provides a respite from the rigors of
daily life. “It requires such concentration
that I’ve always thought of it
as instant vacation.”

No matter where you find Craig Hannay, behind his desk, in a meeting with some of our area’s leading professionals or playing music, he is passionate about everything he does.

The company has seen the best of times and the worst of times, and Hannay Investment Properties is bound to be an enduring force in the Phoenix real estate scene. With a sensible belief in hard work, ethics and perseverance, they will continue to be a prominent fixture in the Real Estate industry.

Hannay Investment Properties 
2999 North 44th Street #400, Phoenix, AZ 85018

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