(Phoenix, AZ) Phoenix-based Hannay Investment Properties have seen their business grow substantially in the last six months, and they are planning to expand into other markets in the west and southwest. In the past year, the firm has tripled the size of its staff from six to 18 full-time employees, and they anticipate adding another 6 to 10 additional staff members by year end. The company is currently managing more than 2-million square feet of commercial property including multi-family, office, retail and self storage space as well as RV parks.
Part of Hannay’s significant growth can be attributed to the huge increase in their court appointed receivership business, in part, because of their expertise in the financial industry as well as their excellent business reputation and longevity in the industry. Hannay has always been adaptable to changing market conditions, an asset that is very appealing to special servicers. In the past 10 months the company has been appointed receiver for over 40 commercial properties representing over $235 million in loan balances. With their pending expansion into Nevada and California, the company anticipates that their receivership business will continue to grow and be a key segment of their portfolio of services.
“We feel very positive about the growth of our company within the last six months, and we have fortunately been able to add a number of key executives that are industry leaders in their own right. Due to our teamwork and having our finger on the pulse of the commercial real estate market, we have been able to grow our business by assuring lenders that the physical and financial aspects of the properties secured by defaulted loans will be preserved ,” said company President, Craig Hannay. “We are very optimistic about our future growth and are looking forward to our expansion outside the Arizona market.”
Currently, Hannay is working with most of the largest lenders and special servicers in the country.
Published on behalf of Hannay Investment Properties Hannay Investment Properties is a privately-owned commercial real estate and investment firm with over 25 years of experience in the Arizona market. Their extensive knowledge of today’s changing market, sound conservative practices and strategic approach to their clients’ businesses has allowed them to minimize risks and maximize returns.