GlobeSt.com Commercial Real Estate News and Property Resource
Last updated: May 21, 2009 05:17pm
SRS Real Estate Expands by Five
By Amy Wolff Sorter
PHOENIX-SRS Real Estate Partners has added five veterans to its roster. The brokers, formerly with RED Realty Advisors, will help SRS take advantage of the current downturn, while providing them a national platform from which to operate.
Michael Polachek, who was a principal with RED Realty Advisors, has taken on the title of executive vice president with SRS Real Estate Partners. Joining him are Brian Polachek and Ryan Eustice, who are senior associates and Bryan Babits, who is coming on as an associate. Sami Carroccio rounds out the new hires as a marketing specialist.
Michael Polachek tells GlobeSt.com that the move made sense for himself and his team because SRS Real Estate provides a national platform and opportunity for growth. Additionally, he says, the culture and work ethics were main factors.
Polachek, a 35-year veteran in the industry, launched Polachek Realty Advisors in 1991, which then merged with Red Development in 2003. “I’d talked over the possibility of a move during the years with Ed (Beeh) and Clay (Smith), but it wasn’t the right time to make the move,” Polachek says. “We feel the timing is perfect right now.” .
The timing involves a recessionary market, but Beeh, who is SRS Real Estate Partner’s executive vice president tells GlobeSt.com that the company is working to bring different solutions to clients as they try to make sense of the current situation. “We’re approaching this goal by adding quality individuals to our organization, who can go the extra mile for the client.” .
Beeh and Polachek are cautiously optimistic that the housing market may actually be reaching bottom, meaning retail will probably hit bottom later in the year. “Phoenix recovers quickly,” Beeh explains. “Once it starts, it’ll go fast.” Polachek agrees. “Phoenix will always be the market leader for job growth and quality of lifestyle,” he comments. .
The new hires come on board SRS Partners at the same time that another part of the company, Staubach Retail West LLC, repositioned itself as Velocity Retail Group. Beeh was somewhat philosophical about the split, noting that the nature of the real estate industry is change. Polachek agrees, pointing out that SRS Real Estate Partners is looking forward to doing business with Velocity Retail Group in the coming years. .
In the meantime, however, Polachek says the response from ICSC participants to his team coming on board with SRS Real Estate Partners has been overwhelming. “I’ve been with a few companies in my career, and I’ve never received as much positive reaction from developers, tenants, brokers and investors as I did when the announcement came out that we were moving to SRS,” he says. “Everyone has so much respect for Ed and the group he assembled, it will be a lot of fun going forward.” .
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