Phoenix-based Hannay Investment Properties, a property-management firm, has experienced substantial business growth in 2010, including adding six self-storage facilities to its management portfolio. Hannay is now expanding into other markets in the West and Southwest, and growing its staff, adding 24 employees this year.
Hannay provides property-management services for more than 3 million square feet of commercial property including retail centers, office buildings, multi-family and RV parks. This year, the company added self-storage property management, brokerage and redevelopment.
A significant portion of Hannay’s growth can be attributed to the increase of court-appointed receiverships it’s been awarded, in part because of its wide range of commercial real estate and banking experience. 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 the borrower defaults on the loan. Because Hannay provides property-management services, the courts look favorably on the company for receivership appointments since it can provide both services.
In the past year, the company has been appointed receiver for more than 50 commercial properties representing more than $275 million in loan balances. With its expansion into California and Nevada, the company anticipates receivership business will continue to grow and be an even larger portion of its portfolio of services.
“We are doing work for virtually every large lender or special servicer in the country from Wells Fargo and Bank of America to CW Capital Asset Management and Midland Loan Services,” said Craig Hannay, company president. “With new growth in California and Nevada, we’re very optimistic about 2011.”