CHARLOTTE, N.C., Aug 31, 2021 – Real estate firm Redline Property Partners is growing again in Minneapolis, hiring senior property accountant Leslie Kruse and assistant property manager Maggie Simons. Kruse and Simons join the operations team led by Geoff Halverson as the firm brings management of its Minnesota properties in house. The firm currently owns and manages four office properties in the Minneapolis market and maintains a regional office at the International Plaza building.
The firm also has been hiring corporate staff in Charlotte, N.C., over the last year as its portfolio has grown, including its recent hiring of a Managing Director, Finance & Capital Markets. Carl Fowler oversees all aspects of Redline’s capital markets, accounting and finance activities.
Managing Partner Andrew Webb said the last 12 months have been the best year yet for the company. Despite the impact of the pandemic and related economic convulsions, Redline has experienced rent and occupancy growth throughout its portfolio, as well as asset sales at greater than pre-pandemic valuations.
“When many other office assets were losing tenants, we experienced 14.25% positive net absorption in our portfolio at or above our pre-COVID lease rates,” Webb said. “We’ve collected 100 percent of rents and sold three buildings above our original exit pricing assumptions.”
Redline’s strategy is to find truly great properties that are suffering from short-term distress and transform them into spaces that serve today’s economy. Its approach to real estate starts with creating a differentiated product and then focuses on ensuring excellent tenant experiences.
“We approach the landlord-tenant relationship as one of partnership, and as a good partner we want to ensure we provide substantial value,” Webb said.
About Redline Property Partners
Founded in 2017, Redline Property Partners is a privately-owned commercial real estate investment, management and development firm specializing in office, creative office / flex and adaptive reuse projects in the Carolinas and Minnesota. Redline employs innovative value-creation strategies to improve asset quality and maximize property value. Using a “block-by-block” granular approach, Redline finds great real estate suffering from short-term distress and transforms those properties into spaces adapted for the new economy.
