As 2024 comes to a close, MGR Real Estate reflects on a year marked by significant accomplishments and strategic growth. From high-profile acquisitions to impactful leadership appointments, here’s a look at the milestones that defined this remarkable year.
Landmark Acquisition of 2020 Main Street in Irvine
In one of the year’s standout transactions, MGR Real Estate acquired the prestigious 2020 Main Street property in Irvine, California. This 12-story, 271,000-square-foot Class A office building is located in the premier Irvine Concourse development. Purchased for $53.7 million—equating to $195 per square foot—the property exemplifies MGR’s commitment to expanding its portfolio of prime commercial real estate. Notably, the building had a 66% vacancy rate at the time of acquisition, and MGR wasted no time in enhancing its value, signing approximately 27,000 square feet of new leases shortly after closing.
Doubling Down in San Diego County
San Diego County also witnessed significant growth for MGR Property Management in 2024. The Carlsbad office—a cornerstone of MGR’s presence in the region—doubled in size this year. This achievement was driven by strategic portfolio rightsizing, a robust increase in staff, and consistent new business generation. These efforts have solidified MGR’s position as a leader in property management within the region.
Strengthening Leadership with New Appointments
This year, MGR Real Estate introduced two pivotal additions to its leadership team. Bill Velto joined as the new President of Real Estate, bringing a wealth of experience from his tenure at Tarbell Realtors as Vice President and General Manager, from his position as Business Development Manager at Berkshire Hathaway HomeServices, and from his role as Mayor of Upland. His vision and expertise have been instrumental in guiding the company’s operations. Similarly, Vanessa Perez was appointed as the Director of Property Management. With decades of experience in property management, Vanessa has already made a significant impact, supporting the commercial property management team and various association boards.
Recognition of Leadership Excellence
MGR’s CEO, Michael Rademaker, earned a prestigious accolade this year, being named one of Orange County’s most influential business leaders. Under his guidance, MGR has achieved significant growth in the competitive Orange County market, reinforcing the company’s status as a powerhouse in the real estate sector.
Advancing with Technology
Always striving for innovation, MGR Property Management implemented substantial software upgrades in 2024. These upgrades targeted the homeowners’ association (HOA) department, introducing features like automated tracking, mass text messaging, and enhanced board member portals. These technological advancements have streamlined operations and improved service delivery, reinforcing MGR’s reputation for efficiency and client focus.
MGR Real Estate’s 2024 achievements underscore its dedication to excellence, strategic growth, and innovation. As the company looks to the future, it remains committed to delivering exceptional value to clients, partners, and the communities it serves. Here’s to an even brighter 2025!