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History

Throughout its history, Spectrum Properties has capitalized on the depth of its experienced leadership, adherence to its principles, and its ability to successfully ride real estate cycles though strategic planning.

Our philosophy to remain a boutique firm ensures partner focus on the project level, a competitive advantage over time.

Our Beginning

Our philosophy to remain a boutique firm ensures partner focus on the project level, a competitive advantage over time.

From our beginning in 1982 as an office development company, Spectrum developed over the next six years several million square feet in office and industrial buildings in the Carolinas for its own account and significant build-to-suit projects for companies such as Apple Computer, Continental Life Insurance, General Electric Corporation, and BB&T, to name a few. Looking ahead at the changing market, Spectrum sold 90% of its portfolio in 1988 and concentrated on third party office leasing and management, distinguishing itself for passionate customer service modeled on the high-end hotel industry. Spectrum developed a reputation for successfully repositioning, leasing, and managing struggling assets, and,led by Darryl Dewberry, the portfolio grew to over 7 million square feet, with leasing results of over 1 million square feet annually.

Mature Development / Acquisition / Disposition Period (1997-2006)

Regency Lakeview, Raleigh NC

As the real estate cycle began to swing back to development in the late 1990’s, Spectrum had already aided several clients in the disposition of their properties, and, with seasoned and mature team in place, Spectrum again became active in the development and acquisition arena, both commercial and residential.

Spectrum Properties Residential was formed in 2001 and developed urban condominium projects during this time, namely Fifth and Poplar and 230 South Tryon, both in Charlotte, NC. For Johnson and Wales University, Spectrum Residential developed student housing in Charlotte, NC (City View Towers) and Providence, RI (Harborside Village). Additionally, Spectrum Residential also managed and leased apartment projects in the Carolinas, including the completion of a condo to apartment conversion.

Commercial development projects during the first half of the new decade were mainly urban in scope, and included: South Tryon Square (Charlotte, NC), Wachovia Center (Greenville, SC), Center City Green (Charlotte, NC), and Colonnade I and II (Raleigh, NC).

During that same period, Spectrum acquired, or with partners, assisted clients in acquiring several office and residential projects, including Wachovia Capitol Center (Raleigh, NC), Vanguard Centre (Charlotte, NC), BB&T Center (Charlotte, NC), Carillon (Charlotte, NC), and The Enclave (Charleston, SC).

Spectrum sold 95% of its holdings in 2005-2006 in most of its projects, making outstanding returns for our partners and ourselves.

Highs and Lows (2006-2009)

After selling a bulk of our assets, we continued to look for opportunities but found pricing to be high and felt there was an imbalance between risk and reward.  We used our energy to sell our remaining development site and to lease office and industrial space while focusing on build-to-suit opportunities.  We were successful on all fronts, selling our last condominium site, leasing the portfolio at record high levels, landing a major build-to-suit, and disposing of the last of our condominium units.  As the world economic crisis unfolded, we were well-positioned without debt and with dry powder.

The New Norm (2009 - Present)

The current environment has brought new opportunities to Spectrum.  We formed a company (Spectrum/Emery) in Nashville, Tennessee with real estate veteran Patrick Emery at the helm.  We have, and are developing, several apartment projects from Charleston to Nashville and are planning for the future with additional apartment and office projects in the Carolinas and Tennessee.  Our commercial leasing and management portfolio approaches nine million square feet.  We are focused on acquiring offices for and with our clients while pricing and interest rates remain attractive.

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