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Shift: Watts Take 5-Los Angeles Business Journal

Courtney Trujillo, President of SR Watt Co., oversees a 1.1-square-foot portfolio of retail, condominium, and office properties in nearby California and Oregon from Santa Monica’s spacious office space.
“For me, it’s about these opportunities to create and execute strategies,” Trujillo said. “I’ve been in this business for 30 years. It’s been a very exciting time in this industry.”

SR Watt is Watt Cos, a family-owned real estate company with a 75-year history. It is one of the five new entities formed from the reorganization of.
As of the third quarter, privately held assets will be split into five groups of Watt’s family shareholders to manage their allocated assets and create new business development opportunities.

“We are very proud of the Wat Companies team built on the legacy of our founder and grandfather Ray Watt,” Watt’s president and chief executive officer, Nadine Watt, said in a statement. Stated.

Trujillo said the decision to split the company into five was made by major shareholders. According to the company, the company was split in a way that responded to shareholder goals and allowed it to “create a new heritage for the future.”
Each new entity will operate part of the Wat Company portfolio, which includes shopping centers, offices, industrial and condominiums.

“Every company combines retail, industrial, mobile homes, offices and apartments,” said Trujillo. “It is split into all product types and all properties.”
Watt Plaza, two office towers covering 900,000 square feet of Century City, was split by three parties.

New company

In addition to SR Watt Co., newly established companies include Watt Capital Developers, led by Scott Watt. Watt Capital Partners run by Nadine Watt; Williams & Watt Inc. Trujillo, led by AJ Watt Enterprises Inc. Sadie Williams, led by Audra Arbini, is not part of the Watt family.

Trujillo’s SR Watt not only operates and manages retail and industrial property rights, but also explores value-added strategies and other real estate opportunities in multi-family and retail in the core markets of the West Coast.
The new entity’s portfolio will include 363,000 sq ft of retail space, 466 units of multi-family, and 140,000 sq ft of office space.

One of the company’s first value-added projects is to redevelop an underutilized office site into a long-term ground lease with In-N-Out Burger, a 3,280-square-foot restaurant in San Clemente.

“It started under Watt Properties, a division of Watt Cos,” says Trujillo. “I’m really excited to be the first In-N-Out in San Clemente. There was an office building at the end of the life cycle. I had the opportunity to consider a new ground lease opportunity.”

Two office buildings were destroyed on the premises, and a new construction was carried out on the way from In-N-Out, which will be completed in late September.
SR Watt is also renovating an office building headquartered in Santa Monica’s 2716 Ocean Park.

Some improvements include modernizing the office and adding a charger to the parking lot. The goal is to attract new tenants.
“There are many garden styles that don’t require you to take the elevator,” said Trujillo. “After the pandemic, we made some new leases with growing and expanding companies.”

Trujillo also oversees a 20,000-square-foot single-tenant building in Carson and a 38,000-square-foot multi-tenant building in Pasadena. Both are 100% occupied and there is no confusion during the pandemic.
In the condominium area, SR Watt is refurbishing 90 units of Downey.

“We’ve refurbished the property for $ 2.5 million and added equipment that wasn’t there,” says Trujillo. “We’ve added a fitness center, an outdoor barbecue area, a gaming area, and a seating area with a fire pit. We wanted to create that outdoor life experience. We also made some refurbishments inside the apartment as each unit was flipped over. The we.”
All of these projects will bring shine to the Watt brand, Trujillo said.

“This is our opportunity to continue the good work of the Watt family and build on the foundation that is synonymous with quality real estate. We add value to these assets and build a portfolio. We plan to promote the heritage created by the Watt family, “said Trujillo, who has been with the group since 2011.

This is our opportunity to continue a good job in the Watt family business.
Courtney Trujillo
SR Watt Co., Ltd.

Shift strategy

Prior to founding SR Watt, he was Vice President of Watt Properties, managing a diverse portfolio of retail, office and industrial property rights. Most notable in her career at Watt is the expansion of the company’s condominium ownership from 150 to over 1,500 units. This includes added value and core properties.

Trujillo’s experience also includes working with companies such as Burnham Pacific Properties, Center Trust Properties, Summit Commercial and Red Mountain Retail Group.
During her career, she implemented a strategic plan to build a portfolio of centers fixed in the grocery store from acquisition to disposal. She has completed several retail redevelopment projects. She also oversaw the construction and leasing of Virginia Center Commons, a one-million-square-foot regional shopping mall in Ashland, Virginia.

While at Watt, Trujillo began to see gradual changes in business strategy.
“There was a change that the company had seven years ago and we decided to expand our apartments,” Trujillo said. “We did a lot of disposal work on our existing retail portfolio and spent a lot of time on apartments.”

Watt bought an apartment in Las Vegas and Phoenix. In 2018, the company expanded to the Portland and Seattle regions.
Going forward, SR Watt will continue its previous strategy for Watt Properties, aiming to acquire an apartment complex.

2716 Ocean Park in Santa Monica.

“We believe that the housing sector is in line with the company’s core value of creating exciting places and providing quality living experiences,” says Trujillo.
Trujillo has a holistic view of what is happening in the organization.

“It was a process based on the coordination of the newly organized company,” Trujillo said. “There are many transitions, such as running real estate, migrating to SR Watts, moving forward, and so on.”
She is also finding new dynamics running new entities.
“Money stops with you,” she said. “We used to have a large team, but now we’re working with colleagues in the industry. That was a change.”