The Spectrum Companies is looking to to buy and develop as much as a half billion dollars in commercial and multifamily properties across the Southeast.
Formerly known as Spectrum Properties, the company has appointed Steve McClure, a 13-year veteran of the company, as chief operating officer to lead its new direction and work with senior leaders who built the brand.
"Our vision is to more than double the size of our company and the value of our $1.5 billion portfolio over the next decade – and to continue creating remarkable places that enhance the vitality of communities we serve," said McClure, who previously led the company's residential division.
Spectrum develops, leases, manages and invests in commercial and multifamily property primarily in four communities: Charlotte and Raleigh in North Carolina, Charleston, S.C., and Nashville, Tenn.
As part of its new direction, Spectrum has added Capital Management to its core services, creating its first General Partner fund that will enable Spectrum to undertake as many as a dozen new acquisition and development projects in joint ventures with partner investors.
Spectrum has already leveraged its new investment fund with the purchase of the Roxborough and Morrison office buildings in the heart of Charlotte's dynamic SouthPark area.
"The Spectrum Companies retains all of the qualities that have fueled our success for more than three decades, especially when it comes to client service and building relationships," said Darryl Dewberry, Spectrum's CEO and newly appointed chairman. "At the same time, we are embracing a deeper commitment to buying and developing our own properties, which will help us grow and solidify us as an evergreen company well into the future."
Spectrum's streamlined menu of services – asset management, capital management, development, and contract services – will continue under the established leadership of Jim Dulin, founder; Dewberry, chairman and CEO; McClure, chief operating officer; John Boylan, president of asset management and chief client officer; and Terry Finch, president of contract services.
Spectrum has more than 5 million square feet under management or development, with 1,600 apartments and 23 other commercial projects. Among its premier projects is Charlotte's new Uptown landmark 300 South Tryon, a 25-story office tower with adjacent 18-story Kimpton Hotel, set to open late summer.
Other Spectrum development highlights include The Mint and The Abbey luxury apartment communities in Charlotte, Simmons Park apartment community in Charleston, and Nashville's 5th & Broadway mixed-use development. In the North Carolina Triangle, Spectrum plans a 150,000-square-foot, Class A office building in Cary, and also leases and manages the Wells Fargo Capitol Center, a 30-story office tower in Downtown Raleigh.
"We are delighted to welcome a new era for Spectrum," McClure said. "Our investment fund is the first of many and will open significant growth possibilities for us and our partners. At the same time, we have restructured in a way that will enhance all of our client services and increase the value of our properties."