From her spacious office space in Santa Monica, Courtney Trujillo, president of SR Watt Co., oversees a 1.1-million-square-foot portfolio of retail, multifamily and office buildings in California and Oregon.
“For me, it’s about these opportunities now to create and execute a plan,” Trujillo said. “I have been in this business for 30 years. It’s a very exciting time to be in this business.”
SR Watt is one of five new entities formed from the reorganization of the Watt Cos., a 75-year-old family-owned real estate company.
By the third quarter, the assets of the private company will be divided into five groups of shareholders of the Watt family to manage the combined assets as well as the creation of new business opportunities.
“We are very proud of the Watt Companies team that has built on the legacy of our founder and my grandfather, Ray Watt,” said Nadine Watt, president and CEO of Watt, in a statement. information.
New companies
Trujillo said the decision to split the company into five was made by the main shareholders. On the same subject : 4000 beagles!. The company was split in a way that meets the goals of the shareholders and allows the company to “build a new legacy for the future,” according to the company.
Each new entity will operate a portion of the Watt Companies portfolio, which includes retail, office, industrial and multi-family housing.
“Every company has a mix of retail, industrial, mobile home parks, offices and multi-family,” Trujillo said. “It’s a division in all kinds of goods and all properties.”
Watt Plaza, two office towers covering 900,000 square meters in Century City, is divided into three parts.
In addition to SR Watt Co., new companies formed include Watt Capital Developers, led by Scott Watt; Watt Capital Partners, managed by Nadine Watt; AJ Watt Enterprises Inc., headed by Audra Arbini; and William & Watt Inc., directed by Sadie Williams. Trujillo is not a member of the Watt family.
Trujillo’s SR Watt will operate and manage retail and industrial properties as well as pursue sales-plus plans and other multi-family housing opportunities and sales in key markets on the West Coast.
The company’s new division includes 363,000 square meters of retail space, 466 multi-family units and 140,000 square meters of office space.
One of the company’s first additional projects was to renovate an unused office space in a long-term lease with In-N-Out Burger for a restaurant that 3,280-square-feet in San Clemente.
“This one started when it was under Watt Properties (part of Watt Cos.),” Trujillo said. “We are very excited to be the first In-N-Out in San Clemente. We had an office building that was at the end of its life cycle. The opportunity came up for us to look at a new land lease opportunities.”
Two office buildings were demolished on the site, with new construction across the street from In-N-Out with a completion date of late September.
Shifting strategies
SR Watt is also renovating its headquarters at 2716 Ocean Park in Santa Monica. This may interest you : UCSC alum creates opportunities for transformation in the arts.
Some of the improvements will include modernizing the offices and adding electrical outlets to the parking lot. The goal is to attract new residents.
“We have a lot of garden styles where you don’t have to take an elevator,” Trujillo said. “We have created new lists after the pandemic and businesses are growing and expanding.”
Trujillo also oversees a 20,000-square-foot one-bedroom apartment in Carson and a 38,000-square-foot apartment in Pasadena. It is 100% occupied and there is no problem during the disease.
In multifamily, SR Watt is renovating 90 units in Downey.
“We did a $2.5 million renovation on that property where we added amenities that weren’t there,” Trujillo said. “We’ve added a fitness center, an outdoor barbecue area, a game area and a living area with a fireplace. We wanted to create that outdoor living experience. We also made some renovations inside apartment building as each unit is converted.
