Tom Terkel


 February 19, 2009

CENCOR CREATES DIVISION TO DEAL WITH CHALLENGED TEXAS RETAIL PROPERTIES IN AUSTIN, D/FW, HOUSTON AND SAN ANTONIO 

The Weitzman Group/Cencor Realty Services today announced the formation of Cencor Solutions, a focused initiative to provide targeted brokerage and management services to owners of challenged Texas retail properties and to seek investment opportunities by acquiring various assets from lender and investor portfolios, including bank REO portfolios.

Herb Weitzman, chairman and CEO of Weitzman/Cencor, noted that the brokerage, management and development company opened its doors for the first time in 1989, the absolute bottom of the worst downturn the real estate market in Texas had ever seen. He said, "We learned back then how to find opportunities in a down market by combining strategies that focus on the basics while employing tactics different from those employed in more typical times. We are ready to put those lessons learned to work now."

 With that history as a guide, Cencor Solutions is uniquely positioned to create value-enhancing and value-recovery strategies for clients by using extraordinary market and tenant knowledge and decades of experience in the development, leasing and managing of retail properties in Texas’ major markets of Dallas/Fort Worth, Austin, Houston and San Antonio.

“Cencor Solutions offers the experience of Texas’ best team for retail properties to redevelop, re-tenant and re-position challenged retail properties,” said Marshall Mills, president and chief operating officer of Weitzman/Cencor.

Tom Terkel, a veteran executive in Cencor’s Austin’s office, will direct Cencor Solutions. Terkel’s background includes four years practicing law specializing in commercial real estate transactions in the early 1980s, several years as a mortgage banker and extensive property experience during previous market downturns in Texas, including the devastating real estate crash during the late 1980s. Terkel personally handled the re-positioning and enhancement of numerous challenged retail properties during that downturn, as well as during the downturn caused by the recession of the early 2000s.  Most recently, Terkel served as president of Cencor Urban, Cencor’s urban-development division, from 2001 to present. Prior to Cencor Urban, Tom headed Weitzman/Cencor’s Austin office from 1989 until 2001. His experience includes the development or redevelopment of more than 15 retail projects totaling nearly 2 million square feet.

Cencor Solutions will also bring to play the experience of leaders at Cencor Realty Services and The Weitzman Group, who offer a combined experience that dates back to the 1960s.

 

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