From it’s inception in 2000, Washco Companies has become a leading member of the Mid-Atlantic real estate community, distinctive among development firms in our approach to investment, the depth of our expertise and the diversity of our properties. As our history and real estate portfolio illustrate, we have consistently delivered a level of excellence that exceeds the expectations of our tenants and clients.
Whether rehabilitating an underperforming asset or building a mixed-use project from the ground up, we pursue development opportunities that have the potential to create immediate return and long-term value. Our on-going success lies in our diverse real estate portfolio that encompasses shopping centers, apartment communities, mixed-use properties, offices, warehouses, restaurants, high-end residential and undeveloped land. We strongly believe in the time-tested real estate adage, “location … location…location”. You will find our real estate investments to be in either prime locations that infill an existing growth area or in transitional areas that are targeted for growth.
Integral to Washco’s success is the leadership of our principals Mansoor (Manny), Sassan and Adam Shaool along with a dedicated core group of professionals with complementary skills in real estate development, property management, architectural design, new home sales & marketing, and finance. Our principals’ hands-on philosophy and our access to in-house resources bring synergy and efficiency to every step of a project. Our in-house professionals are proficient at navigating zoning laws and meticulous in their attention to the design, construction and leasing of each project. Our understanding of the financial considerations of each deal enables us to make the best decisions about resources needed to ensure the success of our projects over the long run. The level of expertise and individual attention that Washco brings to each of its real estate endeavors creates quality products of enduring value that are positioned to improve with time.
Responding to the challenges of a constantly evolving real estate market requires both the understanding and the ability to anticipate the forces that shape development. It also requires not only the foresight to find and assess a property’s viability, but the resources to execute each step of the development process. We recognize that every development undertaking is unique, so we apply no standard development scheme; we tailor our approach to each project.
We distinguish ourselves by our ability to see opportunity where others do not. Nowhere is this better exemplified than at Rosewood Village, a successful mixed use project. The property was available for sale for many years prior to our acquisition. Our research showed the need for a Planned Urban Development in this area. The Shaools purchased the property and then rezoned the property as a Public Urban Development. Not only is the development a valuable asset today, with nearly 250 high end apartment rentals, a Class “A” office building and 25,000 sq. ft. of retail, the project also includes an additional 30 acres of land for future development of 270 multi family units for sale and an additional 40,000 sq. ft. parcel ready for retail, a service station and bank pad.
Older retail properties need to be continually updated in today’s competitive marketplace. For example, after cost-effectively renovating the 45,000 sq. ft. shopping center of Foxshire Plaza that included a Dunkin Donuts outparcel, revenues increased dramatically and the Foxshire Plaza became an active, successful, viable part of the community. All of this was in accordance with our management team’s reposition plan.
A decade of success in commercial and residential property management has taught us that the ideal manager is an owner, a person with a stake in the results. Washco Management operates only properties in which we have an ownership interest. As owners, we are aggressive about upkeep and preventive maintenance, always trying to anticipate problems before they arise. Our quality service and standards of accountability foster satisfied relationships with our tenants and residents, contributing to high renewal rates and increased property profitability over the long-term.
Washco Managements leasing process utilizes on-site professionals to qualify applicants for residential communities while commercial leasing associates recruit new tenants. Our longstanding reputation in our community also gives us access to talented real estate brokerage firms who help us keep our occupancy levels high. Washco’s commitment to lease to companies and residential tenants of the highest quality ensures that our properties don’t just look good; they are stable and consistently profitable.
Throughout our brief history, Washco’s entreprenesurial spirit has lead to many diverse and successful real estate endeavors. Our skills and resources constantly come into play when contemplating each new venture, including site selection, acquisition, management, revitalization and leasing. This pioneering spirit has allowed us to take our New Homes sales and marketing efforts from solely utilizing outside brokerage firms, to create a new division of New Home Construction in-house. Effective 1/15/09, we hired a seasoned new home professional as VP of Wascho Homes. We strongly feel the timing is perfect to bring this expertise in-house, at the same time we have new product opportunities in the developmental stages. Anticipating residential real estate to begin rebounding in 2010, we will be ready and positioned to be a solid player, in the upcoming market.
Efficiency, accuracy and the ability to manage every aspect of a project in-house exemplifies the high level of service and value Washco Companies bring to each undertaking. To achieve this goal, we have assembled an extremely talented group of in-house professionals in the areas of architectural services, information technology and accounting.
We also believe in community involvement; giving back to the community in which we earn our living. The Shaool family constantly strives to be good neighbors by building strong relationships with local community groups, charities and professional associations. This sense of corporate responsibility is reflected in all of our relationships, whether with clients, financial partners, tenants or neighbors. In addition, by constantly reinvesting capital into our properties, we improve the value of the surrounding neighborhoods. By building strong relationships, we create a network of individuals who are invested in Washco Companies, the community and the future.
Washco Companies is now experiencing and successfully managing our way through the latest real estate cycle. We have witnessed many changes within the industry since the Shaool’s 1st real estate purchase in 1987. Our recognition of this present real estate downturn enabled us to survive and make our company stronger. Our diverse list of successful projects proves our ability to find profitable opportunities under any conditions. We use past experience to ensure our future success.
The diversity of projects that we have successfully completed is a testament to our understanding of the nuances of the real estate market and our expertise in translating possibilities into realities.