In 1981 a group of real estate professionals headed by our present day CEO, Mr. Fernando Márquez, incorporated Interservice Group, Inc.
IGI began with Retail Stirp Shopping Centers, as Puerto Rico's commercial real estate industry had begun to expand precisely in this area.
Soon to follow was the Office Condominium Buildings, a spin-off of our Island's long established experience with residential condominiums.
In 1984 our CEO and Executive CPM, in partnership with other investors, developed his first shopping center in the Isla Verde tourist zone of the San Juan Metropolitan Area: Plazoleta de Isla Verde; a 34,544 square feet strip.
The first tenants of Plazoleta de Isla Verde included: Ponderosa Steak House, Subway, Baskin Robbins, Burger King, Domino's Pizza, Banco Popular, General Nutrition Center to name a few. Anchored by a 4,540 square feet convenience store, it mantains 50% of its original tenants and has never had an occupancy rate under 97%.
The next important project of the Firm was in 1989: Garden Hills Plaza, a 37,092 square feet strip center. Built in a high density, upper income neighborhood, this project was an immediate success. Its has had 100% occupancy throughout its existence and some of our Isla Verde tenants such as Banco Popular, Taco Maker, and General Nutrition Center expanded by locating in our new venture.
To this day, this strip center boasts a waiting list which includes such tenants as Starbucks, La Hacienda Meat Market, Cold Stone and Farmacias Plaza.
As our projects continued to evolve, so did our staff who were always encouraged by our Executive CPM and CEO to participate in continued education courses available at both the local and national levels with organizations such as: The Institute of Real Estate Management (IREM), The International Council of Shopping Centers (ICSC).
The result is a highly motivated, experienced, and streamlined group of property management professionals whose integrity and reliability have earned the respect of Puerto Rico's commercial investors. In 1992 as the Firm's systems and reputation spread amongst the commercial investment community, we expanded our services into third party management.
A small strip center -Ashford Gallery- in the Condado section of San Juan was our first client. Anchored by a 7-Eleven store, it not only benefited from our systems and staff, but was sought after by some of our initial tenants, such as General Nutrition Center and Banco Popular, all of which are still in occupancy. Between 1995 and 2004, 380,180 square feet were added. The Firm developed six additional shopping centers, and an office building to serve the expanding needs of the San Juan metropolitan area. All have met with success.
The third party management list continued to grow as the Firm added the first office building in 1992: 270 Muñoz Rivera, a 235,000 square feet building with tenants such as: The Xerox Corporation, Lehman Brothers, Citigroup Global Markets, Bear Stearns and Company, West Indies and Grey Advertising Agency, Banco Corfinsura and many other internationally known companies.
A rapid expansion into third party management continued as we added Western Bank Plaza, a 35,000 square feet office retail building, Muñoz Rivera 1130 (First Bank's Service Center Building), Doral Bank Plaza, a 174,000 square feet office building, and other shopping centers, such as San Patricio Town Center, FAO, and CONA became part of our third party portfolio.
In January 2005, IGI becomes the only "Accredited Management Organization" (AMO) by the "Institute of Real Estate Management of the National Association of Realtors" (IREM) of the Caribbean and the Spanish speaking countries.
Of the 1,013,000 square feet managed by Interservice Group, Inc., 39.68% is office buildings and 60.32% is shopping centers. Of this total 36.51% is self owned in partnership with other investors, and 63.49% is owned by third parties.
Building on our experience, our sophisticated state of the art systems (Timberline), and our reputation for integrity in management, we are presently negotiating with other third party commercial investors and are anticipating additional growth in the coming months and years.