Our approach to real estate investment originated from the early days of Earl Industries, a ship repair company owned by Jerry Miller. This model focused on real estate acquisition and development driven by operational needs. Using the acquired skills and knowledge from the ship repair company growth, Jerry completed subsequent acquisitions of over 120 acres of industrial zoned land for the benefit of external companies. Essentially using that real estate as an incubator program for small developing companies. Since then the Miller Group has expanded geographically and in market sectors. Today, we are focused on active expansion in both client based and speculative real estate ventures.
In a client centered deal, the Miller Group looks for a relationship whereby we utilize our resources to solve the client’s development parameters. These are customers who realize their skills and cash are better preserved to manage their operations and let the experts design and develop their real estate goals. In building on these opportunities, establishing a good relationship is critical to foster trust and a win-win approach. The success of those relationships and ventures usually leads to an on-going expansion of additional opportunities in the future.
In a market speculative investment, a typical deal is one within a geographic area that we understand and where extra value can be achieved. The Miller Group invests in developments where our internal knowledge and resources can be used to enhance the return of capital deployed. The investment strategy is as important as the exit strategy. Under the right circumstances we are not afraid of a long-term hold. Our investments are often singular in approach and when involving partners, our capital is aligned with theirs.
Our development pipeline is internally created as well as advanced through external relationships. Our expertise started in the industrial, office warehouse flex space and has grown into office, single-family residential and retail. Most of our geographic experience is within the Hampton Roads market of Virginia. Our completed projects include over twenty-five developments involving our network of local banks, city economic development offices, lawyers, brokerage communities, landowners, architects, engineers, environmentalists, municipality planning departments and site contractors. This extensive local knowledge and relationship base allows us to quickly access feasibility scenarios for the planned concept and bring the appropriate resources.
Our full-service team of internal companies has substantial experience in financing, governmental approvals, design, site costs, construction costs and asset/lease management. We take pride in utilizing these resources to maximize the potential financial outcome for the development stakeholders. Most importantly is our relationship with our clients and the development team. These relationships are the source of our strength and commitment. Ultimately, the success of the development deal is more than just financial terms, it’s the pride and enjoyment of working together for a common goal.
In most cases, we offer flexible terms for investor participation in a real estate venture. Due to the many differing ways deals come together, we try to organize our terms to meet the development objectives. In instances where more risk is assumed in the delivered outcome, we pursue more upside reward. In other opportunities where the risk is mitigated, we hold ourselves accountable to the execution costs. In both cases we have “skin in the game” and a mentality to ensure investor and developer’s goals are aligned.
The Miller Group focuses on total investment performance. Our asset management team includes financial, property and lease management. Years of financing experience allows us to manage and procure some of the best terms available in the market. In addition, we utilize the collective benefit of the group of individual asset performances to maximize efficiency in each class. This allows us to effectively negotiate operational services and benchmark our progress.
Our current portfolio includes approximately 1.2 million square feet of managed space and more than 220 tenants. The portfolio includes single occupied buildings and multi-tenant properties with an array of clients ranging from foreign entities to tradesmen to the federal government. The team includes managers who can negotiate their own leases or work within the brokerage community. We utilize our own maintenance staff to minimize cost excesses and will bring in trade experts when appropriate.
The team approaches every asset as if they are the owners. From curb appeal, to quality of tenants, to cash flow, nothing is beyond scrutiny. By developing strong relationships and being a local company that engages in sensible solutions to changing requirements, our occupancy rates continually exceed competitive performance.