Sep 16, 2013
PM REALTY GROUP STRENGTHENS DEVELOPMENT TEAM WITH ADDITION OF THREE NEW DEVELOPMENT EXECUTIVES
DALLAS, TX - PM Realty Group (PMRG), a nationally recognized, full-service commercial real estate firm, today announced that Steven M. Smith, Peter A. Phillips and Chad A. Suitonu have joined PMRG's Dallas Development Team to expand its development reach as well as support its ever-increasing demand for healthcare development; especially in the acute, sub-acute and post-acute care sector, outpatient facilities and medical office buildings.
The new hires are the result of increased momentum within PMRG's medical development team, including the recent completion of two new medical office buildings and several medical developments currently under construction, or in design, valued in excess of $100 million. In addition, the team has been awarded the construction management assignment for Cypresswood Senior Living, an assisted living facility in Houston's Spring submarket. During the first quarter of 2014, PMRG will also commence the development and construction of two new medical office buildings consisting of approximately 50,000 square feet each in the Dallas/Fort Worth metroplex.
In the role of Senior Vice President of Development and Investments, Mr. Smith will oversee the asset management function for PMRG's healthcare division, execute development related initiatives and pursue new development and acquisition opportunities.
Mr. Smith's experience includes over ten years in healthcare development and investments, with Quorum Equities and Edge Realty Partners. Smith comes to PMRG having advised on a broad range of strategic issues, including healthcare/commercial development, joint ventures, merger & acquisitions and the restructuring and divestiture of numerous assets. His assignments have included many profiled companies such as Baylor Healthcare System, Texas Health Resources, Tenet Healthcare Corporation, Yahoo, Target, Starbucks, McDonald's, Neiman Marcus and Costco, representing an aggregate principal amount of over $1 billion. Mr. Smith holds a dual BBA in Finance/International Business from Baylor University.
Peter Phillips assumes the position of Senior Vice President, Development and Construction Services and will oversee the execution of PMRG's healthcare initiatives in the acute/sub-acute hospital sectors, medical office and outpatient facilities. Previously, Mr. Phillips served as Vice President and Director of Construction Management for eight years at HealthCap and its predecessor entity.
During Mr. Phillips prior tenure, he has successfully managed the delivery of 24 healthcare developments, in 12 states, consisting of over one million square feet with collective budgets in excess of $300 million. These projects include general acute care hospitals, inpatient rehabilitation hospitals, skilled nursing facilities, long term acute care hospitals, ambulatory surgery centers, medical office buildings, and assisted living and memory care communities. Mr. Phillips holds a Master of Finance and a Bachelor of Engineering (Civil) from the University of New South Wales, Australia.
Chad Suitonu has joined the PMRG Dallas Development team in the capacity of Development Manager, specifically focused on Healthcare. Mr. Suitonu is responsible for directing and overseeing the development and construction of several PMRG medical developments with current construction budgets exceeding $40,000,000. His primary focus is on project management for ground-up shell construction, retrofits and tenant improvements.
Prior to joining PMRG, Mr. Suitonu spent the last five years working in the Dallas market in a project manager capacity for both Newmark Grubb Knight Frank/Fortis and Turner Construction Company. In addition to his construction experience, Suitonu brings a strong leadership background to PMRG. From 1999-2008, he served as a member of the US Army Corps of Engineers where he last served as a Company Commander in Afghanistan. He holds a B.S. in Operations Research from the United States Military Academy at West Point, NY; a Master's Degree in Public Policy & Administration from the University of Missouri; and an MBA from Southern Methodist University.
"We're extremely pleased and excited to have Smith, Phillips and Suitonu join our development team. We are confident their respective experience and knowledge will maximize both our partners and PMRG's returns in the healthcare sector," said Glen Perkins, EVP/Managing Director at PMRG. "As the U.S. economic recovery continues and we experience increased demand and expansion associated with the Affordable Care Act, these key executives will position our development team and company to enjoy sustained growth in all our real estate endeavors."
PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.