Scott Godino and an associate established The Equity Group on Oct. 6, 1980. The company was one of the few commercial real estate brokerage firms at the time in the valley.
“Back in the late 1970s and early 1980s, there were only a handful of brokerage companies that specialized in commercial real estate,” said Godino, CEO of The Equity Group. “It was a very small industry with tremendous opportunities.”
In 1984, Godino joined Interwest Commercial Real Estate Network, which at the time was one of the largest, full-service commercial real estate companies in Las Vegas. He functioned as principal until 1990. From 1988-2004, Godino functioned as the Western real estate manager for Circuit City Stores, Inc. where he was responsible for the acquisition and development of over 400 Circuit City locations totaling more than 13.5 million square feet.
The focus of The Equity Group has changed with the market flooded with bank-owned and distressed properties. In the second quarter of 2010, The Equity Group brokerage division sold six bank-owned properties or loans and has completed transactions with the Federal Deposit Insurance Corporation, Nevada State Bank, Bank of Nevada, LNR Special Servicer and US Bank.
“We see this depressed market as a new opportunity to evolve our company,” said Brendan Keating, principal of The Equity Group. “Given the opportunity to purchase assets at a discount of 70-90 percent of 2005 values, we recently created a distressed real estate equity fund, which is currently in the fundraising stage.”
The fund will utilize cash from qualified investors to purchase local distressed real estate assets on an all-cash or low-leveraged basis Keating said.
In addition to its leasing and investments sales, The Equity Group’s management division has adjusted to the new market.
“This tough economic cycle has put one’s ingenuity into action. It’s fee reductions coupled with longer hours while accommodating the needs of landlords and tenants alike. Regardless, real estate managers are needed whether a property is 100 percent leased or 50 percent vacant,” said Barbara Barron, president and principal of The Equity Group.
The division manages more than 95 properties totaling over 6 million square feet.
“With some property values resetting back to 1980 values, we’re well positioned for the next 30 years of business,” Godino said.