CIRI has sold its property management company, Pacific Tower Properties Inc. (PTP), to the Alaska real estate development company Pfeffer Development, LLC , owned by Mark Pfeffer.
Until recently, PTP was a wholly owned subsidiary of CIRI Land Development Company and provided commercial real estate management and brokerage services. PTP will continue to provide brokerage services and management of more than 4.5 million square feet of commercial and institutional real estate at more than 55 sites statewide. Although PTP will no longer be a member of the CIRI family of businesses, the management company will remain CIRI’s property manager.
Pfeffer Development is a well-known development group in the Anchorage community that has expanded its business line into property management through the acquisition of PTP. Shea Niebur has been named president and brings extensive experience in real estate, finance and client relations to PTP.
PTP’s long-standing relationships in the community, its dedicated employees and its impressive brand make it a great company that CIRI is proud to have owned. CIRI looks forward to watching PTP continue its growth.
The sale of PTP is characteristic of CIRI’s investment philosophy: CIRI grows its investments, harvests the value that it helped to create, then redeploys the proceeds in new opportunities that deliver long-term growth and value for our shareholders.