IBJNews

Management contracts help DTM Real Estate push into mainstream

Back to TopCommentsE-mailPrintBookmark and Share

A local commercial real estate firm is adding to its property management and leasing portfolio by focusing on financially distressed properties. And it’s adding diversity to an industry that lacks it.

DTM Real Estate Services LLC landed management and leasing for Fortune Park buildings 5, 6 and 7 in August, about a year after getting the management contract for a 360,000-square-foot portfolio in Park 100.

Ezra_Burdix_mug_REW Ezra Burdix

Ezra Burdix, 51, started DTM 12 years ago after working for First American Title and then operating his own commercial property appraisal business, which did work for local banks, the city and the Indianapolis Airport Authority.

DTM now has 11 employees, including Eric Thompson, formerly with Simon Property Group, who is in charge of property management; and Marvin Murdock, formerly a vice president in the local office of Powers & Sons Construction Co., who heads up the firm’s construction management unit.

A minority-owned-and-operated mainstream commercial real estate firm like DTM is rare here—and in many markets, said Burdix, who is black.

Burdix, who is from northern California, initially was under the impression that the lack of diversity in commercial real estate here was an Indiana problem. But as he began operating in regional and national circles, he discovered the situation is no different in other parts of the country.

“I thought, ‘Wow, how good would it be to develop an avenue that could provide some diversity for this space?' But that fades away when you get into the work," Burdix said. "Now, I look at us as a good, competitive company that happens to be minority.”

DTM’s focus these days has turned to competing for the right to manage and lease properties that have been foreclosed on or landed with lenders via a deed hand-off.

Those contracts, which can last a year or more, can be lucrative for the firm and give DTM an opportunity to build a reputation with bigger commercial real estate firms it interacts with in the process. “It allows us to share our story with a variety of local real estate players,” Burdix said.

Last month, DTM was placed in charge of managing and leasing a trio of Fortune Park buildings northwest of 86th Street and Michigan Road that had been owned by a New Mexico-based partnership.  

CW Capital, a special servicer of commercial debt, picked DTM to manage and lease them. A court then named DTM the receiver. Burdix himself will handle leasing of the buildings, all of which were built in 1984 and 1985.

The largest, a 35,000-square-foot office building, is fully leased. An office flex building with almost 21,000 square feet is completely vacant and the smallest building, at just more than 18,000 square feet, is 70-percent occupied.

Last year, DTM picked up management of a 360,000-square-foot portfolio in Park 100 that had been owned by California-based Blue Real Estate. Leasing is handled by CBRE.

Not all of DTM’s work involves financially distressed properties. It manages 500 Place, a 32,000-square-foot office building at 501 Indiana Ave., and Walker Plaza, a 30,000-square-foot office building at 719 Indiana. Burdix’s goal is for the company to get into property ownership by the end of next year.

The firm also has forged strong relationships with important clients who can attest to the quality of its work.

In the last three years, Key Bank has added 14 branches in the Indianapolis area. The bank’s Cleveland-based commercial real estate group hired DTM to help with site selection, a relationship that eventually led Burdix to work directly with Gary Hentschel, president of the bank’s central Indiana region.

“Ezra has been instrumental in helping us find locations for a number of those branches,” Hentschel said.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am so impressed that the smoking ban FAILED in Kokomo! I might just move to your Awesome city!

  2. way to much breweries being built in indianapolis. its going to be saturated market, if not already. when is enough, enough??

  3. This house is a reminder of Hamilton County history. Its position near the interstate is significant to remember what Hamilton County was before the SUPERBROKERs, Navients, commercial parks, sprawling vinyl villages, and acres of concrete retail showed up. What's truly Wasteful is not reusing a structure that could still be useful. History isn't confined to parks and books.

  4. To compare Connor Prairie or the Zoo to a random old house is a big ridiculous. If it were any where near the level of significance there wouldn't be a major funding gap. Put a big billboard on I-69 funded by the tourism board for people to come visit this old house, and I doubt there would be any takers, since other than age there is no significance whatsoever. Clearly the tax payers of Fishers don't have a significant interest in this project, so PLEASE DON'T USE OUR VALUABLE MONEY. Government money is finite and needs to be utilized for the most efficient and productive purposes. This is far from that.

  5. I only tried it 2x and didn't think much of it both times. With the new apts plus a couple other of new developments on Guilford, I am surprised it didn't get more business. Plus you have a couple of subdivisions across the street from it. I hope Upland can keep it going. Good beer and food plus a neat environment and outdoor seating.

ADVERTISEMENT