Steve McClure has been named chief operating officer of the renamed Spectrum Companies as the Charlotte-based firm plans to expand its $1.5 billion real estate portfolio. McClure, 36, is a 13-year veteran of the company, formerly known as Spectrum Properties.
Spectrum develops, leases, manages and invests in commercial and multifamily property in Charlotte, Raleigh, Charleston, S.C. and Nasvhille, Tenn. In Charlotte, it is developing the 25-story 300 South Tryon, one of the first downtown office towers to rise since the recession, and the adjacent, 18-story Kimpton hotel. The office building is set to open this summer.
Spectrum estimates the launch of a new investment fund, its first, will pay for about a dozen major acquisition or development joint ventures. “Our vision is to more than double the size of our company and the value of our $1.5 billion portfolio over the next decade,” McClure said in a statement. He previously led the company’s residential division.
“The Spectrum Companies retains all of the qualities that have fueled our success for more than three decades, especially when it comes to client service and building relationships,” said CEO Darryl Dewberry who was also appointed chairman. “At the same time, we are embracing a deeper commitment to buying and developing our own properties, which will help us grow and solidify us as an evergreen company well into the future.”