Listen to this articleBelow is our recent interview with Jim Diamond, CEO and Bill Diamond, President of Diamond Properties:
Q: Could you provide our readers with a brief introduction Diamond Properties?
A: Diamond Properties is a commercial real estate business located in New York that focuses on the acquisition of commercial properties with potential for substantial improvement through hands-on property management, market repositioning, and capital upgrades.
Since Diamond Properties was founded in 1993, we have acquired in excess of 70 properties, including office, medical, industrial, retail, entertainment, self- storage, residential, lodging, and land, in 7 states, and currently own in excess of 60 of those properties, totaling in excess of 11 million square feet. In additional to development and leasing, Diamond Properties is committed to playing a positive civic and environmental role in the communities in which we operate. One of our many initiatives has been the large- scale rollout of solar power on the roofs of 7 of our buildings thus far, exceeding 7 megawatts of generating capacity produced by 24,063 solar panels. Two of the largest rooftop solar systems in New York State are our properties.
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Q: You’ve recently announced the grand opening of Grand Prix Orange County Racing and Entertainment; tell us something more?
A: Located in Newburgh, NY, in what is commonly known as the Orange County Chopper building, the iconic the 90,000-square foot building which serves as OCC’s headquarters will feature indoor go- kart racing, a large redemption arcade, laser tag arena, escape rooms, virtual reality, and more in partnership with Diamond Properties. Grand Prix Orange County is the newest entertainment enterprise to be added to the Diamond Properties’ portfolio—joining eleven other Family Entertainment Centers (FEC). Growing in popularity across the country, FECs offer an incredible opportunity for families to enjoy a myriad of experience-driven activities. The venue will also serve as an event space for corporate events, team building, summer racing camps, children’s parties, and more. “We are very excited to add Grand Prix Orange County to our portfolio,” says Bill Diamond, President of Diamond Properties and CEO of Grand Prix Orange Country Racing and Entertainment. “Transforming this property into an entertainment center will certainly bring this area of Newburgh and the surrounding communities a new outlet for family fun. We are confident that combining our knowledge of go karting, escape rooms, laser tag, and arcades together with the excitement and branding of Orange County Choppers and Paul Teutul Sr. will create a winning combination.” In addition to being the world’s most famous custom bike builders, and a world destination, the team at Orange County Choppers recently premiered the revival of their reality television series American Choppers on The Discovery Channel. “We are excited for this new chapter in our building’s history. With Diamond Properties and the team at Grand Prix Orange County at the helm, our community is going to have a fantastic outlet for entertainment and family fun,” says Paul Teutul, Owner of Orange County Choppers.
Q: What are your areas of expertise?
A: While our main focus in real estate, we have also run successful operating businesses in a number of verticals, including technology, electronic manufacturing, self storage and entertainment. Generally, we focus on adding value through repositioning and re-building assets and/or businesses. Our focus is on long term investing and continual improvement to our operations.
Q: Can you tell us something more about Diamond Hospitality Group, your subsidiary?
A: Founded in 2007, Diamond Hospitality Group is a fully owned entertainment and recreational subsidiary of Diamond Properties. Focused primarily on family entertainment centers, specialty lodging and event planning, DHG is a growing and diverse portfolio of hospitality businesses. To date, DHG operates over 20 businesses, eleven of which are event venues with recreational gaming for consumers and businesses alike.
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Q: What are your plans for the future?
A: We hope to continue our expansions, whether this means growing our real estate portfolio or acquiring or building new entertainment properties. We recently purchased the Danbury Ice Arena, a 90,000 square foot multi sheet ice skating facility in Danbury. We plan an extension renovation for that venue. In addition, we have plans for a very exciting entertainment destination in the Hartford area for a property we recently acquired.
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