Case Studies

Case Study
By Jessica Furrer / May 23, 2018

Willow Creek Town Center

Client 

LNR Partners

Project Overview

Grocery / drug (shadow) anchored center, anchored by SaveMart and CVS. ProEquity was brought on board in 2012 to manage receivership, leasing, and property management.

The Challenge

The project was over 60% vacant upon takeover with many of the remaining tenants in arrears or near expiration. The center had significant deferred maintenance issues.

The Solution

We implemented a 12- to 18-month leasing and management plan that included local, regional and national tenants. Our campaign was an aggressive combination of networking, cold calling, and advertising.

The Result

We increased occupancy from 60% to 89%, and existing credit tenants were renewed with significant increases. We added several chain (credit) tenants that brought significant value to the property with rents significantly higher than average rents within the project. Net operating income increased by 45% from takeover.

Case Study
By Jessica Furrer / May 23, 2018

Vine Center

Client

LNR Partners

Project Overview

ProEquity took over the project in 2012.  The center, a classic Main Street mixed use project, was in foreclosure on a failed remodel.  The project included a struggling art house movie theatre and a high-end restaurant.

The Challenge

Vacancy was high and previous owner was difficult to work with. Most of the tenants were in arrears.

The Solution

We implemented a short-term leasing plan, coupled by a longer-term stabilization and management plan that included a mark to market approach on new leases, renewals, and the recapturing of operating costs.  We implemented a tenant by tenant evict-and-replace program to back fill the vacancy and ease client concerns, and we set up a cost analysis and renewal program to target renewing tenants’ operating expense baseline recapture rights by the Landlord.

The Result

We did a long term work out and extension of the art house movie theatre, which converted to a dine-in movie theater concept. We brought in Buffalo Wild Wings to backfill a tenant and leased up the remaining office space to 100%.

Case Study
By Jessica Furrer / May 23, 2018

La Borgata at Serrano

Client

LNR Partners

Project Overview

In 2013, ProEquity was requested to replace the existing management and leasing team by LNR Partners after the property had struggled for two years in foreclosure.

The Challenge

The project over 53% vacant with many of the tenants on short-term leases.  The project had significant maintenance and construction defect issues.

The Solution

We implemented a 12-18-month leasing and management plan that focused on regional and local users. Our campaign was an aggressive combination of networking, cold calling, advertising and persistent follow through.

The Result

Occupancy increased from 46.74% to 73.53%.  Coupled with the ongoing implementation of upgrades and maintenance improvements, we renewed both restaurants in the project, successfully securing a destination strategy. We expanded several of the office users in addition to signing numerous other tenants.  We converted the modified gross leases to triple net, significantly increasing the recoverables on the property.

Case Study
By Jessica Furrer / May 23, 2018

Greenhaven Offices

Client

LNR Partners

Project Overview

Two single story office buildings with a total of 13 tenants, including Sutter Medical and other national and local tenants. In 2009, ProEquity stepped in to manage leasing and property management.

The Challenge

The project was over 80% occupied at takeover. Although the occupancy had been retained, only approximately 50% of the tenants were paying rent.  Ownership was initiating monthly capital calls to cover, white receiving 30% of stated income.

The Solution

We implemented a short-term leasing plan, coupled by a longer-term stabilization and management plan that included a mark to market approach on new leases, renewals, and the recapturing of operating costs.  Implemented tenant-by-tenant “evict-and-replace” program to back fill the vacancy and ease client concerns, and we set up a cost analysis and renewal program to target renewing tenants’ operating expense baseline recapture rights by the Landlord.

The Result

Within 6 months, we brought in new tenants, all local and many unrepresented by other brokerage firms, increasing occupancy to 95% over a 3-year period with all tenants current. We renewed approximately 30% of rent roll, increasing recoveries by 20%.