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