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 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.
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.
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.