Multi-Tenant Retail Project Leasing Assignment

Challenges:

The 14,328 sq. ft. retail center known as Grand View Plaza was built by a local contractor/developer as a personal investment. Upon winning the assignment we were challenged with securing tenants to fill 40% of RBA that was currently vacant. The retail market at that time  was softening and we were faced with very few tenants looking to relocate or small business startups looking for retail and/or office space.  

• Meet the developer’s requirement to stabilize his investment as per pro-forma and projected lease-up Cap rate.
• Work diligently to retain the current tenants by renewing/extending without any Landlord concessions or lease rate reductions and attract new tenants to fill the vacant space with below market average seller contributed tenant improvements.

Solutions:

Utilizing our personal network and market knowledge, we were able to secure tenants from competing retail centers. Our marketing quickly enabled us to showcase the demographics, benefits and attributes of the new center which made it very attractive and created the incentive to move and pay a higher rental rate.

Results:

• Represented developer to quickly stabilize a value-add retail center with a WALT of 5 years.