Multi-Tenant Retail Project Leasing Assignment

Challenges:

The 17,328 sq. ft. two-story retail center known as Yucca Loma Center was built by a local contractor as a personal investment. Upon listing and selling the property, which was 60% vacant, and representing the investor in a real estate market that was soft we were challenged with very few tenants looking to relocate or small business startups looking for retail and/or office space.  

• Meet the new owner’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 Investor to quickly stabilize a value-add retail center with a WALT of 7 years.