Circumstantial Description Prior to Take Over

• 110,718 square foot neighborhood shopping center.
• Occupancy level at 93%.
• Small shop leases below market rent with month-to-month leases.

Property Business Plan

• Lease up vacant space.
• Position leases for eventual sale of property.
• Increase rental income.
• Reduce operating expenses.

Results

• Reduced operating expenses by 7.5% by renegotiating landscape/exterior maintenance contract and challenging real estate tax appraisal.
• Increased occupancy from 93% to 97% with new long-term leases.
• Increased small shop rental rates by 12.5%.
• Increased property values by 12.5% ($3,800,000 to $4,275,000).