PROVEN PERFORMANCE
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Situation
- Building had numerous deferred maintenance items in need of repair.
- The finishes were outdated and filled with brass accents throughout building.
- The property lacked curb appeal.
- Tenant retention was low, and lease rates were averaging $20.75 per square foot.
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Action
- Deferred maintenance items were prioritized and methodically staged to reduce impact on operating expenses.
- An aggressive capital campaign was put in place to remodel common areas to improve property appearance.
- The landscape was redesigned to create focal points and draw attention to the property and improve curb appeal.
- Through aggressive negotiations on electricity rates and corrective mechanical operations, Stream was able to save $0.74 per square foot on electricity expenses.
Results
- Property rental rates increased to $26.00 per square foot.
- The property sold within 28 months of purchase, ahead of the targeted disposition and above landlord expectations for return on investment.
