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Case Study

More and less, in the right places

The Central Mall properties located in Texarkana, TX, Port Arthur, TX and Lawton, OK are regional, enclosed centers located in secondary/tertiary markets totaling 1.86 million s.f. The client awarded JLL Retail management and leasing services for the properties with the expectation that expenses would be reduced.

Our team focused on major expenses from housekeeping to security.  Everything had been performed under the prior ownership by an in-house staff, and we knew that there was a better way.  Our team developed cost savings programs including converting most support functions to contract services, which resulted in savings of $469,000.

While the cost savings pleased the client, our leasing specialists also developed a strategy to increase revenue. Our efforts resulted in over 64,700 s.f. of space leased, 56,650 s.f. renewed and over 38,500 s.f. of new deals negotiated for the portfolio during an 18-month period including a junior anchor deal. 

To generate additional revenue, we implemented a specialty leasing program by adding national specialty retailers, which resulted in a 45% increase in specialty leasing income.

Our team was successful in increasing the value of the properties through aggressive leasing efforts and controlling expenses, which offset large increases in insurance expense and real estate taxes. 

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