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Case Study

Value enhancement: Bold measures for a quick turn

Based on our Retail group’s nationwide experience in increasing property values, client Goldman Sachs asked us to help enhance three under-occupied secondary-market centers the firm wished to sell. Our collaborative team tackled the challenge from many sides with a strategy to reduce major operational expenses such as security and housekeeping, while increasing revenue from tenants. Initiatives included: 

  • Cost reduction brainstorming sessions with property teams, which reduced operating expenses by an average of 8 percent—a $400,000 savings.
  • A major tenant recruiting effort that leased over 238,000 square feet for the three centers over 18 months. We also acted quickly to compensate losses, in one case replacing a major theater chain with a comparable tenant.
  • A specialty leasing program that attracted major national retailers we had worked with elsewhere such as Wilsons Suede and Leather, Hickory Farms and Day by Day Calendars. Specialty leasing income jumped 18 percent, creating new revenue of more than $400,000.
  • Diligent rent collection efforts that reduced delinquencies by more than 44 percent.

The end result: Goldman Sachs has three shopping centers that are not just strong performers, but attractive candidates for potential investors.

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