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Case Study

Specialty Leasing: Specialty leasing saves the day

Specialty Leasing: Our specialty leasing teams successfully develop and incubate innovative retail uses for short-term tenants, thereby augmenting the property’s tenant mix and generating additional revenue.  Specialty leasing tenants enhance mall occupancy by filling common area locations such as carts and kiosks, as well as vacant in-line stores.                   

With new ownership of the Genessee Valley Center in Flint, Michigan came some unwelcome news for the buyers. The previous owner’s net operating income figures were inflated because its management company had included speculative leasing information.  The new owners quickly engaged our Retail team as leasing and management partner, requesting that we do anything we can to help recover the NOI shortfall as quickly as possible.

After an analysis of the mall’s current operations and tenant mix, we identified specialty leasing as the best opportunity for a quick infusion of additional revenue.  Our regional “specialty specialists” worked aggressively to lease common area units to currently hot retail names, and to keep vacant in-line spaces filled with temporary merchants.  We also reviewed all rental agreements, and increased underpaying tenants to market rates.

Within a year after launching our initiatives, specialty leasing revenue skyrocketed to 40 percent over its original budget.  With this boost, we were able to exceed the original inflated NOI projection, and the happy owners have awarded us perfect scores in client satisfaction surveys ever since.

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