Successful Retail Building Management
We specialize in Commercial Rentals. Hired to manage a large retail building acquired by a long-time client, Dr. Mary Sawyer, CCIM, Portfolio Property Management faced challenges when the nationally credit-rated tenant announced the shutdown of operations at the location. Despite the vacancy, our team diligently enforced the lease, collecting base rent and all NNN expenses.
Property Maintenance and Asset Protection
Working closely with the tenant, we established Property Maintenance procedures and worked to prevent further decline. Located in a high-traffic commercial zone, we addressed potential issues such as vagrancy, vandalism, and theft by utilizing our in-house maintenance division, ACME Maintenance & Construction Company, for regular porter services, graffiti removal, trash disposal, and quarterly roof inspections.
Commercial & Sub-Leasing Lease Management
A comprehensive marketing plan was executed during construction. A dedicated website for the complex was created, and a resident manager was hired. Recommendations for amenities, parking, and infrastructure were provided. Apartments were advertised before the certificate of occupancy was issued.
Standard Operating Procedure and Operations Protocol
Our commercial leasing department actively marketed the space and collaborated with prospective tenants to occupy the building. Working with another agent hired by the lessee, we explored sub-leasing possibilities and navigated the complexities of the lease agreement. Diligent efforts and constant communication with the investor provided peace of mind during the vacancy period.
Successful Sale and Investor Satisfaction
Fortunately, Portfolio Properties, our brokerage division, located a buyer in need of the specific infrastructure in place. The building was sold for profit, and the investor received all monies due per the lease agreement. Our accounting department reconciled CAM rent quarterly to ensure the collection of additional operating expenses. In the end, the investor walked away happy.