Cornerstone at Washington Park
SIZE:240,000 SQ. FT.
ASSIGNMENT TYPE:RECEIVERSHIP SERVICES FACILITY MANAGEMENT
ASSIGNMENT LENGTH:APRIL 2004 – JANUARY 2005
Cornerstone at Washington Park was a receivership property comprised of an office building and a retail shopping center anchored by a Phar-Mor store. Each lease in the shopping center was tied to the occupancy of the major retailor. When Phar-Mor closed, it jeopardized the stability and success of the property.
The property management team implemented an aggressive leasing strategy to secure a new anchor store in the 40,000 square foot Phar-Mor space and lease up the vacant office space. Renewal efforts for existing tenants included face to face negotiations with each tenant to develop and maintain a relationship with each lease holder to ensure stability of the shopping center. After only nine months, the office building’s occupancy went from 20% to 100%, all existing tenants renewed their leases, and Gabrielle Brothers signed a lease as the new anchor store.
THE ADDED VALUE:
Due to Ackermann Group’s due diligence, the owners of Cornerstone at Washington Park were able to turn an expected loss into a healthy profit, netting over $16 million at the time of sale. Ackermann Group’s history, experience, relationships and team provided exceptional value for the owners of Cornerstone at Washington Park.