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Proven Execution

12 Dupree Drive

Owners + Investors, Lease

Challenge

ECR was hired in January of 2013 to serve as its commercial real estate brokerage firm to provide marketing and leasing services. The ownership had purchased the property in December of 2012 at which time the building had been neglected for years, was performing poorly with no occupancy, and in need of capital improvements both inside and out. The goals of ownership were to restore the property to its former years, lease-up, and hold as a long term investment. The ownership needed to hire an aggressive brokerage team who could bring renovation ideas for improvements, be responsive, and dedicate the time and focus required to lease their space in a short period of time. With the property being overlooked by both brokers and prospects for years as a viable option for owners and clients, ECR was tasked at rolling the project back out to market bringing with it a fresh new look, proactive marketing efforts, and the dedicated attention required.

Strategy

ECR developed a marketing and leasing strategy targeted towards obtaining new tenants for the project and making owners/users in the area aware of the opportunity. The strategy consisted of the following:

  1. Utilized ECR’s in-house marketing resources to create industry-leading marketing materials for the property with an emphasis on the above-standard improvements to the office portion interiors as well as portraying new ownership to the market.
  2. Installed creative property signage along Interstate 35 to create a buzz amongst the building’s high-count traffic area.
    Strategically executed a direct call, email, and internet marketing campaign targeted towards the brokerage community as well as directly to tenant prospects.
  3. Followed up with all leads and opportunities consistently, aggressively, and effectively.
  4. Created and practiced a professional property tour through the project boasting the amenities of the property and highlighting recent improvements.

The ECR team took a very proactive, strategic and creative approach to leasing our property. They helped provide advice and guidance for upgrading the vacancies to create a multi-tenant property that leased up quickly. Further, they achieved rental rates which met our ownership goals with quality tenants.

Results

ECR executed 3 leases at the property totaling 9,156 RSF at 12 Dupree within 4 months of being hired to lease the building. ECR was able to bring the building’s occupancy to 100% in late April of 2014, which had not been done at the building with the previous ownership. During this same period through strategic improvements to the property, ECR managed to increase the lease rates to $ 0.75 PSF for each suite which is above-market rates for the industrial submarket of the Buda/Kyle area.

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