During the 2nd half of 2022, 3 buildings (50% of the property) were vacating and the client needed to backfill all 3 buildings quickly with good credit tenants.
The 1st building had a tenant nearly default and it put thelandlord at risk. The 2nd and 3rd buildings were being vacated by a long-term tenant who had worn out the buildings’ interior and exterior.
For the 1st building, ECR recommended a buy-out with the existing tenant while also finding a replacement tenant. ECR’s team completed a virtual tour of the space and reached out to active brokers in the market by phone and email.
For the other 2 buildings, ECR and the client enforced restoration and clean-up language in the tenant’s lease to ensure the tenant would vacate the buildings in an acceptable manner. In addition, ECR worked with the clientto complete spec improvements to the building to be in a position to release them quickly in the market.
Recently, after a 12-year stay, a tenant vacated two of the six buildings. Within days, Jason and Ryan (ECR) were already bringing new tenants to view the spaces. Also very important was that Jason and Ryan were screening the applicants during this hasty period to assure compatibility and viability. Within a few weeks, both buildings were re-leased with quality tenants and at a significantly higher rate. Jason and Ryan provide experienced expertise with a highly personal touch. They are quick to say so if they feel a potential tenant may not be in the best interest of the park. Ryan and Jason have helped me lease a number of buildings previously over several years. I am looking forward to more deals together.
ECR’s leasing team successfully negotiated a buy-out with the tenant in the 1st building and backfilled the space with a growing pickleball company, Recess, who relocated their HQ to Austin. In addition, the lease rate was higher than what was in place with the prior tenant.
For the other 2 buildings, ECR’s leasing team pre-leased one of the two buildings at a rate 16% higher than the prior tenant to a great credit tenant. The other building was leased very quickly to a great tenant at a rate about 25% higher than the prior tenant.