ECR was hired in early 2020 to represent TPEA on the leasingof both assets held by the Association, which were previouslyinternally managed and leased.
The occupancy and rental income were paramount as it wasa leading driver for economically supporting the associationand its valued members.
The challenge shortly out of the gate was managing existingtenant retention while also needing to lease up theremaining vacancies.
This was occurring during the most unknown and earlystages of life with Covid.
ECR principal broker Matt Fain helped navigate and set amarketing and proforma plan alongside association leadersCharlotte Wilson and Ann Bishop.
The main objective was to retain existing tenants byrenewing at increased rates for both assets.
Likewise, it was imperative to retain tenants at 512 E. 11thas this served as TPEA’s Headquarters, and with the higherpercentage owner-user component, this asset and balancesheet correlated to less of a 100% investment level assetwhich made navigating a low level of third-party vacancyoutside of the user footprint even more important.
At different times in the process, both assets were approved by the Board to take to market for sale.
As a result, Bee Creek was sold at 100% leased to a local investment group for an undisclosed market price.
Most recently, 512 E. 11th street took the same path as TPEA decided the footprint was too large. They wanted to downsize and capitalize on the strong market trends.
The strategy for this property ended up being a bit different as ECR worked to pivot the building more as an owner/user sale. The property was sold in May to a chosen and proven buyer for an undisclosed sum.