Texas Public Employees Association

Clients Goal

• ECR was hired in early 2020 to represent TPEA on the leasing of both assets held by the Association, which were previously internally managed and leased.

• The occupancy and rental income were paramount as it was a leading driver for economically supporting the association and its valued members.  

Challenge

• The challenge shortly out of the gate was managing existing tenant retention while also needing to lease up the remaining vacancies.

• This was occurring during the most unknown and early stages of life with Covid.

Strategy

• ECR principal broker Matt Fain helped navigate and set a marketing and proforma plan alongside association leaders Charlotte Wilson and Ann Bishop.

• The main objective was to retain existing tenants by renewing at increased rates for both assets.

• Likewise, it was imperative to retain tenants at 512 E. 11th as this served as TPEA’s Headquarters, and with the higher percentage owner-user component, this asset and balance sheet correlated to less of a 100% investment level asset which made navigating a low level of third-party vacancy outside of the user footprint even more important.

Results

• 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.