Bradley Company was awarded the management of this property after bidding for the assignment. The property was 59% occupied and consists of 8 buildings with office and retail tenants. The owner’s goal was to increase occupancy and reduce operating expenses.
Office & Retail Property Management
Location
Carmel, Indiana
Property
Office & Retail Property Management
Services
Commercial Management
SOLUTION
Management was challenged with providing a plan to address the concerns in a cost effective and timely manner to meet or exceed the owner’s goals and objectives. The first initiative was to make all vacant spaces presentable to effectively lease the property. Secondly, an evaluation was needed of the operating expenses and condition of all the buildings.
RESULTS
Within 7 months, occupancy increased from 59% to 71%. Also in this short period of time there were several projects that were completed in order to rectify some deferred maintenance issues. The completion of the projects had a positive impact on the tenants and operating expenses were reduced. However, due to unpaid debt service on the property it was assigned to a receiver.
