Satsuma Business Park: Occupancy Rate Increased 70%
At Capital Realty Group, our advisors are dedicated to the Houston and Denver commercial real estate markets. Integral to this commitment are our work-out and value-add services, where we deliver the highest level of results for clients with our hands-on approach. Our advisors can take the stress off your team when dealing with a distressed property with a comprehensive work-out strategy to help add value to any property.
Satsuma Business Park Transformation
Back in 2011, Satsuma Business Park was a distressed 59,000-square-foot heavy industrial complex. When Capital Realty Group was invited to take on the leasing assignment for the space, the property consisted of three industrial buildings and a small residence, but aside from one tenant—the owner—the property was vacant. This tenant was consolidating into a smaller portion of the space and wanted Capital Realty Group to backfill the rest of the property.
The manufacturing building was heavily laden with dust and compounds that made the floor uneven and the interior of the building dirty. Due to the extent of clean-up and disposition of materials, equipment and debris, the project had to be performed in phases to clear out space and make it ready for tenants.
Income Generation for the Short and Long Term
Since it was important to begin generating income as soon as possible, the team at Capital Realty Group looked at short-term tenants who could take advantage of the open space without significant redesign. Simultaneously, they managed renovations and clean-up of the other portions of the space. From February 2012 to June 2013, Capital Realty Group worked with the owner, giving direction and guidance, to increase occupancy from 26.9% to 100% in just 18 months.
“Brant had saved us from a disastrous situation by setting out a plan to lease the project with minimal costs, maximizing the lease rates. He worked with our lender setting out a plan and timeline to get the property leased. His focus, dedication and knowledge of how to turn the property from a cash drain to cash-flowing property is remarkable! Thank you!”
How to Use This Information
Call Capital Realty Group if you have a Denver or Houston commercial property that needs work-out and value-add services. You can reach our Houston office at 713-452-9000, the Denver office at 303-573-0377 or contact us online to let us know how we can support your commercial real estate needs.
Tell us about your goals to renovate a distressed property.
Categorized in: REAL-Ized Visions
This post was written by Capital Realty