GUlf Breeze, FL

The Property

The Property was purchased from a national REIT that was divesting non-strategic assets. While the center was 100% leased and did not have any lease-up “upside”, there were several tenants with expiring leases in the subsequent 18 months. The property had previously been under contract two times to groups who were unable to secure financing. These previous false starts provided the opportunity to purchase the asset at a more favorable price with a quick turnaround.

The Results

All tenants, except one, either negotiated new higher rental rate renewals or exercised in place options. The one tenant that left the center due to poor operating performance was immediately replaced with a higher credit, higher rent tenant. Since its purchase, the property has maintained an average 99% occupancy.