COMMERCIAL REAL ESTATE
Multi-tenant Office/Flex Receivership
Services Provided
Owner Representation
Receivership
Property Management
Asset Disposition
Statistics
Suburban Flex / Office Building
Client
Client
Case Study
11711 North College Avenue
Carmel, IN 46032
Background
Strategy
Results
STRATEGY
During the initial 4 months of this assignment, a comprehensive tenant program was instituted to increase services to the building’s tenants as well as develop a bidding process for standard service contracts designed to lower operating expenses. This resulted in expense reductions of more than 7%. Occupancy at the property was also increased by approximately 4% during this time. These combined initiatives resulted in an improved Net Operating Income of nearly 15%. Subsequently, a national marketing campaign was launched with an aggressive goal of selling the asset in 6 months or less. The property was marketed to a large national investor pool, resulting in significant interest and several offers.
RESULTS
Less than 15 weeks after starting the marketing process, the property was sold to an investor from California for approximately 92% of the offered price. This exceeded the Seller’s expectations for both timing and price. The team was also retained by the new buyer to continue to lease and manage the property.
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