COMMERCIAL REAL ESTATE
Office & Retail Property Management
Bradley Company
Commercial Property Management
Services Provided
Full-service
Advisory & Brokerage
Commercial Property Management
Advisory & Brokerage
Commercial Property Management
Statistics
Eight (8) buildings
+20% increased occupancy
+20% increased occupancy
Client
Property Owners, Carmel Office Court
Client
Case Study
Office & Retail Property Management
Carmel, Indiana
Background
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.
Strategy
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.
STRATEGY
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.
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