Atrium at Empire Lakes
Property Type: Class B office building
Location: Rancho Cucamonga, CA
SF: 392,000 sf
# of Units: Multi-Tenant
Value Created: Created more than $40 million of value recognized in successful sale
When Trigild was appointed in April 2012, Atrium at Empire Lakes was an asset in trouble. Just 42% occupied with high operating costs and an active lawsuit from a neighboring property, Atrium needed expert asset management to create value prior to marketing it for sale.
Trigild implemented a multi-faceted strategy to maximize return to the client:
- Hands-on asset management focused on creating value through aggressive leasing activity
- Targeted property management to improve efficiency and reduce expenses in order to improve NOI
- Expert legal and real estate knowledge to resolve active litigation with neighboring property
- Aggressive marketing and transaction management of for Sale
- Within 120 days Trigild secured a signed LOI with major regional tenant for 232,176 sf (15 year term/market rate deal); Trigild led lease negotiation and had signed lease within 3 weeks, including court and tenant board approval.
- Renewed/expanded existing tenants for an additional 85,707 sf.
- Managed over $10 million dollars of Tenant Improvements; on time and on budget.
- Reduced expenses and improved operations to positively affect NOI and building value.
- Negotiated settlement agreement to avoid costly relocation of utilities and resolve litigation with neighboring property owner.
- Following a nationwide marketing program, Trigild negotiated a purchase price 13% over broker generated offers, resulting in a $6 million increase to the bottom line. Closed $50 million transaction on time with no re-trades.