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Success Stories

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

BACKGROUND
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.

APPROACH
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

PERFORMANCE SUMMARY

  • 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.