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Success Stories

Coldwater Retail Centers Portfolio

Property Type: Retail Strip Centers

Location: 19 states throughout the United States

SF: 600,000 SF

# of Buildings: Portfolio o of 37

Occupancy Increase: from 65% to 80%

Value Created: Exceeded initial sales projections by $5 million

BACKGROUND

Trigild was first appointed property manager then Liquidating Trustee for a portfolio of 37 retail centers located in 17 states throughout the U.S. Trigild was tasked with taking over operations of the portfolio, maximizing performance, evaluating the value, and determining highest and best method for liquidation.

Trigild faced numerous challenges:

  • Significant vacancy – 65%
  • Diverse locations in over 25 tertiary markets
  • Challenging leasing and sales environments
  • Mismanagement from the asset and property level
  • Best valuation method, single buyer or multiple buyers

APPROACH

Trigild analyzed each asset from a valuation and leasability standpoint, then undertook the following:

  • Stabilized the portfolio utilizing an aggressive lease up and renewal campaign.
  • Ascertained immediate capital needs and quantified cost.
  • Completed extensive lease audits to ascertain in-place income expectations.
  • Developed and aggressive marketing plan through the use of multiple tiered bid procedure.
  • Aggressively rebid services and contracts to reduce or contain costs

PERFORMANCE SUMMARY

  • Within the first 6 months Trigild reduced lease exposure by 20%
  • Increased occupancy from 65% to 80%
  • Increased expected sales projections by $5 million dollars or 14%