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Success Stories

Retail Shopping Center – Billings, MT

Property Type: Retail Center

Location: Billings, MT

Building SF: 51,486 sq. ft.

Occupancy Increase: from 62% to 91%

Value Created: brought property to 91% occupancy and renewed 100% of expiring leases, resulting in increased NOI of 24%

BACKGROUND

Trigild was first appointed Receiver over the asset in 2014, and in 2015 retained as property manager once the asset was foreclosed upon. The asset is a 51,486 sq. ft. retail shopping center located in Billings, MT. Upon takeover , TJ Maxx was the leading tenant with the two large endcap spaces vacant; totaling 29% of the shopping center.  As Receiver and Manager, Trigild encountered the following challenges:

  • Considerably low occupancy of 62% in addition to three current tenants’ leases approaching expiration
  • Three years of delinquent property taxes
  • Poor curb appeal and a damaged monument entrance sign resulting in slow traffic flow to the shopping center

APPROACH

  • Located in a tertiary market, Trigild aggressively marketed the vacancies and used its relationship with Dollar Tree to successfully lease the largest vacant space in a challenging economy
  • Completed extensive lease audits and effectively renewed expiring leases
  • Researched and communicated tax status with ownership to address delinquent payments
  • Reconstructed and upgraded the monument sign to increase visual interest and drive traffic to the shopping center
  • Improved the landscape surrounding the establishment and resealed and restriped the parking lot to create a well developed space for consumers

PERFORMANCE SUMMARY

  • Increased occupancy by 29% and annual income by 24%
  • Successfully removed delinquency and brought payment to current
  • Increased gross sales for tenants by establishing a convenient entrance with visual attractiveness to increase traffic to the shopping center
  • Reduced expenses and improved operations to positively affect NOI and build value