Client
Through an aggressive marketing campaign, Wyse increased the occupancy rate of a distressed industrial park by 75 percent over a two year period, transforming the Portland facility into a safe, stable long term investment for our client, a multigenerational Portland family with a legacy of holding real estate as a diversification tool to offset alternative investment risks in equities and other holdings.Challenge
In 1996, prior to working with Wyse, our client worked with a local developer to buy raw land and develop a 135,000 square foot flex industrial park on the fringe of Portland’s suburbs, on a 100 percent speculative basis. Because of a suboptimal geographic location and deficiencies in the design on the facility, the development failed to attract tenants. In 2000, our client entrusted all real estate management matters to Wyse. At that time, occupancy of the center was below 20 percent following the bankruptcy of the center’s largest tenant.
Solution
Recognizing our client’s long term ownership objectives and focus on cash flow rather than short term gains, Wyse recommended and implemented an aggressive marketing campaign designed to attract new and qualified tenants. Using our knowledge of the marketplace, Wyse increased the center’s exposure in key media and brokerage channels.Results
Within months of implementing the new marketing strategy, leasing activity at the center increased dramatically. Occupancy at the building increased to over 80 percent within 18 months and reached a stabilized occupancy of 95 percent within 24 months.Get the Wyse Report
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