REPRESENTATIVE ASSET MANAGMENT PROJECTS
(Selected from lifetime project experience of Principals)

OWNER'S REPRESENTATIVE
151,772 NRA VALUE-ADD OFFICE BUILDING
SUGARLAND, TEXAS

⁠MAJOR INITIATIVES:

Pre-acquisition services:

• Ownership transition: Client acquired property shortly after engagement commencement.

• Review and selection of major vendors.

• Review rent collection processes, initial operating and capital budgeting.

• Identify and hire building engineer.

• Identify deferred maintenance issues.

Re-position office building through upgrades and updates:

• Re-imagine Entry Lobby using cost effective approach with new floor tile and furniture.

• Expand and update conference room (currently 12 seat capacity) into flex space that can function as both a conference room and a training center (30 seat capacity) with wireless screen connectivity and charging ports for each seat.

• Update food vending to Grab n Go and relocate to be adjacent to conference/training room.

• Replace exterior window sealing to restore water proofing and reduce noise intrusion.

• Identify and install interior “storm windows" to effectively abate freeway noise in office suites facing the freeway. The noise abatement resolved an issue imperiling a major tenant the lease renewal.

Recovery from flooding and damage resulting from failure of high-pressure fire line:

Fire line rupture resulted in flooding of the first floor, including all elevators, vertical displacement of the slab with resultant damage to interior partitions, voids under the slab, damage to floor coverings and tenant FFE.

• Deployed the building engineer to remove water and mud from first floor and elevator pits which enabled us to re-open the upper floors of building in less than 24 hours.

• Organized and led team of engineers, consultants and contractors to determine the extent of the damage and formulate recovery strategy. Obtained owner approvals and implemented the recovery plan.

• Created documentation of the recovery costs and negotiated $730k insurance claim settlement amount.

• Coordinated with first floor tenants on timing and nature of recovery work in their suites.

Building operation improvements:

• Rent Collections: Increased timeliness of rent collections through improved process and overcoming notice person/address issues.

• Implemented on-line tenant portal (Yardi Commercial Café) for rent payment, maintenance requests and communications.

• Functional Improvements: Improve function of garage through new expansion joint that remedies water leakage into garage interior.

• Built out 4 spec suites to enhance leasing velocity.

URBAN REDEVELOPMENT/ANCHOR TENANT RELATIONS

PROJECT BACKGROUND:

Entire shopping center was net leased to a regional grocer in 1998.   Ten years later the regional grocer was acquired by a national grocer who then retrofitted the space to accommodate its store.  The national grocer operated its store in the premises for more than twenty years. As the term of the lease neared expiration, the national grocer decided to build a new, larger store in a nearby location. Owner had recently acquired the shopping center.

MAJOR INITIATIVES:

Analysis of property condition and tenant’s performance of its maintenance obligations:

• Performed a comprehensive review of the lease and all related documents, including those related to the national grocer’s acquisition of the regional grocer.

• National architectural, engineering and construction consultant was engaged to provide detail report of the property condition and cost estimates for repairs.

• Correlated the tenant obligations to the property condition report and my own inspection and generated a report of the tenant’s obligations and estimated cost together with photos of documenting the areas and components needing repair.

• Presented report to tenant and initiated discussions of landlord’s expectations.

Visioning redevelopment of the project:

• Created a SketchUp model of the project incorporating the ability to toggle different components on and off thus portraying a range of redevelopment options, including partial demolition to create ground lease pads.

• SketchUp model also provided unit metrics of components which were incorporated into the financial model together with local market unit costs, leasable SF, both existing and proposed remodeling and market rents. Unit metrics and local market unit costs were used to generate extended costs of each component.

• Toggling between the redevelopment options generated redevelopment project costs together with income and expenses and detailed return metrics.