Retail space can be difficult to lease and manage. But the owners of the Hanson Commons retail property found that with the right team on their side, they were able to fill their suites. Discover how Premier Commercial Properties commercial real estate agent Rich Lee and property manager Mike Fisher helped Hanson Commons stabilize their book.
Leasing Was in a Sore Spot
When the owners of Hanson Commons approached Rich and Mike, the strip malls were in a sore spot. The out-of-state owners had worked with two other brokers, but neither could increase occupancy rates beyond 60 percent. Plus, their property management team had a difficult time keeping tenants current on rent.
Rich and Mike Turned It Around
When the owners started working with Rich and Mike, it was “like a switch flipped.” Rich took the 60 percent occupancy rate and grew it until the property was completely stabilized. Meanwhile, Mike worked with tenants to catch them up on missed rent payments. Now, the property’s aging report is completely clean.
As Good an Experience As They Could Ask For
When asked about their experience working with Rich and Mike, the Hanson Commons owners had as good an impression and experience with the Premier team as they could ask for.
As out-of-state owners, they were impressed with Rich and Mike’s knowledge of the Twin Cities retail market and considered them advisors. Rich and Mike were true professionals and performed their jobs well, acting with honesty, credibility, and integrity. They understood that the property was a business, and were not afraid to bring issues to the owners as they arose so they could be resolved quickly.
The owners of Hanson Commons would absolutely recommend Rich and Mike to other property owners, and would without question work with them again on other projects in the area.
Posted: March 2020