In 2001, UCR Asset Services was selected to manage and lease an 8-property portfolio controlled by Lehman Brothers.
The assets, totaling 2.1 million square feet, were located in six states in the Southwest, Midwest, Northeast and Southeast. Ranging from large power centers to grocery anchored neighborhood centers, the portfolio had long been neglected and needed a strategy for restoration and value enhancement.
UCR Asset Services began an immediate portfolio evaluation and developed strategic plans to quickly restore the physical condition, lease up numerous vacancies, retain existing tenants and dispose of surplus assets. The team implemented several major expenditure projects including parking lot and roof replacements, common area refurbishments, and, in a few cases, redevelopment.
The portfolio was successfully disposed of in 2003 and 2004 to several of the industry’s largest REIT investors with Lehman recouping its original investment in the assets.
Solutions and Successes
• 250,000 s.f. of new and renewal leasing
• Increased portfolio occupancy to over 95%
• Client sold the portfolio and recouped its original investment