In 1995, Prudential Real Estate Investors (PREI) downsized its investment management staff and formed strategic alliance relationships with a select group of property management companies. PREI selected Terranomics (the company that is now UCR Asset Services) to handle its retail property portfolio.
Operating out of Dallas and San Francisco, UCR Asset Services took over the management and leasing of a 14-property, 5.7 million square foot retail portfolio spanning nine states, from California to Massachusetts. Property types included enclosed super regional malls, power centers, community centers, grocery anchored neighborhood centers and single-tenant, net leased assets.
UCR Asset Services was instrumental in creating more value for this portfolio and is the only service provider still working for PREI out of the 15 management and leasing companies originally chosen as strategic alliance partners. Today, UCR Asset Services manages and leases three properties for PREI in three states, totaling 1.2 million square feet.
Solutions and Successes
• Completed 1.5 million s.f. of new and renewal leases
• Re-merchandised/redeveloped several assets
• Increased portfolio occupancy from 89% to 97%
• Disposed of 11 assets
• Performed due diligence acquisition services for six assets