Project Description

THE GATEWAY CENTER

15701 State Road 50, Clermont, FL 34711

BACKGROUND

Our Brokerage team was engaged to lease the 19,124 SF mixed-use property in Clermont, FL after it had stagnated at a 38% vacancy for over 4 years. The client’s clear objective was to lease the property up to stabilized and sell.

The general location was desirable, but there was no proactive leasing being done to draw people’s attention to the property. There was also deferred maintenance and minor repairs that our team coordinated to help better position the project for leasing and disposition. These improvements, combined with a more strategic marketing plan, helped set our Brokerage Team up for success.

SUCCESS POINTS

  • Within 12 months, FCPG brought the property to 100% occupancy through proactive leasing efforts and a revised marketing campaign for the property.
  • In the leasing process, FCPG made major structural changes to the leases themselves as well as strategic adjustments to the lease terms that maximized value, both of which better positioned the property for sale. This included increasing the rentable square footage of the property by making sure to accurately capture core factor according to BOMA standards in the new and renewing leases that had been previously missed. This added extra value to the property that the ownership was not expecting.
  • In 2019, FCPG was asked to sell the property, and did so quickly, realizing a major gain of more than double the acquisition price for the property ownership.

MORAL OF THE STORY

Stewardship Matters! Understanding the owner’s objectives and then focusing in on BOTH executing well and finding additional value where we can shows that we work on projects as if they are our own, not just to get through the next transaction.