NICK’S PLAZA

BACKGROUND

In 2012, our Office Management and Leasing Team was hired on by a receiver (court-appointed landlord) who had just been appointed by one of our bank clients, as they were in the process of taking back an 18,000 SF multi-tenant strip center in St. Cloud, Florida.

The property was 66% vacant and was in disrepair from a lack of management on behalf of the prior owner.

SUCCESS POINTS

• FCPG’s Leasing Team got the current tenants on solid lease agreements with longer terms remaining and began the leasing of the vacant spaces as well. A year into stabilization, the bank client finished taking back the property, and decided to list the property for sale. FCPG’s Sales Team listed it for sale and successfully transacted a sale to a local investor. The FCPG Leasing Team was retained by the new owner and succeeded in bringing the property to 100% occupancy, which included a daycare tenant building out the 4,500 SF end-cap which had been left in grey shell condition by the prior owner.
• FCPG’s Property Management team was also retained by the new owner, largely on account of their proven ability to stabilize the asset and work with the tenants in such a way that provided a win-win for them and their businesses as well as Building Ownership.

MORAL OF THE STORY

Stewardship matters! The fact that we have been on this specific assignment for over eight years, through three different ownership changes shows that our team has been able to walk in the shoes of our clients and work toward their Ownership goals as if they were our own. While the bank’s goal was to triage and dispose of the asset, our latest and current client has a legacy/long-term hold play.

Our ability to assess and respond to our clients’ needs, especially when they differ so greatly, enables us to serve them in a way that creates and sustains long-term relationships with our clients and their tenants over the years.