NREV has earned its reputation as one of the best in the leasing business. To maximize a property’s value, quality property management must be linked with a first class leasing program. Peter Monroe has drafted, negotiated, and closed over 400 leases of nearly all commercial real estate product types.
NREV prepares its leasing plan in accordance with the Asset Manager’s Value Plan. NREV works closely with graphic artists and web experts to prepare optimum marketing materials, and distributes them effectively by all methods. NREV cultivates strong relationships with tenant representatives. NREV emphasizes first class leasing signage, and “showability” of vacant units, and the entire project. When a suitable prospect has been identified, NREV obtains a comprehensive lease application, and analyzes credit support, business history, and the prospect’s business plan. Monroe negotiates all leases in close collaboration with the owner of the project.
NREV uses a unique approach to assist all parties in understanding a proposed lease transaction:
• Provides a spreadsheet containing the formulas used to calculate all rents and other tenant financial obligations during the lease term and extensions.
• Prepares an abstract of all key deal points.
• Drafts all leasing documents and assists tenants with space planning and value engineering of tenant improvements. When necessary, NREV will obtain a construction bid so that the owner and Tenant will be able to estimate leasing costs.
Owners and tenants, including their attorneys, have praised this approach as saving legal time, while giving parties the confidence to proceed to lease execution.
After lease execution, NREV provides comprehensive tenant coordination, including construction management of tenant finish, and assisting new tenants with matters ranging from insurance to utility transfers. Several tenants at Northwood Commons have made this point in writing, such as Elizabeth’s Bakery and Café, Cuvee 103, Enterprise Animal Hospital and Northwood Floral. After closing, NREV prepares a final lease abstract, showing a lease’s impact upon a property’s valuation.
The Case Study of Northwood Commons summarizes leasing actions and results. NREV leased and renewed the leases of several businesses with national or regional scope—Craig Duncan (State Farm) Insurance Agency, Wild Birds Unlimited, Nicholas Financial Corporation, H & R Block, Oreck vacuums, Burger Monger and Roth-Sodexo, as well as local tenants of the highest quality. NREV, as property manager and exclusive listing agent, leased or renewed 70% of the property’s square footage. NREV achieved retail occupancy of 100% (an increase from 50%) and Project occupancy of 90% (increased from 60%).