Case Study: Northwood Commons, retail and office project in Safety Harbor, Florida (CON’T)
10. Preparation for Office Leasing: NREV prepared vacant office spaces for successful showings. It remedied faulty HVAC and electric systems, repaired damage in the vacant spaces, and thoroughly cleaned and “staged†vacant units to be “showroom†ready. 
NREV renovated interior office walkways by re-landscaping interior planters, and adding new benches, potted plants and mailboxes. Entrances were renovated, unattractive wall signs removed; walls repainted; overhead lighting replaced with LED; and an attractive interior tenant directory was designed and installed.
11. Commenced Office Marketing Program: NREV began an aggressive office leasing program by installing an innovative office Tenant leasing signage program, created attractive individual flyers for all vacant suites, which included as-built space plans, and posted quality listings online. Several office (and retail) tenants were attracted to the Project by conversion of the formerly troubled creek area into a wild bird habitat area-visible from all offices and stores backing onto the creek. Two key office prospects, ROTH Sodexo and one of the largest insurance agencies in the Tampa Bay area, Craig Duncan (State Farm) insurance agency were referred by retail tenants. As in the case of the florist, the Craig Duncan agency had been a former tenant at the Project—returning because of the center’s turnaround.
12. Office Tenant Retention Initiative: NREV renewed and extended several office leases, increasing the confidence of office prospects, and motivating existing tenants to encourage office prospects to lease.
13. Leasing/ Renewal Success Metrics: NREV achieved an occupancy rate of 100% in the retail portion and an overall leasing rate of 90% for the Project. NREV renewed or leased 73% of the Project during its 22 month receivership and management period. Projected per square foot rent level goals were met. Retail sales have substantially increased. Average remaining terms of tenants have doubled.
14. Strategic Leasing Decision: The turnaround was enabled by Receiver’s decision to renew the center’s largest office tenant, for two consecutive one year terms, rather than pursue a long term renewal, entailing large tenant finish and leasing costs. This labor-intensive decision was praised by the CEO of such tenant, and provided the necessary operating cash flow to achieve 100% retail occupancy (representing 50% of the Project’s entire value—over $5 million), renovate the office buildings grounds, as well as fund the leasing costs and tenant finish to renew leases, expand tenants and lease the majority of the troubled two story office building.
15. Reporting to Client: Comprehensive reports reconciling financing and cash information, current rent roll, leasing and construction/repair status for 22 consecutive months were followed by a detailed final report and accounting.
