Case Study

Shoppes at Cresthaven

Retail - Property Management

Property

Shoppes at Cresthaven
2601 South Military Trail
West Palm Beach, Florida 33415

Assignment Overview

  • Sansone Group assumed leasing and management of Shoppes at Cresthaven in August of 2008, with an average occupancy of below 50%
  • Owner was seeking experienced group to add value to the Asset by increasing rental rates and occupancy

Key Milestones

  • Improve physical condition and change perception of customers and prospective retailers/tenants
  • Secure national junior anchors that would further increase shopping center traffic and increase level of interest from smaller in-line tenants that would pay higher rents
  • Secure Tenants preferably on a ground lease for outparcel locations
  • Reduce operating expenses

Result

  • Immediately implemented marketing and leasing strategy to improve overall impression of the center, tenant and merchandising mix to create synergy and increase occupancy
  • Increased occupancy from 50% in August 2008 to 85% as of December 2011
  • Secured national junior anchor CitiTrends in 11,440 square feet
  • Secured You Fit Fitness Facility in 15,162 square feet
  • Secured ground lease with McDonalds for the outparcel
  • Negotiated Lease Amendment with Winn Dixie changing prohibitive uses to allow landlord to lease to an educational facility (workout required additional capital improvements to property)
  • Secured lease with Dade Medical College for 38,148 square feet
  • Implemented capital improvements including new roof, new exterior parking lot lighting (increasing overall foot candles from 2 foot candles to an average of 5 toot candles), parking lot renovations (increasing parking by nearly 10%) and developed new pylon signage
  • Negotiated relocation of tenants with extended term to accommodate Lease for an additional junior anchor, Dollar Tree, in 11,000 square feet which will bring shopping center to 94% leased
  • Completed installation of new landscaping and painted shopping center to improve curb appeal
  • Reduced operating expense, including significant reduction in real estate taxes from $9.83 per square foot to $5.51 per square foo