Case Study

Turtle Crossing

Retail - Property Management

Property

Turtle Crossing
Wiles Road & N. State Road 7
Coral Springs, FL 33067

Property Overview

Type: Retail - Power Center
Size: 255,927 SF
Anchors: Super Target, All Pets Emporium

Assignment Overview

  • Sansone Group assumed the management of Turtle Crossing on September 1, 2012.
  • The property owner terminated the contract with existing management company due to the fact the property was in declining property condition.
  • Sansone Group, through standard transition policies and procedures, implemented an effective transition.

Result

  • Sansone Group conducted weekly property inspections resulting in improved physical appearance and curb appeal.
  • Sansone Group addressed pending landscape violations, bringing the property into compliance with the City of Coral Springs, without any assessment of fines.
  • Sansone Group addressed fire department violations which were incurring daily fines. The violations were corrected within seven days of Sansone Group assuming management. Property Manager met with the Special Magistrate Board of Coral Springs and was successful in negotiating a reduction of prior assessed fines by 75%.
  • All leases were abstracted and all Tenant accounts were reviewed. It was determined that many Tenants were not being billed for management fees and administrative costs as allowed per the Lease. Each account was adjusted and this resulted in additional income to the Owner.
  • Sansone Group performed an audit of all electrical and water accounts billed to the property. Several accounts were the responsibility of the Tenants and the Neighborhood Association and were incorrectly being paid by the Landlord. This audit resulted in an annual reduction in the property’s utilities expense of $17,000.
  • Target had not paid annual CAM reconciliation billings for the years of 2009, 2010, and 2011 due to open questions that had not been addressed by the former manager. Sansone Group responded to Target and resolved issues relating to all prior year billings within the first 60 days of assuming management resulting in recovery of over $8,000 from Target.
  • CAM expenses were reduced from $13.77 to $11.85 psf.