Teamwork Creates Asset Value
Teamwork Creates Asset Value
Client
State Pension Plan
Services Provided
Improving Asset Value
TSCG took on the role of operating partner on behalf of a major state pension plan for a 104,000 square foot shopping center anchored by a high-end grocer and two junior anchors. Initially, this property was considered a core return profile asset. However, TSCG’s strategic efforts have successfully elevated it to a core plus return profile, adding significant value along the way.
Challenge
Seizing Opportunity
One of the key moves was identifying a 15,000 square foot unanchored center adjacent to the property, owned by a separate entity. Our team saw the potential for synergy and negotiated the purchase of this adjacent center, integrating it into the overall property. Additionally, we identified a 2.5-acre parcel along the frontage road, owned by a different entity, which had only practical access via our property. TSCG’s leasing team skillfully negotiated the acquisition of this parcel and secured the necessary reciprocal easement agreements with the grocery anchor. This enabled the development of two outparcels on the newly acquired land.
Strategic Actions
Identified Adjacent Property
Negotiated Purchase
Found Another Parcel
Secured Easement Agreements
Results
TSCG's Leasing and Construction Teams Chip In
Currently, lease negotiations are being finalized with two tenants for ground leases on these outparcels. The TSCG Construction Management team will oversee the development of the pad sites, ensuring they meet the specifications outlined in the leases.
In Conclusion
The collaboration between our Asset Management, Property Management, Construction Management, and Leasing teams was key in identifying the optimal tenant mix and maximizing the value of what were once three separately owned properties. Through these efforts, TSCG successfully transformed a core asset into one delivering core plus returns.