PROJECT:
Village Faire
CLIENT:
M.P. Holdings
Identified by Siegel-Gallagher as a potential acquisition target for a sophisticated real estate investor with an expanding retail business, the Village Faire Shopping Center was in disastrous condition. Years of poor management, misguided repair and maintenance and inadequate capital spending had left a deteriorating physical plant, eight different lease forms for eleven tenants and a hard-to-manage rollover schedule.
Knowing the quality of the area demographics and future potential of this centrally-located trade area, Siegel-Gallagher planned short- and long-term investment strategies. Plans included the renovation and repositioning of the building for use by high-quality credit tenants and substantially increasing rentable area.
The successfully implemented acquisition strategy was designed to mitigate downside risk with a strong initial cash flow and maximize total return by nearly doubling the net operating income and dramatically enhancing credit and asset quality.
PROJECT:
The Tannery Urban Business & LivingCenter, Walker's Point (Milwaukee)
CLIENT:
Adaptive Reuse & New Construction
This urban 18 acre, 900,000 square foot, office and residential mixed-use Class B loft conversion project was fully leased within a four and a half year period between 1995 and 1999. Spearheaded by a visionary local developer, Siegel-Gallagher continues to act as the exclusive listing agent for all of the currently developed space and is centrally involved in the pending redevelopment and leasing of an adjoining 20-acre Brownfield campus expansion which will introduce another 300,000 square feet of new Class A office space to the downtown office market beginning in 2003.
PROJECT:
Value Enhancement of Office Complex
CLIENT:
Newporte Square
Conceived in 1987 as the highest-quality office complex in the city of Mequon, Wisconsin, Newporte Square developer Jim Hoffman turned to Siegel-Gallagher ONCOR International to reinvigorate the project after ten years had seen only 50% of the plan completed. Providing both leasing and management expertise, we brought a systems approach to marketing, lease administration, maintenance and construction. Using market requirements as our guide, we assisted in their design of the balance of the development. Early indications are that Mr. Hoffman's original vision will be realized and the market is embracing the product warmly.
PROJECT:
NetzowBusinessCenter
CLIENT:
Netzow Enterprises, LLC
Built and completed in 2000, the Netzow Business Center was developed as a strategic cornerstone to the City of Brookfield's central business district. The 43,000 square foot office building was targeted as a medical office building offering large, concrete floor plates for heavy files and equipment, underground parking and a significant tenant improvement allowance. Netzow Enterprises, LLC retained Siegel-Gallagher ONCOR International to provide leasing, management and construction coordination. In addition, Siegel-Gallagher ONCOR International assisted tenants with patient flow diagrams, space programming, design assistance, and material specifications resulting in a lease-up that exceeded ownership's expectations.
PROJECT:
Value Enhancement of Office Complex
CLIENT:
Executive Center IV
The new owners of Executive Center IV in Brookfield, Wisconsin, selected Siegel-Gallagher ONCOR International to meet the difficult challenge of the impending vacancy of nearly half the floor space in this aging Class B building.
Siegel-Gallagher's Leasing and Management teams seized the opportunity to make meaningful, value-enhancing changes to a dated building. The planned lobby renovation was completely revised, creating a bright, clean, functional and durable public space. Existing tenants and prospects responded favorably against the background of a softening office market. Siegel-Gallagher orchestrated the renewal and expansion of the buildings anchor tenant, a Fortune 50 Company. More importantly, building ownership's pro forma rents increased thereby raising the investment value of the building. Siegel-Gallagher Management Company value-engineered construction of the expansion space, which included the replacement of all the building's mechanical systems.
PROJECT:
Reposition an Under-performing Asset
CLIENT:
Central State Mortgage Company
Part of a local investor's real estate portfolio, the Fairview Building in Wauwatosa, Wisconsin, was not meeting its potential. After evaluating the asset and its place in the sub- market, we saw an opportunity to significantly increase its value and meet the needs of a growing local company. Siegel-Gallagher sold this property to an investment group with the expectation of completely refurbishing it and enhancing its tenant roster.
We created a redevelopment pro-forma based on a scope of work jointly prepared by a local general contractor and Siegel-Gallagher. The plan contemplated a new roof, mechanicals, windows, lobby and common areas, resurfacing the parking areas and landscaping. As part of the transaction, Central States Mortgage Company became the building's anchor tenant.
Siegel-Gallagher also secured financing for the project at highly competitive terms. After two years, the property was operating at approximately 94% occupancy and the investment yield was over 10% above our very attractive forecast pro-forma returns.
PROJECT:
Replacement of Anchor Tenant
CLIENT:
Building Trades United Pension Trust Fund
Building Ownership retained Siegel-Gallagher as its exclusive leasing agent to release approximately 50% of this Class A Elm Grove office property. In addition to leasing the vacant space, our challenge was to mitigate future rollover risk and control tenant improvement costs.
The building's design and floor plan made it attractive to medium and small sized companies. Focused on these prospects, Siegel-Gallagher leased the majority of the building to a national insurance company. Another insurance agency soon followed with the balance of the space being taken by strong local professional firms on long term leases. During this lease up period a short term "as is" lease at premium rents was negotiated to help enhance cash flow.
PROJECT:
Lease-up of Industrial Facility
CLIENT:
New Berlin Plastics
After relocating to a 86,000 square foot build-to-suit facility, New Berlin Plastics decided to lease, rather than sell, their former 40,000 square foot plant in New Berlin, Wisconsin. New Berlin Plastics selected Siegel-Gallagher to find suitable tenants. We advised building ownership on improvements necessary in order to convert the building to multi-tenant occupancy. Within 90 days of the owner's relocation, more than half of the previous facility was leased. Within six months, the entire facility was occupied. Siegel-Gallagher secured tenants that perfectly matched the building's layout, resulting in minimal improvement expense to the owner.
PROJECT:
Industrial Transaction Management
CLIENT:
United Parcel Service
United Parcel Service selected Siegel-Gallagher ONCOR International as its preferred real estate service provider for the state of Wisconsin. Correspondingly, Siegel-Gallagher ONCOR International assists the UPS Real Estate Department with strategic expertise and tactical implementation of corporate real estate directives. At the request of United Parcel Service, Siegel-Gallagher ONCOR International has orchestrated a host of occupancy transactions including this build-to-suit facility for United Parcel Service Worldwide Logistics.
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