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Amerilife Place I & II - Clearwater, FL

Overview

The objective of the building ownership was to stabilize the recently foreclosed, 146,000sq. ft. multi-building office park, and enhance its value for disposition.

Critical Issue

The objective of the building ownership was to stabilize the recently foreclosed, 146,000sq. ft. multi-building office park, and enhance its value for disposition.  The two largest tenants totaling approximately 25% of the total occupancy recently vacated their offices. Additionally, an extended foreclosure process and resulting deferred maintenance program had created a negative impression in the real estate community.

Action Steps

 Ciminelli immediately implemented an aggressive marketing campaign which included educating the brokerage community and prospective tenants about new property and leasing incentives.  Additionally, our team proactively addressed all deferred maintenance issues instilling confidence in the property's future among existing tenants.

Results

 Ciminelli successfully executed approximately 100,00 sq. ft. of new leasing, increasing occupancy to over 90%.  The property is currently stabilized for disposition at twice the initial value.