Florida Healthcare Advisory Practice

CASE STUDY TOP MED REALTY LANDLORD REP | 33,151 SF ASSIGNMENT

Michael Feldman was hired on behalf of Top Med Realty to lease the Woolbright Medical Plaza which had suffered from lagging vacancy and poor market placement.

During his oversight we:

• Repositioned the property in the market with broad reaching advertising and promotion. • In 24 months, we successfully converted and re-branded the office complex to a medical office plaza and increased the occupancy from 63% to 93%. • Increased new tenant rental rates by 10% • Created meaningful value with strong equity returns ahead of projections. CHALLENGES The project suffered from a lack of leasing focus and targeted marketing. The tenant mix was not ideal. Ownership needed guidance on positioning and advice on the importance of developing a better referral mix to ensure project success. OUTCOME Completely remodeled the marketing approach to attract tenants from competing buildings nearby and promoted the asset regionally and nationally. With a heavy promotion focused on the referral tenant mix, ample parking and proximity to I-95, we employed a wide approach to reach out to area providers to highlight the location’s centralized positioning with close proximity to three hospital campuses. We secured four new tenants (two of which are NYSE listed). All new leases were 5-10 years at lease rates 8-10% above prior asking levels. Ownership recently sold the property for $334/SF with an initial acquisition price of $166/SF.