Westland Mall
Westland, MI
Private Equity owner was not pleased with the former Management and Leasing Company and made the decision to replace them with SREG.
Transformation By The Numbers
4
Before Takeover
17
Completed
$345
At Takeover
$356
Completed
$5.2M
At Takeover
$5.5M
Completed
New Deals
Within 1yr of Takeover!
Sales PSF
%
Increase
NOI
%
Increase
New Deals
Within 1yr of Takeover!
Before Takeover 4
Completed 17
Sales PSF
%
Increase
At Takeover $345
Completed $356
NOI
%
Increase
At Takeover $5.2M
Completed $5.5M
Transformation Through Leasing
Remodeled and expanded new prototype. Increasing footprint to 9,000 SF from 6,700 SF.
Transformation Highlights
Permanent Leases Completed
Completed 17 Permanent Leases with terms of 7 years or longer totaling 76,000 SF.
Permanent Leases Renewals
Completed 44 permanent lease renewals at the property.
Leasing Highlights
- New deals were completed, including Ulta, Charming Charlies, and Shoe Carnival. All of which were designed with impressive exterior store fronts which serve to energize the shopping center.
- Completed deals with H&M, Journey’s Kids, Hibbett Sports and others.
Sample Mix of New National Tenant Deals by SREG:
Increased Small Shop sales by 6.1%
Increased NOI by 5.6%
Achieved 98% Occupancy
Increased
Specialty Income by 25%
Designed and managed renovations for the entrances of the property – total cost of $500K.
Bid contracts and managed construction on additional $1.5 million of Capital Projects, including roof replacements, loading dock replacement, parking lot repairs, as well as upgrading the lighting package at the mall to LED, creating an equitable ROI.
