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SREG and Santa Fe Place, Making of a Place. An interview with Carmen Spinoso.

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.

Leased a long-standing double-vacancy space to Charming Charlie; a fully remodeled interior and expanded footprint, with an exterior facade and entrance.

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%

N

Designed and managed renovations for the entrances of the property – total cost of $500K.

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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.

SREG's Insight, Expertise & Experience

Find out how SREG's unparalleled level of service, unprecedented expertise, and in-depth industry insight can transform your assets and create significant real estate value.

Article Topics: NOI Increase
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Your privacy is extremely important to us. We will not share, sell or distribute your information outside our company.

At Spinoso Real Estate Group, we maximize the value each property we work on through aggressive Leasing: Increasing Occupancy and Improving NOI and driving Mall Sales Performance

Every aspect of our organization, every department, and every member of our team is highly valued ? and critically important.?

Whether a direct member of the Leasing Department, or through involvement in another functional area, as a team we contribute to exceeding our clients and partners expectations, and directly ? or indirectly ? help to support the leasing effort.?Leasing+ is an integral part of our culture and company?s ?DNA?

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