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Two investors actively looking to growing their portfolio, in an area undergoing gentrification.
We identified two storefronts that together consisted of 6,500 square feet. The market was depressed due to inactivity in the area and walking traffic was slow. We saw this as a great opportunity.
One building had a AAA in place, however they were paying well below market rents. Our pre acquisition pro forma was forecasting a much higher rental rate could be achieved for this location.
With an in-depth knowledge of the local market, we knew that a subway station was to be built directly across the street, meaning the first few years would have some challenges but with long term upside.
We advised the owners to proceed with a conversion of a second floor three bedroom apartment into office space, as this would command a higher rent. The existing main floor tenants lease was to expire and we strategically did not renew, instead Leacroft assisted with acquiring a AAA tenant for a long term lease.
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Client is a syndicate of 3 investors.
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None of the parties wished to be involved with the day-to-day operations.
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A brick and beam office building, 30,000 sq. ft with a 60% vacancy rate.
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Current tenants were paying below market value, many on a month-to-month lease.
Leacroft strategically evicted tenants and increased rental rates to market value. The common areas were renovated. Leacroft dealt with any tenant fit ups and build outs once the spaces were leased. Within 6 months, Leacroft achieved 100% occupancy and became a well managed asset.
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Client was looking to invest in a prime location in downtown Toronto.
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This property was highly sought after and just hit the market.
We advised the client on a pricing strategy and assisted with the offer process. We had a successful outcome, winning the property for our client by beating out 26 other offers. Upon closing, Leacroft cleaned out the space and prepared it for lease. The owners did not want to advertise on MLS and instead wanted a quick resolution. Through our network of contacts and tenants, we were able to secure a AAA tenant for a long term lease, within 14 days.
Leacroft continues to manage the day to day operations for this site, including rent collection, emergency repairs, budgets, tenant management and routine property inspections.
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Client is a busy professional
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Little time to run a real estate investment
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The asset sat vacant and was underperforming
Leacroft was hired
Leacroft was hired and within 3 months, the second floor was renovated and space was divided to maximize the returns. These spaces were leased to a dance studio and office tenant both with long term leases put in place. The main floor was leased to a triple A tenant.
Doubled monthly income and increased property value by over 1 million dollars. Systems were put in place to allow for seamless operation of the asset.
