02.03.2009 - News Release
Sterling Management Advisors Retained by Family Trust
In 2007, Sterling’s client purchased a 22,500 square foot retail center in Scottsdale, AZ. The property was purchased to provide cash flow for the Trust. At the time of purchase, the center was 100% leased with new long term NNN leases in place. However, by early 2008 the project had lost its biggest tenant (Islands restaurant) as well as a 1,200 square foot shop tenant. This left the center 30% vacant and significantly reduced the cash flow to the Family Trust.
After working with brokers for most of 2008 with no success, the owner hired Sterling Management Advisors to advise the Trust and oversee the marketing and leasing efforts. After assessing the situation, Sterling Management was able to revise the strategy by focusing on the highest quality tenants that could provide the Trust with the most secure cash flow stream. Sterling also evaluated the actual market conditions and was able to provide the owner with more realistic leasing projections and embark on a much more aggressive leasing campaign. Within six weeks of being retained, Sterling was able to secure a letter of intent with a large national restaurant chain to lease the entire 5,500 square foot space vacated by Islands. “
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