RM&D successfully converts a dormant investment into a 100% occupied profitable situation.
In early 2019 when RM&D was awarded the listing to sell Building #700 in the Damonte Parkway Office Park, they knew it would be a challenging project. The well-located business park was older in appearance and Building #700 needed extensive interior renovations. One suite of the building had been vacant for over three years and the sole tenant wished to downsize.
Securing an investor willing to undertake such a project required an expert with advanced commercial property management knowledge and sales experience. With exactly such expertise, Carole Brill diligently completed an accurate and obtainable forecast for prospective buyers by visualizing, analyzing and forecasting the building’s future options and possibilities. She applied her brokerage skills to forecast the Potential Rental Income (PRI) and Return on Investment (ROI) over varying hold periods. Her well-honed property management skills guided her to ensure expenses were in line with the potential ROI.
She then presented the asset to relevant investors and the market.
In July 2019 an educated investor new to the Northern Nevada market purchased the building. Encouraged by Carole’s forecast and predictions, he appointed RM&D as the leasing agents and property management firm.
RM&D called upon its extensive trusted vendor resources for necessary building renovations. An outdated MRI unit was removed and the vacant unit was extensively reconstructed as a modern medical space. The large office area that was too big for the current tenant was downsized, adding two additional units and additional income for the property.
Carole secured the existing tenant for an additional term in a smaller space and leased out the newly renovated medical suite.
She then revamped the forecasts and vision for the building to fill the large remaining section of still-vacant space. To maintain the asset’s integrity, Carole continued to manage and work with the building systems and the business park association. New marketing materials were created for a leasehold situation, only. The vacant units were exposed to the market.
The building is now 100% leased and managed by RM&D.
Challenging projects such as this prove the expertise of RM&D as a one-stop, full-service boutique company. As broker/owner, Carole possesses all skills required to turn a new asset or an existing investment into a profitable situation. Portfolio management is her specialty that drives the company.