case studies

Bardin Professional Center
Office Leasing and Disposition
2304 W. Bardin Road
Grand Prairie, TX 75012

9,358 SF

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Bardin Professional Main

Project Highlights

Property Type

Office Leasing & Disposition

Submarket

Grand Prairie

The Challenge

  • Bardin Professional Center, a two-story, 9,358 square foot, office building located in Grand Prairie, TX had been foreclosed on by Illinois Mutual in Q2 2016.
  • The owner, prior to the foreclosure, occupied 47.00% of the property and was scheduled to vacate within sixty (60) days of Illinois Mutual taking possession of the property.
  • In Q3 2016, Illinois Mutual engaged Bradford Commercial Real Estate Services to stabilize the asset, with the goal of repositioning and selling it.
  • Due to the foreclosure proceedings and financial state of the owner/occupant, the building had several deferred maintenance issues and lacked curb appeal.

The Solution

  • Bradford worked with Illinois Mutual to prioritize deferred maintenance items to reduce impact on operating costs.
  • A capital campaign was put in place to address items that Bradford determined were most critical to the repositioning process.
  • Bradford engaged the few remaining tenants to assess any immediate needs/discuss lease extension and expansion options.
  • Developed a marketing campaign that targeted specific users within a small radius in order to maximize prospect activity and interest.

The Results

  • Within six (6) months of assignment inception, Bradford:
    • Executed 4,468 square feet in lease transactions
    • Increased occupancy from 18.00% to 62.00%
    • Achieved effective rental rates which outpaced the market by 12.00%
  • Within twelve (12) months from inception of the assignment, Bradford:
    • Executed 3,246 square feet in lease transactions
    • Increased occupancy from 62.00% to 82.00%
  • With the asset stabilized and only one small vacancy, Bradford brought the property to market as an investment or owner/user opportunity. Within six (6) months of listing asset for sale, Bradford successfully negotiated a purchase contract with a medical user.
  • 90 days after execution of the purchase contract, the sale closed at a price which exceeded the initial expectations of Illinois Mutual.

The Team

Erik Blais 1

Erik Blais

First Vice President
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