In early 2019, a private, out-of-state ownership group purchased Park Forest Business Center to expand their real estate portfolio in to the DFW market. During their early ownership, occupancy was rapidly declining and the ownership group was looking to revamp marketing efforts and leasing strategy. Starting in March of 2020 Jason Finch with Bradford Commercial Real Estate Services were tasked with leasing up Park Forest Business Center which was only 66.7% occupied at the time.
Bradford took over the listing assignment right at the start of COVID-19 and was tasked with leasing a 3-building flex/industrial business park with significant vacancy including several units that were vacant for 12+ months along with increasing the rental rates.
Bradford worked closely with the owners of the property to create a leasing strategy entailing a proactive marketing effort and an enhanced advertising campaign by using their extensive knowledge of the market.
In addition, we collaborated with the ownership group to provide cost effective improvement recommendations for all vacancies.
Lastly, Bradford conducted an aggressive boots-on-the-ground approach to actively speak with, call and personally visit tenants and prospects in the surrounding submarket to showcase the property.
Bradford brought the occupancy to 100% by early 2021 and increased the Net Income nearly 38%.