Greenbelt, Maryland
Situation:
Muirkirk Business Center is comprised of two warehouses totaling 114,000 square feet. Possessing an ideal location for distributors in the Baltimore-Washington corridor, that strength was offset by a long-standing history of nagging problems – which included unresponsive management, leaks and water damage, and poor record-keeping.
Tenants threatened to move out and eventually the owner went into foreclosure. The property was sold to a CRC client, which then engaged CRC to cure the warehouses’ ills and repair relations with the tenants.
Approach:
CRC managed an extensive capital improvements program that restored the physical integrity of the building and addressed each tenant’s requirements and property administration records were streamlined and reorganized. CRC re-signed many of the previously unhappy tenants and the remaining space was quickly leased out as well.
Results:
Once CRC had the property fully leased and its administration and systems in order, it then helped the owner refinanced the property. Within two years of the acquisition and new property management and leasing program, Muirkirk Business Center’s value had doubled.
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