Knocked it Out of the (Business) Park
Challenge
StateStreet Group owns a wide variety of properties, including commercial, self storage, and multi-family communities. In 2021, UCR Properties was tasked with leasing the 220 Business Park in Ridgeland. The 56,000ft complex is comprised of Class B office, with light distribution/flex space with double-door loading on the back side. Multiple spaces have been converted to 50% office, 50% storage/distribution.
Action
We utilized connections to a wider prospect base from previous activity. The NAI GLobal Network also provided leads for local users. Our proactive online marketing strategy targeted prospects in the market and allowed us to push occupancy quickly, attracting a variety of clients with local, regional, and national footprints.
Result
State Street Group had previously worked with 3 different Over the next 20 months, UCR leased 8 vacant suites,taking occupancy from 60% to 80%+ and allowing the client to sell the asset. In March of 2022, we listed this property unpriced and went to contract within 4 weeks. This asset closed in November of 2022 at an 8% cap rate.
UCR Total Transaction Volume: $4.85M
