Quad Retail/Professional Center
The Quad Center is centrally located in the city of Federal Way, WA, and offers two distinct asset class opportunities: 1) Neighborhood Retail Center and 2) Professional Center with drive-up parking and street presence. These two components work well together to offer professional services a distinct position on the property with the neighborhood retail driving traffic and awareness.
CONDITION OF ASSET AT TAKEOVER
The property suffered from deferred maintenance and needed capital improvements. Expiring leases and tenants in default had a severe impact on the return.
We negotiated new leases with tenants and started a lease-up initiative to improve and stabilize occupancy. We also structured a project sequence to cure deferred maintenance and created an upgrade schedule for capital improvements
Improvements are underway and we are touring prospective tenants to achieve our goal of high occupancy and low turnover with quality tenants.