monterey vista village


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Value-Add Case Study (active)

Monterey Vista Village

The Opportunity

• In Q1 2015 CIRE acquired a 90,672 SF multi-tenant retail asset located on the northwest corner of East Pecos Road and South McQueen Road in Chandler, AZ

• CIRE acquired the asset greatly below replacement cost in comparison to other newly constructed retail assets in the surrounding Phoenix marketplace

• Newer product (2006 construction) with approximately 86% of the vacant suites in second generation (warm shell) condition, minimizing future tenant improvement costs and expediting tenant move-in timelines

• High visibility location on the NWC of Pecos & McQueen with easy access to the Santan Freeway / Loop 202, located just south of the property

Value-Add Strategy

• Prior to close of escrow, CIRE executed a successful modification of the anchor tenant’s lease (representing approx. 33% of the rentable square feet of the project) and achieved:

      -A five (5) year lease extension, increasing the total remaining term to ten (10) years

      -A recapture of CAM (expense) leakage, significantly increasing NOI

      -Additional credit enhancement in the form of a personal guarantee

• Roll-out of an aggressive hands-on leasing strategy for the remaining vacant suites utilizing generous tenant improvement packages and leasing commission incentives

• CIRE will complete an exhaustive audit and overhaul of property level operations to maximize efficiencies, reduce costs and boost cash flows

Property Description

Property Type:
Multi-tenant Retail

Chandler, Arizona

Number of Bldgs:
Five (5)

SF / Acres:
90,672 / 10.47 Acres

Year Built:

Current Occupancy: