Palms Connection Shopping Center

30,000 square foot neighborhood retail plaza.

This property had been self-managed and leased by a local owner for a number of years. The objective of the owner was to employ a professional firm to increase occupancy, reduce operating expenses and improve the presentation of the property to enable profitable disposition of the asset.

Ciminelli assumed management and leasing responsibilities in early 2001. Ciminelli was able to significantly improve upon the plaza's presentation by improving the quality of the service contractors and by implementing cost effective improvements to the exterior.

The increased exposure provided by Ciminelli resulted in 100% occupancy. Several expiring leases were renewed at favorable rates to the owner, further stabilizing cash flow.

Operating expenses were reduced through competitive bidding of all services and documented for potential purchasers using Ciminelli's comprehensive reporting systems.

In less than 12 months after assuming leasing and management responsibility, the owner profitably disposed of the property. The owner has since reinvested the proceeds in a larger asset, for which Ciminelli now provides leasing and management services.