Massachusetts Bay Commuter Authority – Lease Market Due Diligence
Lease market due diligence on behalf of the Massachusetts Bay Commuter Authority regarding new facility leasing in Central Massachusetts. Identified select active and closed lease comparables to provide market-based guidance relative to new leases under consideration by the MBCA. Analysis included surveying the market for subject comparables, synthesizing available data, and delivering recommendations to the MBCA within a tight 4 day deadline to meet decision making requirements.Contact MANSARD
Master Planned Community – Northeast Tennessee
Market opportunity analysis for residential master planned community development on a +/-69 acre property in Northeast Tennessee. Identified the optimal development strategy, with market‐based guidance relative to: market depth and absorption potential; achievable price positioning; product mix and phasing; and community amenity program. Real Estate analysis included: regional and local economic and demographic trends and outlook; current and future supply and demand conditions; migration trends, and the site characteristics in the context of the competitive market area to complete the real estate feasibility study. Contact MANSARD
850,000 SF Retail, Office, Industrial Distressed Portfolio Valuation
An $850M private equity fund wanted 283 assets nationally analyzed for a potential acquisition. The problem was that they needed a real estate analysis comprised of market and financial due diligence performed in 21 days so they could arrange their bid. The study allowed for no flexibility on timing. The challenge was tackling 11 assets of over 850,000 SF across New York State on time. MANSARD delivered their analyses, including site visits to each asset, within 21 days allowing the fund to make informed bidding decisions that met their timing and return expectations. Contact MANSARD
99 Threatens to Close 2 Restaurants
Charlie Doe built the 99 Restaurant fortune and his builder kept 2 buildings for his sons. These brothers received a letter from the 99 stating that the two locations they owned were the most expensive leases in the 80+ store portfolio and that if they didn’t reduce the rent, the tenant would close the stores. They were also informed that all of the 99′s landlords had received the same letter. The challenge was to bring light into the 99′s intentions and the status of their leases throughout the portfolio. MANSARD compiled a list of all owners of 99 real estate throughout New England and implemented a pro-active campaign to initiate communication amongst all owners to determine their leasing conditions. After collecting the market leasing data, we advised our clients through a series of negotiations with the 99, culminating in a meeting the the President of the restaurant group and the signing of 2, new 10 year leases worth in excess of $3,000,000.Contact MANSARD
South Texas Feasibility Analysis
Real estate feasibility study for multifamily and mixed-use master planned community development on a +/-100 acre property in South Texas. Our real estate analysis evaluated and quantified the near and long term impact that the economic and demographic impacts of the massive Eagle Ford oil and gas play would have on the site. Incorporated those conclusions to determine the market feasibility and optimal strategy for development at the site. Contact MANSARD
Non-Profit School Threatened by Municipal Auction
The Arlington Children’s Center, a non-profit provider of elementary school education to the greater Arlington, Massachusetts community, faced an uncertain future when they were notified that Town of Arlington was considering a sale of their 30,000 SF facility. The problem was they needed market valuation guidance, negotiation advocacy, and insights into the Town’s economic decision making system. The challenge was developing a proposal strategy that allowed the school to secure the future of its operations and guide the Town into maintaining control of the property while leasing the facility back to The Arlington Children’s Center in a fashion that satisfied Town members and the Town’s municipal bond holders.Contact MANSARD
The Hillman Portfolio
Hillman Realty Trust, a portfolio of industrial/flex assets that are debt free, was generating zero cash flow from its collection of 6 buildings. The problem was that ownership still worked hard to provide tenants with services, maintain 90%+ occupancy levels, and worry about the future of portfolio’s viability. The challenge was to design a 3 year business plan to activate that would reposition each of the assets into positive cash flowing, productive buildings that could be leveraged to allow the owner to free up time, retire, and force value through appreciation. MANSARD conducted a comprehensive financial and market due diligence study of the 80,000 SF of property to build a solution set that mapped HRT’s future with the properties. Our study created millions in additional equity that HRT could realize through a series of small adjustments to the portfolio. Contact MANSARD
250,095 SF Office Building Market & Financial Due Diligence
MANSARD conducted in depth due diligence and valuation services for private equity client considering the acquisition of a $20 million real estate loan secured by a 250,095 SF office building in Syracuse, New York. The problem was that that building was 81% vacant and was on a near term municipal land lease with an expiring TIF package. MANSARD reviewed prior studies and collateral related to the subject property; visited the subject property’ analyzed the rent roll and historical income and expenses; and evaluated the physical and locational attributes of the property in the context of the competitive market. MANSARD advised the private equity client not by buy the asset because the collateral value as at 15% of the face note value and the uncertainties of TIF expiration and future municial land lease terms could expose the client to unnecessary risk.