The asset management arm of 3 Properties, Confidant Asset Management, led by Senior Director of Asset Management Noah Shaffer, managed and executed a highly successful turnaround of a dilapidated former Dairy Queen.
The asset, located at 9080 Ulmerton Road in Largo Florida, was in disrepair after Dairy Queen vacated. The former and rehabilitated state of the building can be seen in photos below.
Confidant Asset Management fixed the problem
Confidant Asset Management was hired to reposition the property after seven months of vacancy, and began by marketing it to national and regional tenant relationships. Three national brands submitted letters of intent, and an executed lease was in place within five months.
Financial benefits of the Confidant Asset Management engagement
These efforts resulted in an increase of over 36% in net operating income, $600,000 in improvements and build out paid for by the tenant, a 15-year increase in the base lease term, and an increase in guarantor net worth by $5,000,000.
The tenant is also required to report sales and financials to monitor performance.
Before and after photos
3 Properties and Confidant Asset Management
3 Properties is a forward-thinking net lease investment company that offers brokerage, consulting, and asset management. Learn more at 3-properties.com.
Confidant Asset Management strives to prevent periods of vacancy and provide proactive market repositioning to minimize loss of income and maximize return on investment for net lease assets. Learn more at camnetlease.com.