Opportunistic Midwest Real Estate: Dakota and Madison & Edgewood Properties Preparing for Sale
Opportunistic Midwest Real Estate is a Growth Series Investment. The following update was provided by the property manager:
The property manager agreed to terms on a long term lease with CSL Plasma. This new tenant will occupy a large portion of the property’s remaining vacant space and will increase overall occupancy to 94%. Additionally, they executed a purchase and sale agreement for part of the parking lot with Kroger who plans to install a fuel station on the pad site in late 2016. The CSL Plasma lease sets this property up for a profitable sale in the near term.
As future occupancy is uncertain for a substantial current tenant, the property manager has enlisted a broker to market the space in the event the tenant decides to vacate at the end of their term (July 2017). This presents a good opportunity to either keep this tenant at the property or replace them with a tenant of equal or better quality. The property will be sold as soon as there is resolution on this tenant's renewal
Northwest Crossing—Garland, TX Negotiations with the tobacco store tenant to move into a larger suite has begun, allowing the tenant to sell beer and wine. Per city code, the tenant must occupy a minimum of 1,000 SF to obtain the necessary permit to do this. The property manager continues to pursue suitable tenants for the remaining three vacancies.
Century Plaza — Lisle, IL Pursuant to the business plan for the property, the property manager completed landscaping improvements providing more visibility to the Plaza's pylon sign. Dunkin Donuts opened for business and it is expected that the additional customer traffic will benefit leasing efforts as well as current tenants.