CASE STUDY: Industrial Park with 9 Buildings
Moving to Limestone was the best business decision I have made years. My last company just did what I told them, but never offered me quality advice. Brian set me straight and I am making significantly more money as a result.
The Challenge
Occupancy was at a very low 62% and owner did not understand why.
The Limestone Solution
Limestone recognized that asking rent structure was too high for the area and the buildings were poorly maintained. Tenant utility bills were abnormally high because leaks went undetected. Further, several Tenants were out of contract and were month to month well below the local market.
We reduced the general rent asking structure to current market rates, while getting the current tenants on these current terms and long-term contracts.
We invested in improving the condition of the buildings to attract more tenants and keep existing tenants.
The Bottom Line
Occupancy after 12 months is at 82% and is rising. We expect occupancy to be at 90%+ in another 6 months.
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