Revitalizing the Commercial Gem: How Primior revitalized a prestigious glass building into a fully leased commercial hub despite the pandemic challenges.
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The Challenge
A seasoned commercial real estate investor, juggling multiple commercial and office properties in Southern California, needed help stabilizing this key asset during the pandemic as he faced a rapid exodus of tenants. The property, an iconic glass building in the heart of San Gabriel Valley, was experiencing a decline in occupancy, down to 78%.
Primior rose to the challenge and created a comprehensive strategy aimed at maximizing returns while ensuring tenant stability during the unprecedented COVID era.
The Approach
Primior’s first step was to implement a highly refined tenant placement formula that targeted ideal tenants. The property was marketed effectively, listing on various platforms to ensure maximum exposure.
By capitalizing on the property’s distinct features such as its prime location, high visibility, heavy foot traffic, and the prestige of being a unique glass building, Primior was able to attract suitable tenants. Additional incentives such as assigned parking and paid utilities & janitorial services further enhanced the property’s appeal.
Additionally, Primior executed an efficient rent stabilization strategy to retain existing tenants and ensure steady revenue streams during the challenging COVID period.
The Outcome
In less than a year, Primior successfully transformed the once struggling property into a thriving commercial hub. The occupancy rates soared from 78% to a fully leased 100%, in stark contrast to the market average of 30% vacancy.
This case study showcases the power of strategic planning and efficient property management. Primior’s team of experienced real estate professionals have proven their expertise in turning around challenging situations into opportunities, helping both domestic and foreign investors achieve their financial goals even during difficult times.
