Consulting

Over the past five years, malls and shopping centers have been purchased at a record pace. REITs, developers, and private equity investors have been taking advantage of properties that have gone into bankruptcy or have been abandoned by the previous owners. From then until now, the conversation has been that main secondary market centers are in need of new strategies for attracting national retailers, finding quality specialty leasing tenants, and dealing with losses in big box retailers (JCP, Sears, Macy's, etc.).

Through decades of asset repositioning, capital markets activity, hundreds of transactions and extensive industry ties, Herring|Tricom is uniquely positioned for deal sourcing, partnerships, financing and execution, as well as, project repositioning and asset management. These services include:

 

Repositioning & Operations

Tricom Real Estate Group leverages its expertise, strong tenant ties and knowledge to provide repositioning and operational assistance to mall owners.  We take a "deep dive" into operations, tenants and strategy.

  • Leasing
  • Due Diligence
  • Underwriting
  • Investment Strategies
  • Value-add Programs
  • Tenant Negotiations
  • Project Evaluations
  • Performance Reporting
  • Exit Strategies

 

Acquisitions

For our clients seeking to acquire investment properties, Tricom Real Estate Group actively seeks new opportunities that offer significant net operating income potential, high value real estate ownership and/or significant resale value. In order to offer our clients premium investment opportunities, our team performs detailed analysis in the following areas:

  • Market Analysis
  • Competitor Analysis
  • Valuations
  • NOI Potential

Once we have performed the initial analysis and the determination has been made to move forward, we take a deeper look into the feasibility of the acquisition by examining hard cost factors such as:

  • Strategic Planning (Buy Hold vs. Buy Flip)
  • Repurposing
  • Construction Costs
  • Milestones and Deliverables
  • Leasing Strategies
  • Retailer Mix
  • Tenant Support
  • Measurement & Assessment

 

Redevelopment

For clients who have identified properties that have potential, but will require significant redevelopment, our team has more than 30 years of experience in delivering client expectations. Just as with acquisitions, our process begins with an initial analysis to determine the proper redevelopment based on consumer needs, values, and preferences.

  • Market Analysis
  • Competitor Analysis
  • Valuations
  • NOI Potential

Once we determine the best offering for the market, our team moves forward with the following:

  • Strategic Planning (De-mall vs. Repurposing)
  • Usage Comparisons
  • Architectural Design Consultation
  • Construction Estimates
  • Project Financing
  • Deliverables & Timelines
  • Construction Management
  • Leasing Strategies
  • Tenant Support
  • Market Re-entry Strategies

 

Leasing Revenue Optimization

For those of us who have worked with properties that have gone through major redevelopment, we know how easy it is for the reemergence of the property to fall below revenue and occupancy expectations. In response the leasing team reaches out to specialty tenants to fill spaces and stimulate the rent roles, but is that the best strategy?

Statistically speaking, specialty leasing tenants fail at a rate of 60% in the first year due largely to overspending on inventory and build out and under budgeting on marketing and advertising.  When you couple that with limited experience in running a successful business in a center that is trying to reestablish itself and it’s not hard to see how this occurs.  

Our firm has developed a program that focuses on increasing the success rate of specialty leasing tenants by building strategies in the three areas that pose the greatest challenges: business development, marketing, and social media management. This will allow the business owner the opportunity to grow their client base while the center is repositioning and increasing the center ability to charge premium price per square foot as the success of the specialty leasing tenants leads to higher occupancy, increased foot traffic, and greater opportunities for national retailer attraction.

 

Marketing Consultation

How well do you know key customers? More importantly, do you understand their motivations, behaviors, and values? In today’s competitive markets, the better your company understands its customers, the greater the opportunities for financial and marketplace growth. Tricom’s marketing consultations go far beyond simply knowing demographic information about those who populate your center, we help our clients develop market oriented, consumer focused strategies designed to create unique value propositions and deliver solutions to identified needs. Our areas of focus include:

Messaging

  • Content
  • Call to Action
  • Surveys
  • Press Releases

Social Media

  • Trending
  • Brand Management
  • Effective Platform Use
  • Posting Strategies
  • Contests and Promotions

Customer Relationship Management

  • Data Collection
  • Contact Strategies
  • Loyalty Programs
  • Focus Groups
  • Community Engagement

Advertising Campaigns

  • Multi-channel Marketing
  • Medium Analysis
  • Measurement & Assessment
  • Demographic-specific Campaigns