Client: Private Equity Investors/Forty-Two Company

Location: Upper St Clair, PA

Size: 85,000 SF

Property Type: Class B Office

Services: Construction Management, Property Management, Property Marketing and Leasing.

Status: Stabilized

Venture RE was hired at Summerfield to remodel and stabilize the park that had suffer years of neglection and was experiencing tenant flight. At the start of the assignment the park’s occupancy was at 79%. Deferred maintenance had accumulated over a period of 7+ years, resulting in deteriorating facades, collapsing retaining walls, and elevated walkways and bridges on the verge of failing. VRE created and implemented a capital improvement plan that would restore the property to its former condition and a marketing and leasing plan aimed at raising rents and stabilizing occupancy at over 95%. After 26 months, the initial capital improvements have been completed on budget and the occupancy is at 98%, resulting in the highest monthly revenues in the parks history.

Leasing Summary

Our aggressive marketing plan aimed at increasing rent’s and stabilizing occupancy, resulted in a $1.10 PSF increase in average rental rates, as well as an 18% increase in occupancy

Financial Summary

By increasing the Net Operating Income by $201,668.56 per year, VRE has increased the value of Summerfield Commons by an estimated $2,520,857.00 in just over two years.

Construction Summary

During the two years at Summerfield VRE has managed $632,102.74 in Capital Improvements and $558,277.11 in Tenant Improvements. Each capital project was bid out to a minimum of three contractors, for all Tenant Improvements VRE acted as the construction manager utilizing VRE’s network of subcontractors to complete the work.