Let's get startedView Properties
In fall 2020, Prudential contacted Foundry for a brokerage and property management RFP for a Publix-anchored plaza in Huntersville, NC.
In the fall of 2020 at the height of the pandemic, Prudential contacted Foundry Commercial to participate in an RFP for both brokerage and property management for an owned Publix-anchored retail asset in Huntersville, N.C. Prudential had owned this center for approximately five years and completed a moderate upgrade of the storefronts, facades, and landscaping. The RFP process was held virtually with all companies and all participants.
Foundry was selected in late November for a January 1, 2021 transition. We successfully transitioned the property through not only remote working, but end of the year “crunch time,” holidays, and vacations. Foundry Commercial’s brokerage, property management, accounting, and lease administration teams worked tirelessly together to make the transition seamless for the client, the tenants, and the vendors.
Within the first six months of being assigned to the project, Foundry accomplished the following:
- 2020 CAM Recoveries that were prepared by the incumbent were re-calculated.
- During that process it was discovered that Publix was underbilled $15K for 2019.
- The 2021 Operating Budget was completed by the incumbent; however, many CAM pools were set up incorrectly and, in fact, three leases were set up using an incorrect GLA
- for the shopping center.
- Accounts Receivables were very high and in six months, most have been cleared, collected, or addressed.
- The utility accounts and roof warranties had never been transferred to Prudential’s ownership entity during the current five-year hold period.
- The asset is currently 100% leased.
Foundry continues to address deferred maintenance, improving operations, and improving the tenant relationships. Prudential has commented at numerous levels in the organization how pleased they are with Foundry’s collective services team.