Case Studies
The following case studies are a representative of JRM Associates Real Estate Advisors, Ltd.’s advanced capabilities in capitalization, leasing and tenant representation, transaction research as well as asset management.
Capitalization
Challenge: Obtain $10 million in equity to support development
of a mixed-used, residential and retail high rise in downtown Evanston,
Illinois
amid capital market perceptions of product over-saturation in the
market.
Results: With plans to develop a downtown high-rise featuring 253
residential units, 150,000 square feet of retail and a 1,600-space
parking garage, developers turned to JRM Associates’ Capital Markets Services
Group to obtain a significant share of the equity required to turn their
development vision into reality. Given prevailing concerns of an over-supplied
market, JRM Associates needed to present the equity investment opportunity
to a broad range of prospective sources. By leveraging the strength of
its existing relationships, JRM Associates succeeded in providing access
to five, qualified equity investors. Of these, two offered competitive
terms to satisfy the developers’ equity requirements.
Tenant Representation and Leasing Services
Challenge: Reconcile a variety of existing lease issues for a leading
auto manufacturer’s Technological Institute on the campus of the
University of Chicago, including a significant, and unexpected, invoice for tenant improvements
on 20,000 square feet of space, pre-existing, and onerous lease obligations
negotiated by a previous manager; whether additional rent provisions should
be passed through as Additional Rent; and opportunities for finding new
home near the U of C campus.
Results: Since it was retained, JRM Associates Real Estate Advisors, Ltd. has established a veteran real estate team to successfully resolve outstanding lease issues, manage ongoing issues and leading the Institute’s
effort to acquire and develop new space on the U of C Campus.
Transaction
Research
Challenge: Evaluate development opportunities for a 775-acre
land acquisition in the Portland, Oregon market.
Results: JRM Associates Real Estate Advisors, Ltd. has split
this complex assignment into multiple phases, incorporating
significant market research through local brokerage, appraisal
and financing
contacts,
the
thorough evaluation of municipal expectations and public
funding possibilities for the site, including gathering input from
economic development officials,
consultation with land planners and prospective architects,
and long-term, future direction of the development plan if
the parcel is acquired.
Challenge: Repositioning of foreclosed Atlanta office center.
Results: Working on behalf of a Midwestern lender that recently foreclosed on a 300,000-square-foot downtown office complex, JRM Associates Real Estate Advisors. Ltd. provided a comprehensive market analysis of the asset, including a thorough study of its potential for redevelopment. JRM Associates prepared complete requests for proposals for the facility’s long-term property management, including its marketing for lease and sale, and supervised selection of the best proposal.
