CHALLENGE

Grey Street Properties (GSP Flex, LLC) retained Halakar for brokerage services for their industrial/flex portfolio which spanned Park Fletcher and Park 100 on the city’s west side.  The portfolio consisted of 557,985 square feet of industrial/flex space which was available for lease. At the time we were hired, the portfolio had an occupancy of 76% with 131,359 square feet available for lease.

ACTION

After less than one year of marketing and brokerage efforts, we completed leases and renewals for over 85,000 square feet within the portfolio.

RESULTS

Halakar increased overall occupancy to 87% after less than one year.  After 3 years of our efforts, the average occupancy reached over 92%.  This portfolio had a 13,050 SF vacancy that was filled within a month.  Below is a breakdown of key properties within the portfolio and comparisons:

	OCCUPANCY 2/1/2017	OCCUPANCY    12/1/2017	OCCUPANCY 3/1/2020
PARK FLETCHER BUILDING 11 2040 S Lynhurst Drive	43.8%	76.81%	86.96%
PARK 100 BUILDING 1 8547 – 8587 Zionsville Road	74.29%	88.57%	100%
PARK FLETCHER BUILDING 12 1936 S Lynhurst Drive	76.75%	85.47%	88.37%
PARK FLETCHER BUILDING 17 1810 S Lynhurst Drive	76.69%	80.29%	91.88%
PARK 100 BUILDING 2 8501 – 8543 Zionsville Road	77.86%	100%	88.57%
PARK FLETCHER BUILDING 1 5760 Dividend Drive	100%	100%	100%
PARK FLETCHER BUILDING 3 5710 Dividend Drive	100%	100%	100%