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Our in-depth experience, proven track record, and myriad skills equip us to tackle virtually any real estate challenge. We've worked on a variety of projects and experiences during our career, and have:
• Merger & Acquisition Support Client’s Challenge – Asset Losing Value My 15 year old project has fallen to a Class B status and is quickly losing occupancy. What should I do? Resolution Sight on Site Principal took over the management and leasing of a 500,000 sf suburban project for a major insurance company. Sight on Site Principal assisted with the planning, design, selection of materials, and financial justification of a $20 million redevelopment and then coordinated the construction activities, management programs, marketing program, relocation of 20 tenants and removal of asbestos in one third of the project. Results Increased occupancy by 15 percentage points and value by over 40%. Project became one of the top buildings in the market. Client’s Challenge – Space Solution We have a large lease expiring in 3 years. Where should we be and what are our options? Resolution Sight on Site evaluated the existing 92,000 sf lease of a Hawaii insurance firm and determined that with it, the tenant had virtually no rights, costs could rise steeply, building problems could not be resolved, and employee dissatisfaction with the environment would lead to significant turnover. Sight on Site reviewed other alternatives for lease, purchase and/or development, valued the existing building, and formed the strategy for the tenant’s approach to its existing lease renewal. Sight on Site interviewed and hired local brokers and oversaw every facet of the renewal. Results Client renewed its lease 2 ½ years early at effectively the current rental rate, gained considerably more rights as a tenant, ensured that the building problems would be resolved, minimized employee turnover, and was able to once again focus on its core business. Client’s Challenge – Operating Efficiencies How can we do more with fewer resources and less money? Resolution A business with facilities totaling 500,000 square feet needed to lower its occupancy costs. Sight on Site carefully assessed operations, reviewed procedures, and interviewed staff members. Sight on Site identified staffing issues, over market contracts, uneconomical purchasing practices, inefficient procedures, and overcommitted capital. Results Sight on Site identified initiatives to save client $300,000/10% annually. Client’s Challenge – Strategic Positioning What do I do with this real estate asset that no longer serves my needs? Resolution The owner of a 125,000 city center project in a major US city needed to sell an asset as quickly as possible. Market conditions had deteriorated and client would lose money if project were sold “as is.” Sight on Site Principal completed selective capital projects, leased vacancy at rates higher than projected, hired a broker, and placed the project on the market. Results Client netted $1 MM and achieved over 13% IRR for unleveraged project only 13 months after acquisition. Client’s Challenge – Merger & Acquisition Support What do I need to do to make sure that the companies I’m putting together will function as one? Resolution Sight on Site Principal managed the integration process by gathering information on the companies’ IT systems, risk management, real estate assets, operating practices and protocols; establishing a timeline; identifying key issues; putting the right employees together; training 800 employees in 3 months; and determining which corporate standards to implement. Results Roadblocks were removed, cost efficiencies were achieved and a smooth running organization was created whose culture and client commitment was clearly communicated to clients and community. Client’s Challenge – Disposition Services We can’t afford to operate this site any longer. How do we convert it into something which will work for us? Resolution A non-profit had a camp site which was no longer economical to operate, as there was too much deferred maintenance to go forward. Sight on Site Principal worked with the client to develop a disposition strategy and managed the process to maximize the sale by putting together a marketing package, identifying potential buyers, negotiating the agreement, and selling the asset. Results The non-profit received $25/35% above their expected value and the sale closed with no contingencies within only four months. Client’s Challenge – Vendor Programs How can we leverage our size and profile to save money for our properties? Resolution Sight on Site Principal identified possible cleaning vendors for a portfolio of properties and negotiated terms and conditions with the selected vendor. Results Properties were able to reduce their cleaning costs on average 10-25% without spending the time to focus on the bid process. Employees were able to focus on the core business of the company. Client’s Challenge – Interim Management How do I keep the client happy until I get new staffing in place? Resolution A real estate company lost a key employee overseeing a 10 MM sf facilities management assignment. Sight on Site stepped in before the employee departed, picked up all operational issues and strategic needs, and handled all day-to-day operations until new management arrived. Sight on Site also began three new programs and assisted in hiring the new team. Results With a temporary human capital replacement, the management assignment never missed a beat and gained new strategies and services. Client’s Challenge – Business Structure How do I need to change the way I do things in light of my growing business? Resolution An entrepreneurial real estate firm went from 4 to 40 properties. Sight on Site Principal revised the company’s organization chart, created new roles, formed a property management group, set up protocols, created a reference book of policies and procedures, developed training programs, and established an employee recognition program. Results Client received a cohesive and consistent strategic approach to how properties were administered and employees performed tasks uniformly across the portfolio with a more direct orientation to value. Client’s Challenge – Interim Capacity How do I staff for a short term need? Resolution Before an entrepreneur purchased a very large portfolio, Sight on Site Principal stepped in to perform due diligence and begin back-end requirements such as hiring permanent staff. Results The client got through an intense short-term time crunch without a long-term economic commitment. Sight on Site offered an efficient way to get top-level expertise on an interim basis. Client’s Challenge – Portfolio Management How do I maximize returns on my real estate portfolio? Resolution Sight on Site implemented a comprehensive administrative review to identify areas which needed improvement, and established training sessions and procedures to overcome deficiencies. Results Through the implementation of plans and programs, Sight on Site Principal exceeded client expectations by raising NOI by 13 percentage points during the first three years on one portfolio. Achieved total returns of over 20% on the largest fund and an overall average of over 11%. |
