Services
“Board” the Shopping Center.  
Reviewing all of the project documents is critical to understanding how the Center is supposed to operate. Drake will perform a thorough review of all leases, title work, declarations and other documents that are relevant to understanding the Center. All lease terms and other necessary information will be entered into our Project Management System. We will create operating budgets and forecast estimates for taxes, insurance, common area maintenance and base rents. We will contact all tenants and other relevant parties such as utility providers, declarant and adjacent property owners to verify that all accounts and notices are transferred to our custody. Drake will hire and manage the proper third-party vendors, such as snow removal, trash pick-up and landscape maintenance to serve the Center. After the Center is boarded, Drake will be responsible for tracking all dates and handling all communications. 
 
Physical Inspection.  
Drake will perform a thorough inspection of the property and building to understand the systems associated with the Center, such as irrigation, grease traps, security, lighting and mechanical. Drake will identify any deferred maintenance items and/or capital improvements and suggest strategies for correction. After the inspection, Drake will be responsible for supervising all of the physical maintenance of the Center. 
 
Monthly Management.  
Drake will manage all aspects of the Center on a monthly basis, including: invoicing and collection of rents, communication with tenants, management of property vendors (i.e., snow removal, landscaping and trash pick-up), respond to property maintenance issues and emergencies, reconcile expenses and report back to the Client on a schedule and format of their choice. 
 
Leasing and Marketing.  
Finding tenants and negotiating the proper deal structure is the backbone to increasing NOI and value. Drake takes a very hands-on approach to marketing and leasing. Drake will interview multiple brokerage companies to find the right agent for the Center, negotiate the listing agreement, oversee the creation of the brochure website posting and mass mailing. Drake will manage the broker with weekly meetings, weekly reporting and bi-weekly canvassing of other centers. Drake has very strong relationships with the entire brokerage community and is aware of the activity in the marketplace. 
 
LOI and Lease Negotiation.  
Drake has extensive background in negotiating lease transactions. We negotiate all deals in-house, with our own lease document that has evolved through a decade of transactions. We are careful to confirm that new leases do not conflict with existing uses, exclusives and other covenants. We are also careful to create a lease that minimizes leakage and optimizes the long-term return to the owner. 
 
Design and Construction.  
Market conditions often dictate that landlords have the ability to deliver tenant spaces per the tenant’s requirements. Drake has the experience of constructing over 200 tenant spaces. Drake will scope the tenant’s delivery condition, negotiate a contract with the architect, oversee all entitlements, competitively bid the project to general contractors and oversee the construction of the project. 
 
Disposition.  
Drake has an excellent track record of maximizing value upon the sale of the Center by taking a hands-on, proactive approach to selling. We build impeccable tenant collateral files and due diligence packages. We interview, select and manage the best brokerage firm to handle the sale of the Center. Drake actively markets the Center with the broker and negotiates the deal in-house, on the Drake form contract, which provides excellent protection to the Seller. Drake’s ability to pre-qualify potential buyers, administer due diligence review, intensely manage the financing contingency, manage estoppels, SNDAs and all communication with Buyer, Brokers, Tenants and Lenders. This greatly increases the probability of a closing without having the Center “re-priced” in the final hour. 
 
Receivership.  
Drake’s Director of Property Management has served in the capacity as a court-appointed receiver for several properties in the Denver metropolitan area. Our staff has in-depth knowledge of the receivership process, including securing and maintaining the property, taking control of all revenues, rents and financial reporting, and court reporting. Preserving the Shopping Center value is our priority and we do this by stabilizing operations, cutting costs where possible, negotiating lease renewals and fulfilling all obligations as outlined in the court Order. 
Cost: Determined by the court.