Vintage Place & Smokey Point Purchase

Vintage Place Update:

As of Wednesday 3/26/14, we officially own Vintage Place through Vintage Place, LLC. We have signed a property management contract with the current management company and working with them on leasing as well. We are currently working through the lease negotiation with H&R Block. The negotiation has been slightly delayed due to being heavy tax season for them. We did received comments back from them on the lease on Friday 3/28 and are in the process of reviewing the changes. We hope to have this lease finalized in the next 1-2 weeks.

We will not be retaining the leasing team the bank was working with at the property. We are currently working with our property management team on leasing H&R Block as well as talking with Subway. We are looking at several options in the meantime and will settle on a final leasing team in the next week or two.

We will begin to work with our leasing agent to ensure they are sending out notices into the brokerage community that the building is now in private ownership and that we are motivated to fill spaces. We believe by marketing the spaces correctly, we can continue to see additional interest in the location.

Smokey Point Update:

The management team signed on our closing documents on Thursday 3/27/14 and we will be closing on the property on 3/31/4 once the seller signs. In the last week, we have received some interest from a consignment shop on leasing an 1100 sq. ft. space in the property. We are early in the conversation, but it is encouraging to see interest in the space so quickly.

We are retaining the leasing agency for the Smokey Point property. The Smokey Point property has had a strong historical leasing history and the current management team has been managing and leasing the project for a long period of time. We will closely monitor the leasing team to ensure we are receiving the highest quality service. We expect the leasing agency to reach out into the community and we will ensure other brokers in the community understand we are willing pay tenant improvement and work with tenants to fill the remaining vacancies in our property.