Falcon Awarded New Asset Management Assignments
Falcon Real Estate is pleased to announce that it has been awarded two new supervisory asset management assignments. With these assignments, Falcon’s asset management portfolio now totals more than 13.5 million square feet of commercial real estate.
The first property, 150 Mount Airy Road, is an attractive, two-story 72,560 square-foot office building located in Basking Ridge, New Jersey. The building was constructed in 1982 and is located on a site of 11 acres. Previously occupied by AT&T, the property is currently vacant. Falcon will recommend and advise ownership on a management and leasing strategy for the property which will include certain repairs and upgrades needed to make the property attractive to potential tenants.
The second property is Embassy Plaza, a 100,073 square foot retail center located in Port Richey, Florida. The center is currently 86% leased to a tenant roster that includes Office Depot, iParty, a movie theater, Longhorn Steakhouse and a Kentucky Fried Chicken fast-food restaurant. The property is located on Highway 19 North, a high-traffic corridor. For this center, Falcon will implement a management and leasing strategy designed to complete certain physical improvements to enhance the property and to upgrade the tenant mix.
“These asset management assignments come to Falcon from an existing client,” commented Scott Sweeney, Executive Vice President of Falcon Real Estate. “We are pleased that our client recognized Falcon’s asset management expertise and efforts on the original assignment and that they had complete confidence to award these new assignments to us.”