Advisory Services for a Complex Investment Sector
We are in the midst of significant paradigm shifts within the real estate industry. The ramifications of these changes have been dramatic and have impacted retailers, shopping center operators, owners and investors alike. To be sure, owning and operating shopping centers is extremely complex, even for large and well capitalized publicly traded firms dedicated solely to the retail sector. This challenge can prove even more daunting for firms which have limited major retail experience, smaller portfolios or a constrained internal resource of qualified expertise. Meritage was founded on the core principle of providing independent, unbiased retail expertise and is uniquely suited to bridge this gap for its clients. Each Meritage Founding Member has over 25 years of industry experience spanning all aspects of of the investment life cycle. Our Team has enjoyed a long and collaborative history of working together with industry 'best-in-class' owners, developers and investors.. We have been directly involved in the investment management of large format retail projects valued in excess of $7 billion dollars.
Our primary goal is to provide a superior level of value add service. As a boutique firm, we customize our services to meet client's specific objectives and needs. Listed below is a summary of our core areas of expertise. Our services can cover the entire real estate life cycle ranging from specialized independent advisory projects to ongoing asset management and/or operating responsibilities.
Specific examples include:
Strategic Vision
Fundamental to driving asset value enhancement and preservation is developing a strategic vision that identifies key objectives and goals. We bring our expert understanding of the retail investment industry as we work collaboratively with clients to ensure the strategic vision is aligned with their investment objectives. We provide extended services to transition from vision to implementation of an actionable strategic plan.
Acquisition / Disposition
Our depth of expertise allows us to quickly evaluate an assets’ strategic position and identify key value propositions during the acquisition process. We conduct a through review of critical metrics such as operating margins, sales performance, cost of occupancy and apply these to expectations for rental revenue, recoverable income, operating expenses and capital requirements. Through this process we identify key opportunities and risk factors and work collaboratively with our clients to determine immediate and long term value objectives. We can assist clients as they evaluate whether to hold or dispose of an asset and implement value enhancement measures for either alternative.
Leasing Services
Meritage enjoys a long history of successful relationships with all types of retail uses including Department Stores, inline tenants, entertainment providers, out parcel and large format retail uses. Our team has been involved in leasing over 15,000,000 square feet of ground up development and/or redevelopment projects and has had portfolio responsibility for assets exceeding 20,000,000 square feet.
We begin with a focused and critical analysis of key leasing objectives such as the current and desired positioning of asset, tenant mix, tenant retention, cost of occupancy, sustainable occupancy levels and achievable market rents. In addition we evaluate opportunities for enhanced revenue streams from both specialty leasing and business initiative concepts. Depending on our clients needs we can develop and oversee the implementation of an in-depth merchandising plan that establishes strategies and tactics to drive revenues and asset value balanced against long-term strategic positioning and client goals for the asset.
Operations / Management
Drawing from over 30 years of operating management excellence Meritage provides an in depth evaluation of people, process and performance involved in operating a major retail asset. Our expertise encompasses all areas of operations and management with direct experience as a Property Manager, Regional Manager and Department Head responsible for oversight of over 75 properties. Specific reviews can include personnel evaluation and Team performance, maintenance and housekeeping, security, capital expenditures, utilities, energy management, policies & procedures, A/P’s, and A/R’s. We can provide an executive review which would include general observations and recommendations for improvements focused upon delivering ‘best-in-class’ service at optimal pricing.
Marketing
The Meritage Team has been responsible for the development and execution of literally hundreds of marketing programs across the full spectrum of property types, budget size and locations. These programs have been designed to be critically evaluated to achieve specific performance measurements and objectives such as market position, customer response, and retailer performance. Many of these programs have received 3rd party accolades of recognition including a number of ICSC MAXI awards. Now more than ever, marketing dollars must demonstrate a true return on investment.
Development Services
Our expertise encompasses all phases of large format retail development including site selection, acquisition, zoning, entitlements, infrastructure, proforma feasibility and development/construction management. Our team members have collectively developed or redeveloped projects valued in excess of $4 billion dollars. Meritage can provide a broad array of development consulting services or through our strategic alliances to provide a full service development option.
Receivership
We are qualified to provide three levels of service in this specialized area; 1) as Advisors to Owners, Financial Institutions, or Appointed Receivers, 2) as Asset Management agents for Financial Institutions or Appointed Receivers, and 3) as Receivers assuming total responsibility for the retail asset (refer to direct experience in the areas of Management, Marketing, Leasing and Development listed above).
In all cases, we can quickly evaluate a property’s strategic position, identify key opportunities/risks and develop objectives and tactics for asset preservation and enhancement. With our extensive industry experience we have countless ‘best-in-class’ service provider relationships. We can assist in the identification and placement of resources best aligned and qualified to preserve and drive maximum asset value.
