Westlake Medical Center
T.R. Funding acquired this well located, under performing medical building in 2009 for $9 million and determined there was an opportunity to add value by deploying the following modifications and leasing strategies to maximize the properties value.
- Complete interior and exterior renovation
- Reduced electrical charges by over 60% by converted lighting to LED and upgrading and replacement of all mechanical systems.
- Cosmetic and ADA upgrades to all restrooms
- Entitled and constructed 10,000 square feet of additional medical space
- Added second gurney size elevator
- Converted excess land into parking lot for additional patient parking
- Replaced all landscape and irrigation with drought tolerant plants and materials reducing water cost by 35%
- Converted all leases from usable to rentable basis, providing a 17% increase in rentable area.
- Increased rents 68% over 18 months and stabilized occupancy.
