Case Study: Leasing Efforts Double Property’s Value
Hazel Crest Shopping Center
17503 S. Kedzie Ave. Hazel Crest, IL 60429
When Slagle took over leasing for Hazel Crest Center in 2014, the property was only 70% occupied and had 14 vacancies. Though many of the tenants were well-performing long-term tenants, the retail categories did not promote cross-shopping.
Slagle knew he had to target specific tenant categories that would be the building blocks for future tenants.
He initiated leases with Flavor Brunch, an award winning south suburban restaurant, and a popular local hair salon. Both of these tenants filled the parking lot with female shoppers, which he was able to market to other tenants.
Slagle’s leasing velocity accelerated as his plan became more concrete. His marketing and sales strategy generated leases with Wired: The Boutique, Whip It Sip It Paint, Marvella Rose Formalwear and Arched among other tenants.
Slagle continues to handle the leasing responsibility for the center, which now sits at 89% occupied. Through the addition of 17 tenants and 35,000 square feet leased, he increased the value of the asset by over $2 million. Hazel Crest Center is now a bustling retail center serving the community’s daily needs and services.
Some of the work at this retail center helped Slagle earn CoStar PowerBroker award and made him Chicago’s Underserved Market Expert. For the past 4 years, Slagle has held the position of the #1 broker in Chicago’s underserved markets, by deal count and volume, according to CoStar reports.