A thorough market study is completed to verify current market rents, vacancy rates, the nature of any rent concessions being made in the market and to pinpoint the competitive position of the property currently and in projected market conditions.

Data on comparable sales is gathered with an emphasis on selling prices per square foot for comparable properties.

Engineers are retained to inspect the property and make a written report concerning its condition and any required maintenance or repairs. Costs are estimated for any remedial work found necessary and also for any capital improvements needed to maintain or enhance the property’s competitive position.

GRE personnel and attorneys read each lease individually in order to gain a complete understanding of the property’s operation.

On the basis of information gleaned from the leases, the market study, the engineers’ reports, the operating history and the tenant interviews, projections of income and expenditures are finalized to determine whether the property meets the minimum target return at the contract price.

If the results of the studies support the assumptions on which the contract price was based, the acquisition is made. Immediately following acquisition, a Strategic Property Plan for the asset is completed. This plan outlines strategies and establishes short- and long-term goals for the management and repositioning of the property. These Plans serve as the “playbook” for the management and leasing of the asset and are reviewed at least quarterly in order to ensure the results projected at the time of investment are met.