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M2M Deal Story: Terese Walton and CREW Utah

December 2016

 

Terese Walton Opens the Door for Fellow Members

Four CREW Utah members collaborate on improvements to boost value of Foothill Village Shopping Center


By Laura Lewis, CREW Network




As past President of CREW Utah, keeping CREW Network’s mission in mind comes naturally to Terese Walton, Managing Director, Gaddis Investments.

Terese arranged an opportunity for shopping center owner/developers to meet with fellow CREW Utah member Heather Bogden (Vice President, Retail Division CBC Advisors). The owners of the 276,000 square foot shopping center, “Foothill Village,” were very comfortable with their previous brokers and not interested in change. Fortunately, Terese was able to open them to a meeting with Heather and her team. The meeting allowed all parties to recognize the value fresh ideas and new perspectives could bring to the center.

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Heather and her team were awarded the assignment to be the leasing brokers for Foothill Village Shopping Center. They performed a site analysis, a gap analysis and an improvement checklist. As a team, they concluded that there were multiple ways to increase the value of the asset. These included both minor and capital improvements to the property. Within the first 60 days of the assignment, three national named tenants were in lease negotiations.

Terese immediately called on fellow CREW Utah member and architect Julie Berreth (Principal, Architectural Nexus) to get her professional assistance to design and plan the improvements. Julie engaged fellow member Amy Mills (Project Manager, Big-D Construction) into the discussion for additional professional assistance. Introducing new players was not an easy task as the site partners had used the same architect, construction company and project managers for more than 20 years. But for the shopping center worth upwards of $40 million, it was time for a change.

The professionalism of all parties shone through, but without Terese opening the door, Amy, Julie and Heather would not have had the opportunity to work the Foothill Village Shopping Center. Each individual performed jobs in their area of specialty, but as a team of CREW members, they were able recognize gaps, and fill them within the network. The vision and opportunity to work together added value to the shopping center and the client’s bottom line.

CREW Network members involved in the deal:

  • Terese Walton, Managing Director, Gaddis Investments
  • Heather Bogden, Vice President Retail Division, Coldwell Banker Commercial Advisors
  • Julie Berreth, AIA, LEED AP, Principal, Architectural Nexus
  • Amy Mills, LEED AP BD+C, Project Manager, Big-D Construction

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