TRT Portfolio Takeover
Dividend Capital Total Realty Trust (TRT) went under contract for the Tedeschi family portfolio of 26 shopping centers totaling approximately 2,000,000 square feet in Massachusetts, Rhode Island and Connecticut.
KeyPoint Partners’ Response
TRT engaged KeyPoint Partners (KPP) during due diligence. TRT requested that KPP’s Property Management and Construction divisions inspect every site and report on all inspections, and engage vendors to review all roof systems and parking lots. KPP compiled all of this information within five business days and submitted a summary of immediate and future repairs. TRT’s acquisition team used this data to forecast current and future property expenditures. In addition, TRT was able to utilize the inspection reports while negotiating the final purchase price.
TRT closed on the asset and awarded the management contract to KPP. During the same month, KPP opened a regional office in Middleboro, Massachusetts, centrally located to all properties within the portfolio. KPP hired four former Tedeschi employees to handle day-to-day operations of the portfolio. As a result, management transition was seamless. Two senior staff members from KPP’s Property Management and Accounting teams became the portfolio leads.
TRT recognized the cohesiveness of all KPP’s departments, and was able to reap the benefits of KPP’s synergy, passion, and teamwork.
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