Navigating Tenant Improvement Costs: AB&B’s Strategic Approach to Tenant Success
December 12, 2024
Tenant improvements (TIs) are more than just a necessary expense—they’re a strategic tool that fosters lasting tenant relationships, drives property value, and aligns with AB&B’s mission of creating thriving communities. With a commitment to excellence and collaboration, AB&B goes above and beyond to proactively address tenant needs, often assuming the upfront costs to ensure seamless experiences and long-term success.
“Tenant improvements are more than just upgrades; they’re strategic investments that align with our mission to foster thriving communities and create enduring value for our stakeholders. By integrating these enhancements seamlessly into our operations, we ensure that our properties remain competitive and our tenants feel supported,” explains Jimmy Ricard, COO of AB&B.
Strategic Execution: Insights from the Beehive
AB&B’s beehive philosophy thrives on collaboration and specialized roles, with every team member contributing their unique expertise to ensure tenant improvements are handled efficiently and effectively. Under this framework, Dr. Jonathan Boes ensures that all improvements are thoughtfully designed to enhance operational efficiency and tenant satisfaction. By collaborating closely with architects and engineers, he ensures that spaces meet both the immediate and future needs of tenants, while also aligning with AB&B’s broader strategic goals.
Brett Earp plays a pivotal role in translating these designs into reality. His expertise in asset management ensures that projects stay on schedule, address tenant feedback, and maintain the long-term integrity of the property. He approaches each improvement as an opportunity to enhance the tenant experience while safeguarding the property’s value.
At the same time, Aimee Lane provides the critical human connection to the process. As AB&B’s Relationship Manager, she maintains open lines of communication with tenants, ensuring they feel informed and supported throughout the improvement journey. Her proactive approach fosters trust and creates a seamless experience, underscoring AB&B’s tenant-first mindset.
“Tenant improvements aren’t just about bricks and mortar—they’re about building trust and fostering relationships. By working together, we can ensure that every project enhances the experience for both tenants and stakeholders,” Aimee shares.
The Galleria: A Case Study in Strategic TIs
AB&B’s investment in the Galleria in Charlotte exemplifies their proactive approach to tenant improvements. Acquired in late 2020 for $12.5 million, this property has undergone significant upgrades to meet tenant needs and enhance the overall value. Today, the Galleria boasts a valuation of $25 million, thanks in large part to AB&B’s willingness to invest in tenant improvements that attract and retain high-quality tenants.
“When we acquired the Galleria property, we saw more than just an undervalued asset—we saw an opportunity to transform it into a hub of activity. This required a blend of strategic vision and operational precision, ensuring tenant improvements served both immediate needs and long-term growth. Additionally, these opportunities would not be possible without the incredible acumen of our leasing team and property management who find and nourish the right tenants to compliment the thriving ecosystem we envision. The Galleria project is a perfect example of collaborative expertise making beautiful music,” Jimmy reflects.
By prioritizing tenant satisfaction and leveraging their beehive approach, AB&B successfully turned the Galleria into a cornerstone of their portfolio, demonstrating the power of well-executed tenant improvements to drive value and community impact.
Why Tenant Improvements Are Worth the Investment
AB&B’s willingness to shoulder TI costs demonstrates their commitment to tenant success and underscores their competitive edge in the real estate market.
“Taking on tenant improvement costs upfront isn’t just about property value—it’s about demonstrating our commitment to our tenants’ success. It’s a key part of what sets AB&B apart in the competitive real estate landscape,” Jimmy highlights.
Through strategic execution and collaboration, AB&B continues to redefine what it means to create value in real estate, proving that investing in tenant success is investing in the future.
Tenant improvements (TIs) are more than just a necessary expense—they’re a strategic tool that fosters lasting tenant relationships, drives property value, and aligns with AB&B’s mission of creating thriving communities. With a commitment to excellence and collaboration, AB&B goes above and beyond to proactively address tenant needs, often assuming the upfront costs to ensure seamless experiences and long-term success.
“Tenant improvements are more than just upgrades; they’re strategic investments that align with our mission to foster thriving communities and create enduring value for our stakeholders. By integrating these enhancements seamlessly into our operations, we ensure that our properties remain competitive and our tenants feel supported,” explains Jimmy Ricard, COO of AB&B.
Strategic Execution: Insights from the Beehive
AB&B’s beehive philosophy thrives on collaboration and specialized roles, with every team member contributing their unique expertise to ensure tenant improvements are handled efficiently and effectively. Under this framework, Dr. Jonathan Boes ensures that all improvements are thoughtfully designed to enhance operational efficiency and tenant satisfaction. By collaborating closely with architects and engineers, he ensures that spaces meet both the immediate and future needs of tenants, while also aligning with AB&B’s broader strategic goals.
Brett Earp plays a pivotal role in translating these designs into reality. His expertise in asset management ensures that projects stay on schedule, address tenant feedback, and maintain the long-term integrity of the property. He approaches each improvement as an opportunity to enhance the tenant experience while safeguarding the property’s value.
At the same time, Aimee Lane provides the critical human connection to the process. As AB&B’s Relationship Manager, she maintains open lines of communication with tenants, ensuring they feel informed and supported throughout the improvement journey. Her proactive approach fosters trust and creates a seamless experience, underscoring AB&B’s tenant-first mindset.
“Tenant improvements aren’t just about bricks and mortar—they’re about building trust and fostering relationships. By working together, we can ensure that every project enhances the experience for both tenants and stakeholders,” Aimee shares.
The Galleria: A Case Study in Strategic TIs
AB&B’s investment in the Galleria in Charlotte exemplifies their proactive approach to tenant improvements. Acquired in late 2020 for $12.5 million, this property has undergone significant upgrades to meet tenant needs and enhance the overall value. Today, the Galleria boasts a valuation of $25 million, thanks in large part to AB&B’s willingness to invest in tenant improvements that attract and retain high-quality tenants.
“When we acquired the Galleria property, we saw more than just an undervalued asset—we saw an opportunity to transform it into a hub of activity. This required a blend of strategic vision and operational precision, ensuring tenant improvements served both immediate needs and long-term growth. Additionally, these opportunities would not be possible without the incredible acumen of our leasing team and property management who find and nourish the right tenants to compliment the thriving ecosystem we envision. The Galleria project is a perfect example of collaborative expertise making beautiful music,” Jimmy reflects.
By prioritizing tenant satisfaction and leveraging their beehive approach, AB&B successfully turned the Galleria into a cornerstone of their portfolio, demonstrating the power of well-executed tenant improvements to drive value and community impact.
Why Tenant Improvements Are Worth the Investment
AB&B’s willingness to shoulder TI costs demonstrates their commitment to tenant success and underscores their competitive edge in the real estate market.
“Taking on tenant improvement costs upfront isn’t just about property value—it’s about demonstrating our commitment to our tenants’ success. It’s a key part of what sets AB&B apart in the competitive real estate landscape,” Jimmy highlights.
Through strategic execution and collaboration, AB&B continues to redefine what it means to create value in real estate, proving that investing in tenant success is investing in the future.
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