In 2006, UCR Asset Services was selected by Archon Retail Group (a division of Goldman Sachs) to replace a competitor in the property management and accounting reporting role at Southlake Crossing, a 135,000 square ground up development/redevelopment in Southlake, Texas. The property, while well into lease up, was not managed to Archonís standards. The accounting/budgeting function required significant improvement, and the management role required a company with construction management expertise to finalize the development and prepare the property for disposition. UCR Asset Services quickly improved the facility management function, reorganized the accounting, reporting and budgeting processes to meet Archonís standards and provided construction management services to oversee the build out of several new tenants. The property was successfully sold in 2006 at a profit.
In 2007, Archon awarded UCR Asset Services the property management, construction management, accounting and reporting duties for Prestonwood Town Center. This 260,000 square foot power center development was completed with UCR Asset Service providing ground-up construction management services for a major anchor building as well as tenant coordination and construction management for most of the in-line tenants. We successfully managed the opening of this center and various recurring new construction issues to the satisfaction of the client and the tenants. The project is now fully operational with minimal facilities and accounting reporting issues.
UCR Asset Services remains one of Archon Retailís preferred Service providers.
Solutions and Successes
UCR Asset Services was awarded The Archon Achievement Award for Exceptional Performance in Property Management for its performance at this property in 2006.