In December 2020, Dublin Park averaged -$22 re-rents. Fast forward to September of 2022, and the re-rents at this Columbus property were an impressive $249.
So what changed?
If you ask partner and lead sales associate Tommy Genna, the success was a direct result of having the right people and the right leadership. In January 2022, partner Erica McLoughlin took over the property. The rest is now Connor Group history.
In October, The Dublin Park team made their way to Dayton to celebrate the $96 million property sale. Associates were welcomed in style with smoke, lights and Central Support Office associates cheering them as they entered one by one.
“It truly is the leadership that matters,” Tommy said. “The culture changed when the mindset changed. It is amazing what the right people can do.”
For senior sales associate Dakota Walters, this was his first property sale. The sale-a-bration left a big impact.
“It was amazing to walk into CSO and everyone be there,” Dakota said. “To walk in and have my stats announced with everyone cheering me on was unlike anything I’ve ever experienced.”
This sale marked partner and regional head Sal Gracia’s 56th capital event in his Connor Group career. Since 2016, Sal has led $3.7 billion in transactions.
Under his leadership at Dublin Park, the team was able to achieve these impressive stats:
- Increased the property’s value by $42.9 million in three and a half years.
- Delivered an estimated 75.6 percent IRR
- Improved Net Operating Income by $2.9 million.
- Increased other income by $1.7 million.
- Increased economic occupancy from 81 percent in January to 93 percent in September.
- Closed a $59 million refinance in December 2020 with $14.4 million in additional loan proceeds.
Congratulations, again, to the entire Dublin Park team on their phenomenal achievement!