Chase Properties, founded in Cleveland in 1973, is recognized as one of the foremost owners of community shopping centers in the country, with over 5 million square feet of retail space.
The Chase investment focus over the years has been to develop and acquire well-located community shopping centers, increasing their value and profitability by intensively marketing each property to established national and regional chains.
In all its endeavors, Chase Properties emphasizes conservative management and tight financial controls. The Company’s operating philosophy has been to minimize risk by careful analysis of markets and competition and strong negotiation of all costs, and to maximize income by intensively managing their properties and maintaining a responsive business relationship with all tenants.
We believe that our strengths in achieving these results include the following:
- Our Organization and People. Chase Properties is a team of people, which has been built over a period of 40 years, with very little turnover. Each individual is engaged at the property level. We continually review and evaluate each property for leasing opportunities, physical improvements, and ways to maximize cash flow.
- Knowledge of Markets. Through years of experience in seeking sites for retail chains, developing shopping centers and viewing properties for potential acquisitions, we have extensive first-hand knowledge of markets and properties throughout the East, Midwest and Southeast. The ability to analyze a market is readily transferable to markets which we are either revisiting or visiting for the first time. Our extensive network of real estate brokers with whom we have dealt throughout these areas, and personnel in national retail chains, gives us the added ability to quickly understand these markets. We analyze the demographic trends and subtleties of those portions of the market which historically have produced successful sales figures for the retailer, and those areas which have not been as successful.
- Relationships with Tenants. Our relationships with retail chains include not only the normal leasing process, but also continual follow-up with them as they operate stores in our centers, and continual personal contact at International Council of Shopping Centers (ICSC) programs throughout the year. These contacts, on both a formal and informal basis, have been invaluable to us over the years. Chase Properties does much more than just lease the vanilla box. Value is created over the long term by the repositioning of the shopping center. We continually review each center to create additional value via tenant locations and by replacing local tenants with regional and/or national credit tenants.
- Lender Relationships. The ability to access capital in good times, as well as bad times, has been a key component of our ability to make opportunistic purchases of property. In the worst of times (1973-74, 1980-82, 1990-1992), banks and insurance companies have been willing to lend us capital at competitive rates. We feel that this is an indication of our respect for our lenders, and their respect for our abilities. It gives us the ability to compete successfully with other purchasers by allowing us to purchase property using a contract which provides for a 30-day due diligence period and a 30-day closing period.
- Construction Knowledge. Our many years of experience in working with contractors, both in building new buildings and providing leasehold improvements for new tenants, gives us the ability to maximize returns on investments by carefully controlling construction costs. It also has given us the ability to achieve a reputation of delivering to tenants on time, as promised.
- Property Management Strength. Our management of over 5 million square feet of retail space, combined with our 40 years of experience in running shopping centers, gives us the knowledge which is necessary to keep properties well maintained without overspending. An ongoing maintenance program keeps our centers looking their competitive best, while keeping our tenants’ operating expenses in line.