GCP Annual Report

Stacey Wadsworth
GCP is pleased to announce that Stacey
Wadsworth was promoted to Vice
President of Operations in 2017. Stacey
joined Graham & Company in 2011 as
a property manager, later promoted to
Director of Property Management, and
played a key role in transitioning the
Graham property management group
over to newly formed GCP in 2014. She
is now responsible for the oversight
of over 13 million square feet of retail,
office and industrial space including
third party and GCP properties. Stacey
works with individual, institutional
and government ownership entities
to ensure tenant satisfaction and
asset preservation while delivering
profitable returns. She manages an
annual budget of over $30 million and
a staff of property managers, building
engineers and administrative personnel
in Birmingham, Huntsville, Atlanta and
Jacksonville, Fla.
Stacey attended the University of
Alabama. She enjoys Crimson Tide
football and watching her son Colin play
his favorite sport each season.
New Atlanta Office
GCP Management Services (GCPMS) planted
a new flag with a property management office
in Atlanta in August 2017. Robyn Johnson was
brought on board to manage the Atlanta and
Charlotte portfolios, which combined have
grown to 3 million square feet as of Q1 2018.
We are pleased to have Robyn join GCP as our
first Atlanta-based associate, and her extensive
property management experience aligns
perfectly to provide the high level of service
our clients expect. Robyn has 20+ years of
property management experience and now
manages 13 buildings with a total of
23 tenants.
2017 marked another year of strong leasing activity
favoring the landlord side, a trend expected to continue
for the foreseeable future. A number of tenants,
recognizing the competition for space in the market,
chose to enter into early renewals and expansions.
GCP executed renewals and/or expansions on 1.5
million square feet in 2017, pushing renewal rents
on average almost 9% over expiring rents. The large
number of early renewals in 2017, combined with
current renewals in negotiation, significantly reduces
GCP’s leasing risk in 2018. Only 2.1% of the portfolio
expires in 2018.
Occupancy Trend
Occupancy ended the year at 97.6%, which excludes
speculative space in Charlotte that we expect to
lease in Q1 2018. Following the execution of this
lease and the sale of Interstate South, the portfolio
occupancy will be at 99%. The current occupancy is
partially indicative of the strong industrial leasing
market today. We would anticipate stabilized
occupancy for a portfolio with the profile of GCP’s
assets to be ±95%.
GCPMS facilitated the planning and completion of
over $2.2 million in capital and tenant improvement
projects during 2017. Capital improvement projects
included the resurfacing of parking lots, exterior
waterproofing/painting and roof replacement.
These capital projects improve property
marketability and help preserve asset value of the
portfolio. Notable tenant improvement projects
included Zodiac Aerospace, Vallen, Voestalpine and
Grupo Antolin.
GCPMS is a key component to the company's
platform generating a competitive advantage
through operational efficencies. In addition, this
in-house service provides our investment team with
valuable insight and facilities knowledge.