Concordia University Wisconsin made the decision to close their 6,190 square foot satellite campus location at Morgan Square in Beloit with more than 12 months remaining on their lease. Not long after the doors were shuttered, Mandy Witt, the listing agent for the property, had an inquiry from Caravel Autism Health, a medical retail (“medtail”) user that was searching for a facility in the Beloit market with a tall order.
Wanting to minimize vacancies in Morgan Square, Witt set out to find a subtenant for the space as quickly as possible. Once she learned about the pending need for a new autism behavioral and development service, shepresented the landlord with the opportunity to mitigate losses from Concordia’s early departure filling their space with another long-term, quality tenant. Knowing that Caravel had special buildout requirements, Witt set the pieces in motion to fill the 6,190 square foot space and the landlord released Concordia from their lease.
"We knew we were losing a valuable tenant in Concordia but Mandy delivered a newtenant and was instrumental in engineering the overall deal that allowed us to letConcordia out of their existing lease and gain a new long term lease with a health relatedbusiness.” - Terry McGuire, Badger Property Investments