Case Study: 6 Leases, 4 Days, 3 Properties, 1 Deal: The Conway, Arkansas Office Shakeup That Saved a Dying Asset
When a Vacant Anchor Space Becomes Your Biggest Opportunity
Four months earlier, I had closed the sale on 1090 Spencer Street in Conway, Arkansas—a 6,600-square-foot office building that looked great on paper but came with a poison pill: unhappy tenants who'd been burned by previous ownership.
What should have been a victory lap turned into damage control as my client and I spent weeks rebuilding trust, addressing deferred maintenance, and trying to stabilize the asset.
Then came the gut punch: we had to remove the anchor tenant.
Suddenly, I wasn't managing a building anymore—I was racing against time to fill a massive vacancy before this property went from underperforming to catastrophic. The building was generating just $5,000 per month in revenue—barely enough to cover expenses, let alone provide a return for the new owner.
The clock was ticking, the owner's patience was wearing thin, and I had exactly zero leads.
Until I got one.
The Lead That Changed Everything
One inquiry. That's all it took to set off a chain reaction that would involve six lease agreements, four properties, three days of controlled chaos, and one very unconventional solution.
The prospect was simple enough: a growing business just 0.2 miles down Spencer Street that had outgrown their current space. They needed more room, and I had it.
But as I walked through 1090 Spencer with them, I realized something—the layout of their needs aligned almost perfectly with the existing tenants scattered throughout the building.
What if we didn't just fill the anchor space? What if we orchestrated a complete office reshuffle?
The Domino Strategy: Trading Spaces Like Musical Chairs
The math started clicking into place. If this new tenant took the anchor space at 1090 Spencer, their old office 0.2 miles away would become vacant. The existing tenants at 1090 could be relocated into that building—filling 50% of the vacancy their move would create. It was like solving a Rubik's Cube in real estate form.
But here's where it got interesting: I could keep all the small tenants at their current rent rates. They weren't being squeezed or priced out—they were simply being repositioned into spaces that made more sense for everyone.
No rent increases for them meant no pushback, faster approvals, and goodwill that would pay dividends later.
The real value creation? The anchor space would command premium rates, and the strategic repositioning would transform the building's financial performance entirely.
But there was still a problem: we'd be trading one vacancy for another. The new building down the road would still be half-empty.
We needed one more piece to make this puzzle work.
The solution? Old-school hustle.
Door-Knocking My Way to a Deal
I did what any desperate-but-determined commercial broker would do: I hit the streets. Literally. Door-to-door, business-to-business, introducing myself and asking the question every office tenant dreads hearing: “Are you happy with your current space?”
After a full day of rejections, polite brush-offs, and “we're all set, thanks,” I finally struck gold.
A CPA firm.
They were in crisis mode—their building was being sold, and they were about to be displaced.
Perfect timing, right? Not quite.nThey came with two non-negotiables that would make most landlords hang up the phone:
- They were extremely particular about office layouts and amenities
- They brought their dogs to work every single day
Most brokers would've moved on. But I didn't have that luxury. This deal was the keystone holding together an increasingly complex transaction involving multiple properties, multiple tenants, and one very impatient building owner.
72 Hours of Organized Chaos
What followed was a masterclass in speed, persuasion, and logistics:
- Day 1: Pitched the CPA firm on the space, addressed every objection, and convinced them it checked their boxes
- Day 2: Got all existing tenants at 1090 Spencer on board with the shuffle, negotiated terms with the growing business, and somehow convinced a conservative office building owner that yes, dogs in the office were actually fine
- Day 3: Coordinated with attorneys, drafted six separate lease agreements, and got every signature needed to make it official
By Friday afternoon, the paperwork was done.
Two weeks later, moving trucks were rolling, and what had been a ticking time bomb of a vacancy problem became a fully-leased, multi-property success story.
The Numbers: From Struggling Asset to Stabilized Performer
Let’s talk about the real impact of this strategic shuffle.
Before:
- Revenue: $5,000/month
- Vacancy: Major anchor space empty
- Owner outlook: Frustrated and considering aggressive discounting
After:
- Revenue: $9,500/month NNN (90% increase)
- Vacancy: 100% occupied across repositioned portfolio
- Owner outlook: Thrilled with cash flow and asset stability
The best part? This wasn’t a zero-sum game. Every party won:
- The growing business got the space they desperately needed without overpaying
- The small tenants kept their same rent while moving to better-suited spaces
- The CPA firm found a landing spot that accommodated their needs (dogs included)
- The building owner nearly doubled their monthly income with NNN structure reducing their management burden
- The secondary property owner filled 50% of their vacancy instantly
This wasn’t about squeezing tenants or playing hardball. It was about creating value through strategic repositioning where everyone walked away better off than they started.
The Lessons: What This Deal Taught Me About Commercial Real Estate
1. Creative Problem-Solving Beats Conventional Marketing
Traditional listing strategies would’ve taken months and likely involved rent concessions that would’ve kept the property underperforming. Thinking laterally and engineering a solution across multiple properties closed the deal in days while maximizing revenue.
2. Speed Wins Deals (But Only With Preparation)
I could move fast because I knew the market, had relationships with decision-makers, and understood what each party needed. Speed without preparation is just chaos.
3. Every “No” Is One Step Closer to “Yes”
Door-knocking is humbling. But volume works. The CPA firm wasn’t going to find me through a website—I had to find them.
4. Solve the Client’s Real Problem, Not Just the Obvious One
The owner didn’t just need a tenant—they needed $9,500/month in stable, NNN cash flow. The growing business didn’t just need space—they needed flexibility. The CPA firm needed a landing spot fast. The small tenants needed stability and fair treatment. By addressing the underlying needs of every stakeholder, I created a deal everyone wanted to sign.
5. Value Creation Doesn’t Require Rent Increases for Everyone
The small tenants staying at their existing rates wasn’t a concession—it was strategic. Their goodwill and quick cooperation enabled the larger repositioning that created the real value. Sometimes the best deals are win-win-win across the board.
The Result? A non-performing asset transformed into a cash-flowing, stabilized portfolio play generating 90% more monthly revenue. Six happy tenants. One relieved property owner who went from sleepless nights to sustainable returns. And a case study I’ll be telling for years.
The Result
A non-performing asset transformed into a cash-flowing, stabilized portfolio play generating 90% more monthly revenue.
Six happy tenants.
One relieved property owner who went from sleepless nights to sustainable returns.
And a case study I’ll be telling for years.
Want to learn more about creative commercial real estate strategies that actually work? Follow along as I share more war stories, lessons learned, and tactical insights from the trenches of Conway, Arkansas commercial real estate.