For over a century, Millcraft has been a leading national distributor, supplying companies across the United States with printed, paper, and packaging solutions. To meet the demand of their customers, Millcraft has 20 sales and retail distribution centers in 15 cities, totaling 665,000 square feet.
Despite having an expansive commercial real estate portfolio, Millcraft did not historically use lease management software to organize their documents. Without this software, Millcraft struggled to easily manage their portfolio and stay on top of critical dates pertaining to their properties.
To improve the way Millcraft managed and organized their lease documentation, Allegro implemented a lease administration software solution.
Organizing and Abstracting Lease Documents into a Centralized Database
Each of Millcraft’s 20 buildings had its own lease agreement with multiple amendments—some dating back as early as the 1980s.
The Allegro team collected all of Millcraft’s relevant CRE data and lease documents, then uploaded them to the lease admin software. Once uploaded, the team abstracted the information, and audited it for clarity and accuracy. These abstracts enabled Millcraft to search for any lease in their real estate portfolio, and find related lease information like their holdover provision or renewal notice.
Because Millcraft had not previously worked with a lease management software, Allegro ensured the team not only received access to the database, but also adequate training to use the software. With this training, Millcraft team members could easily manage their CRE portfolio, search and reference specific lease clauses, and proactively oversee important dates, like lease expirations.
Lease Admin Software Allows for 24/7 Access and Ongoing Maintenance
Once onboarded to the lease admin system, Millcraft had 24/7 live access to their information. Team members could retrieve key data from anywhere, at any time, allowing for ease of management and decision making.
To ensure documentation remained up to date, the Allegro team worked with Millcraft on an ongoing basis to update documents pertaining to their CRE portfolio, archive inactive properties, and provide additional training as needed.
Monitoring CRE Portfolio Through Frequent Reports
Not only could Millcraft monitor lease data in real-time with lease admin software, but they also received consistent reports covering key portfolio information. Millcraft and Allegro worked together to determine a reporting schedule that worked best for the team. Moving forward, the lease admin software will generate and disseminate critical date and lease abstract reports straight to Millcraft stakeholders.
With Allegro’s support, Millcraft now has an organized database of all lease information, enabling easy access and reference to important CRE data. As the company continues to scale, it will have no issue managing its commercial real estate documentation.
Ready to adopt lease management software? We can help. Contact us to discuss the onboarding process today.
