In 2015, AJW+A was engaged by IFM Investors - Australia to project the future performance of the Indiana Toll Road (ITR) Travel Plazas prior to the IFM's acquisition of the 75 year lease for the ITR (privatized by the State of Indiana in 2006). The scope of work included optimizing the number and design of the Travel Plazas, estimating construction costs for new facilities, and developing proformas for capital investment, rental income, and returns.
After the acquisition, we served as the owner's rep and finalized the program parameters (reduce the number of Travel Plazas from 10 to 4 full-service facilities with fueling and 4 expanded convenience stores with fueling), identify and engage the Design-Builder, and recruit the Master Operators (HMSHost and Sunoco).
In parallel with these efforts, we negotiated lease extensions with the portfolio of current operators.
The redevelopment will be completed by Fall 2018.