Maximizing Asset Value   Development strategies  for minimizing inefficiencies and unnecessary costs for  successful shopp...
Thomas Hofer  CSM   Managing Director Thomas R. Hofer & Associates CONTACT DETAILS Mobile +61 405 19 19 38 [email_address]
Maximizing Asset Value <ul><li>The key steps and attributes for a successful mall developments </li></ul><ul><li>Reassessi...
Key Items for Maximizing Asset Value <ul><li>Leadership – Developer must have a passion for retail development </li></ul><...
Leadership  Developer must have a “passion” for retail development <ul><li>As a Leader it is important that your actions m...
Vision  Retail focus to create a development with highest possible sales <ul><li>Vision, values and business ethics  are t...
People    Development Team –  The Mall Project Control Gro up  <ul><li>Important that the team have a “Passion” for retail...
Shopping Mall Design & Planning Process <ul><li>It is important to identify all the necessary requirements for consultancy...
Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>The objectives fall into three main categor...
Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>The design objectives may include the follo...
Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>The Operational objectives may include the ...
Shopping Mall Design – The Concept <ul><li>. </li></ul>
Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>Operational and design requirements need to...
Site Selection <ul><li>Traditionally regional shopping malls are built on large sites with a land area that can support a ...
Site Selection <ul><li>Important Site Selection criteria to consider are as follows: </li></ul><ul><li>  Physical site </l...
Developing your Strategy
Market Analysis <ul><li>Identify and evaluate the retail market </li></ul><ul><li>Supply and demand of retail offerings </...
Market Analysis <ul><li>Major demand drivers of retail spending for shopping malls are:- </li></ul><ul><li>Population  </l...
Market Analysis <ul><li>Market Analysis needs to include:-  </li></ul><ul><ul><li>The evaluation of existing competition <...
Market Analysis <ul><li>Key elements of a comprehensive market  study:- </li></ul><ul><li>Analysis of the economic base  s...
Anchor Tenants <ul><li>For a proposed regional shopping mall the strength of the anchor tenants interested in the shopping...
Anchor Tenants <ul><li>A thorough analysis cannot be completed until known what kinds of key tenants their trade will attr...
Anchor Tenants <ul><li>Anchor tenants “design criteria” is fundamental to determining the type and size of the project, es...
Anchor Tenants <ul><li>Obtain Anchor tenant and other tenants expressions of interest early in the process from the leadin...
Mall Project Control Team <ul><li>Essential that as suitably qualified retail expert is appointed at the beginning of the ...
Legal Issues & Lease Contracts <ul><li>Important to instruct a suitably qualified lawyer early in the development process ...
Legal Issues & Lease Contracts <ul><li>Final commitments in the Lease Offer and Lease Contract are subject to the relevant...
Legal Issues & Lease Contracts <ul><li>The Lease Offer Letter presented to tenants should inform the tenants of the basic ...
Legal Issues & Lease Contracts <ul><li>Important that the method of measurement for area is defined in the contract defini...
Legal Issues & Lease Contracts <ul><li>SPECIAL CLAUSES & CONDITIONS </li></ul><ul><li>Net & Gross Rents </li></ul><ul><li>...
The Leasing Plan <ul><li>The leasing plan, represents the shopping malls potential for investment and is the key in projec...
The Leasing Plan <ul><li>The Leasing plan – (Continued: </li></ul><ul><li>  </li></ul><ul><li>“ Pricing” for each store sp...
Developing your Strategy <ul><li>Leasing Implementation -  Once the lease plan has been formulated, the next step is imple...
Maximizing Asset Value <ul><li>ADDITIONAL IMPORTANT ITEMS NOT COVERED IN THIS PRESENTATION: </li></ul><ul><li>Feasibility ...
Maximizing Asset Value <ul><li>QUESTIONS  - Now or later??? </li></ul><ul><li>Welcome to contact me anytime </li></ul><ul>...
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Shopping Mall Development &amp; Management - Maximizing Asset Value - Thomas R. Hofer & Associates

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Shopping Mall Development and Management - Maximizing Asset Value - Thomas R. Hofer & Associates

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  • very interesting and informative presentation on mall leasing
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  • I am on the verge of developing a 25 acre mixed use estate in Lagos nigeria. It is on the highway in a neighbourhood that has over 2 million people. I am extremely optimistic about the success that we may get when putting a shopping mall, but at the same time nervous and cautious. I find your article a compelling guide.
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  • very interesting and informative presentation on mall leasing
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  • such a great tips..
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  • I have attached my PowerPoint presentation on Shopping Centre Development and I look forward to your comments.

    Recently I was a presenter for “Shopping Malls: The Mall The Merrier” at the Grand Hyatt, Singapore on 19th & 20th April 2011 - “Maximizing asset value and minimizing inefficiencies and unnecessary costs for successful shopping mall developments” and “Leasing strategies and processes – What is vital in today’s business environment and how to bridge the gap between retailers and the mall owner?”. It was attended by over 60 international real estate developers and also featured presentations by senior executives from leading international shopping mall developers including: Lend Lease Retail, Majid Al Futtaim Properties and Ivanhoe Cambridge.

    Attached is article that featured me in an interview by Retail in Asia - “Vietnam – the most potential retail market in South East Asia to be developed”.

    http://www.retailinasia.com/article/retail/property/2011/04/event-overview-vietnam-%E2%80%93-most-potential-retail-market-be-developed-s

    Please advise if can recommend any Mixed-use Real Estate Development experts that may be interested to present at a conference in Kuala Lumpur, Malaysia from 17-18 October 2011. Thanks.
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Shopping Mall Development &amp; Management - Maximizing Asset Value - Thomas R. Hofer & Associates

  1. 1. Maximizing Asset Value Development strategies for minimizing inefficiencies and unnecessary costs for successful shopping mall developments &quot;Shopping Malls - The mall the merrier&quot; 19 th April 2011 Thomas Hofer CSM
  2. 2. Thomas Hofer CSM Managing Director Thomas R. Hofer & Associates CONTACT DETAILS Mobile +61 405 19 19 38 [email_address]
  3. 3. Maximizing Asset Value <ul><li>The key steps and attributes for a successful mall developments </li></ul><ul><li>Reassessing site selection criteria to deter avoidable start-up and development costs </li></ul><ul><li>Leadership and developing a high performance development team with the right consultants </li></ul><ul><li>What are &quot;Green Building&quot; design initiatives that would add value such as &quot;LED Lighting&quot;? </li></ul><ul><li>Common Shopping Mall development mistakes and how to avoid them </li></ul>
  4. 4. Key Items for Maximizing Asset Value <ul><li>Leadership – Developer must have a passion for retail development </li></ul><ul><li>Vision – Retail focus to create a development with highest possible sales </li></ul><ul><li>The Development Team </li></ul><ul><li>Site Selection </li></ul><ul><li>Market Research </li></ul><ul><li>Anchor Tenants </li></ul><ul><li>Feasibility Analysis & Financing </li></ul><ul><li>Shopping Mall Design & Planning Process </li></ul><ul><li>Leasing Strategy, Retail Tenant Mix and Leasing Process </li></ul><ul><li>Project Management, Construction & Tenancy Fit-out </li></ul><ul><li>Pre-Opening – Marketing, Operations & Management </li></ul><ul><li>Post-Opening – Marketing, Operations & Management </li></ul>
  5. 5. Leadership Developer must have a “passion” for retail development <ul><li>As a Leader it is important that your actions match your works: One should walk the talk. </li></ul><ul><li>  As a Leader one should have a passion for excellence, positive attitude, integrity, empathy, tenacity and a collaborative approach because ultimately you become what you think. </li></ul><ul><li>  To maintain a reputation for integrity global leaders need to understand the business environment in which they operate, recognize cultural expectations and ethical dilemmas, minimize conflict when possible, balance the interests of stakeholders in an ethical way and develop strategies for influencing partners. </li></ul>
  6. 6. Vision Retail focus to create a development with highest possible sales <ul><li>Vision, values and business ethics are the very foundations of any business. These are the core guiding principals without which you cannot run a successful business. Your organizational vision and values are attributes which makes you recognizable. </li></ul><ul><li>The Retail “R” philosophy of a leading Retailer Group that I obtained from an interview with the Group CEO is as follows: </li></ul><ul><li>“ The R philosophy serves as the common thread between us and our partners and consumers, uniting us and our vision to the Group … “R” is a badge of excellence, a guarantee of quality, a promise of regards and an experience beyond compare; It is at the core of everything that we stand for as the leading lifestyle retailer …” It symbolizes our passion for what we do and we believe that you will see this in our products, our service and our people.” </li></ul>
  7. 7. People Development Team – The Mall Project Control Gro up <ul><li>Important that the team have a “Passion” for retail </li></ul><ul><li>The right people and consultants are important and it is essential that as suitably qualified retail expert is appointed at the beginning of the development process ideally prior to site acquisition.  </li></ul><ul><li>Project team should include: </li></ul><ul><li>The Developers representative </li></ul><ul><li>Retail Real estate expert </li></ul><ul><li>Project Manager , Architect, Engineers & Urban Planner </li></ul><ul><li>Market & Financial Analyst </li></ul>
  8. 8. Shopping Mall Design & Planning Process <ul><li>It is important to identify all the necessary requirements for consultancy services and prepare a detailed Design Brief for the architects with the vision for the shopping mall. </li></ul><ul><li>  </li></ul><ul><li>Design Brief </li></ul><ul><li>Key elements which need to be built into the design concept may include: </li></ul><ul><li>Potential future expansion of the shopping mall </li></ul><ul><li>Flexibility of design to accommodate retail trends </li></ul><ul><li>Focus on the retail markets </li></ul>
  9. 9. Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>The objectives fall into three main categories: - Business; Design & Operations </li></ul><ul><li>The business objectives will include the following:- </li></ul><ul><li>  Maximize income, capital growth of the asset value and the long term capability of the Shopping Mall. </li></ul><ul><li>Maximizing retail market share of the trading area boundaries and increasing pedestrian/consumer traffic </li></ul><ul><li>Information about the vision for the project </li></ul>
  10. 10. Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>The design objectives may include the following:-   </li></ul><ul><li>To provide (define the standard etc.) “First class international” standard shopping mall facilities which will attract leading international and national brand retailers. </li></ul><ul><li>To provide as far as is reasonably practical, multi-purpose spaces to allow for a variety of retail users during the lifecycle of the Shopping Mall </li></ul><ul><li>To allow for future expansion of the Shopping Mall </li></ul><ul><li>To develop the Shopping Mall so that is has the capacity to meet the changing needs of the retail environment including customers and community </li></ul><ul><li>To include &quot;Green Building&quot; design initiatives that would add value such as &quot;LED Lighting&quot; </li></ul><ul><li>To allow further adjustments to internal areas to permit introduction of new tenants and/or facilities </li></ul><ul><li>To satisfy the needs of numerous Stakeholders </li></ul>
  11. 11. Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>The Operational objectives may include the following:-   </li></ul><ul><li>  </li></ul><ul><li>To provide facilities consistent with business demand </li></ul><ul><li>To provide facilities for customers and tenants and </li></ul><ul><li>To incorporate flexible, adaptive spaces to be able to respond to markets and uses. </li></ul>
  12. 12. Shopping Mall Design – The Concept <ul><li>. </li></ul>
  13. 13. Shopping Mall Design & Planning Process <ul><li>Design Brief </li></ul><ul><li>Operational and design requirements need to also address the following critical elements :-  </li></ul><ul><li>MEP Systems (Electrical, HVAC, Fire , Hydraulic) </li></ul><ul><li>Vertical transportation </li></ul><ul><li>CCTV, Security Systems, Emergency & PA systems; & access control systems </li></ul><ul><li>Shopping centre doors and locking mechanisms (Physical & electronic) </li></ul><ul><li>Garbage disposal, Trade waste, Refuse rooms & Recycling </li></ul><ul><li>Loading docks and access ramps for delivery </li></ul><ul><li>Tenant deliveries and passages; Storage facilities </li></ul><ul><li>Promotional requirements </li></ul><ul><li>Cleaners rooms & cleaning materials storage </li></ul><ul><li>Rest room facilities (durability of materials and designed) </li></ul><ul><li>Low maintenance finishes </li></ul><ul><li>Roof access and cat walks in roofs </li></ul><ul><li>Drop off & pick-up zones </li></ul><ul><li>Public transport </li></ul><ul><li>Emergency, Operations, Maintenance and Procedures Manuals </li></ul>
  14. 14. Site Selection <ul><li>Traditionally regional shopping malls are built on large sites with a land area that can support a large floor plate. For a retail shopping mall, the minimum site area is usually four hectares. However, due to high land prices and lack of suitable sites, it is often necessary to build vertically and sometimes incorporate a shopping mall plaza within a mixed-use development. This adds much complexity to produce a design that is cost effective and operationally functional for retailers, consumers and mall management. </li></ul><ul><li>In selecting a suitable site it is essential to have first conducted preliminary market research which is covered in detail later in the presentation. </li></ul><ul><li>Major demand drivers of retail spending for shopping malls are:- </li></ul><ul><li>Population </li></ul><ul><li>Aggregate disposable income </li></ul><ul><li>Employment </li></ul><ul><li>Traffic volume </li></ul>
  15. 15. Site Selection <ul><li>Important Site Selection criteria to consider are as follows: </li></ul><ul><li>  Physical site </li></ul><ul><li>Consumer spending potential within site catchment’s area (Population and per capita income) </li></ul><ul><li>Existing & planned competition </li></ul><ul><li>Infrastructure (Roads, Utilities, Shipping, Distribution & Warehousing) </li></ul><ul><li>Roads and public transportation systems (Main Road network, Trains, MRT, bus interchange) </li></ul><ul><li>Access – Ingress & Egress </li></ul><ul><li>Visibility </li></ul><ul><li>Proper Vehicle Parking for location and type of shopping mall </li></ul><ul><li>Rule of thumb the area required for parking is equivalent to the total Gross Lettable Area Retail. (GLAR m2) </li></ul>
  16. 16. Developing your Strategy
  17. 17. Market Analysis <ul><li>Identify and evaluate the retail market </li></ul><ul><li>Supply and demand of retail offerings </li></ul><ul><li>Calculate the potential patronage for various </li></ul><ul><li>categories of goods and services </li></ul><ul><li>Estimate of the market rentals of various </li></ul><ul><li>categories of shops </li></ul>
  18. 18. Market Analysis <ul><li>Major demand drivers of retail spending for shopping malls are:- </li></ul><ul><li>Population </li></ul><ul><li>Aggregate disposable income </li></ul><ul><li>Employment </li></ul><ul><li>Traffic volume </li></ul>
  19. 19. Market Analysis <ul><li>Market Analysis needs to include:- </li></ul><ul><ul><li>The evaluation of existing competition </li></ul></ul><ul><ul><li>Potential future competition </li></ul></ul><ul><ul><li>The economic characteristics of the city </li></ul></ul><ul><ul><li>The size, characteristics and demographics of the catchment area </li></ul></ul><ul><ul><li>Access and visibility </li></ul></ul><ul><ul><li>Factors affecting growth of the trade area </li></ul></ul>
  20. 20. Market Analysis <ul><li>Key elements of a comprehensive market study:- </li></ul><ul><li>Analysis of the economic base showing general characteristics of the market. </li></ul><ul><li>Using GIS mapping system technology - primary, secondary and peripheral trade areas and accessibility. </li></ul><ul><li>Population data for each trade area including existing sizes, historic trends and future projections. </li></ul><ul><li>Demographic data for each market segment targeted -residential population in the trade areas, including tourists, office workers, and convention and business travelers. </li></ul><ul><li>Population characteristics for each trade area including number of households, families and singles, lifestyles, ages, historic trends and future projections. </li></ul><ul><li>Income characteristics for each trade area including household, family and per capita totals, trends in disposable income, purchasing power, and future projections (three years, five years and ten years) </li></ul><ul><li>Patterns and trends in expenditure by type of goods and services in the trade areas. </li></ul><ul><li>Location, characteristics and sales (rentals) of competitive shopping malls by type of centre </li></ul><ul><li>Availability and absorption of retail spaces and sales trends by retail category </li></ul><ul><li>Characteristics and status of proposed and planned retail developments in the trade areas </li></ul>
  21. 21. Anchor Tenants <ul><li>For a proposed regional shopping mall the strength of the anchor tenants interested in the shopping mall site determines the size, character and success of the shopping mall – even the price that can be paid for the land. </li></ul>
  22. 22. Anchor Tenants <ul><li>A thorough analysis cannot be completed until known what kinds of key tenants their trade will attract potential customers to the shopping mall. Thus, two types of analysis must be made simultaneously: one to interest potential key tenants in anchoring a prospective centre and one to determine the numbers and types of customers who may be attracted to the shopping mall </li></ul>
  23. 23. Anchor Tenants <ul><li>Anchor tenants “design criteria” is fundamental to determining the type and size of the project, estimating project costs and negotiating leasing arrangements with other tenants. </li></ul><ul><li>Anchor tenant commitments are key to a shopping mall projects economic feasibility. </li></ul>
  24. 24. Anchor Tenants <ul><li>Obtain Anchor tenant and other tenants expressions of interest early in the process from the leading retailer groups that detail brands, preferred shop sizes (minimum and maximum – GLAR m2 ) and any other special requirements including shop frontage, height - finished floor to finished ceiling height if required to be greater than 3600mm and MEP requirements. </li></ul>
  25. 25. Mall Project Control Team <ul><li>Essential that as suitably qualified retail expert is appointed at the beginning of the development process ideally prior to site acquisition </li></ul><ul><li>Project team should include: </li></ul><ul><li>Developers representative </li></ul><ul><li>Retail Real estate expert </li></ul><ul><li>Project Manager , Architect, Engineers & Planner </li></ul><ul><li>Market & Financial Analysts </li></ul>
  26. 26. Legal Issues & Lease Contracts <ul><li>Important to instruct a suitably qualified lawyer early in the development process with experience drafting shopping mall lease contracts and a strong knowledge of real estate & construction law of the subject country. www.legal500.com </li></ul><ul><li>“ Letter of Intent” / “Offer Letter” is prepared early in the process and as it is important to have the right format of lease contract drafted for the shopping mall and not use a “standard lease format” or the retailers’ lease contract. </li></ul>
  27. 27. Legal Issues & Lease Contracts <ul><li>Final commitments in the Lease Offer and Lease Contract are subject to the relevant statutory approvals being obtained by the developer. </li></ul><ul><li>  The retail tenancy legislation varies from country to country and in some cases within different states of the country. </li></ul><ul><li>  Important to be aware of the relevant legislation regarding lease terms and requirements in regards to options to renew a lease contract. </li></ul>
  28. 28. Legal Issues & Lease Contracts <ul><li>The Lease Offer Letter presented to tenants should inform the tenants of the basic economic provisions early in the process. Items that involve matters as Rent details, tenant’s tax participation (i.e. Land tax, VAT), contributions to common area maintenance and operating costs, insurances, percentage rents above break point if applicable, marketing and promotion participation and expenses and rent review provisions as well as special conditions. </li></ul>
  29. 29. Legal Issues & Lease Contracts <ul><li>Important that the method of measurement for area is defined in the contract definitions as it forms in most cases the basis of calculating the base rent and outgoings charges. </li></ul><ul><li>Recommend using a published method of measurement (RICS – Net Internal Area) or (Property Council of Australia – Gross Lettable Area Retail) and defined in the Lease contract. </li></ul>
  30. 30. Legal Issues & Lease Contracts <ul><li>SPECIAL CLAUSES & CONDITIONS </li></ul><ul><li>Net & Gross Rents </li></ul><ul><li>Use Clause </li></ul><ul><li>Bank Guarantees / Security Deposits </li></ul><ul><li>Percentage Rent / Sales Figures </li></ul><ul><li>Important in countries with a significant Muslim population and Islamic business practices to be modify a lease contract for compliance to Islamic Shari'ah Law </li></ul>
  31. 31. The Leasing Plan <ul><li>The leasing plan, represents the shopping malls potential for investment and is the key in projecting the shopping malls rental income. It should be prepared early in the development process and should address the following points: </li></ul><ul><li>  </li></ul><ul><li>Site plan - location and dimensions of the building should be details including lettable area of anchor tenancies, total of all lettable area (GLAR m2) and total number of car spaces (as per ICSC recommendation and not to the minimum statutory requirements) </li></ul><ul><li>The Placement of Tenants – Tenants should be located to draw the maximum pedestrian flow past as much store frontage as possible. Placement should consider the strength of each tenants draw - (Do NOT position the main anchor tenants adjacent to each other). </li></ul><ul><li>Shop sizes should have an appropriate depth for the retail category and the minimum width shop also be enforced. Each anchor chain usually has its own standardized footprint and requirements for space. </li></ul><ul><li>Retail Tenant Mix – the mix of tenants should largely be determined by the retail tenant mix merchandising plan, although not all the original tenant category locations of the original plan will necessarily be met. Tenants’ preferences and resistance to suggestions will likely result in a number of compromises and repositioning will require constant attention. </li></ul>
  32. 32. The Leasing Plan <ul><li>The Leasing plan – (Continued: </li></ul><ul><li>  </li></ul><ul><li>“ Pricing” for each store space – Pricing depends on each tenant’s size, classification, location in the project and amount of tenant improvement allowances and leasing incentives. This amount should be regularly updated as the project moves from speculation to a finalized project. </li></ul><ul><li>Detailed Rent Schedules – Rent Schedules should clearly indicate the shop number, tenant’s brand and company name, retail usage classification, area allocated (GLAR / NIR – m2), base rent, percentage rent, operational & common area fees and any additional charges. </li></ul><ul><li>Method of Handling Tenant Finishes – The preferred approach is to provide shell and core space plus an allowance or rent free period for finishing the space to the tenant’s and landlords specifications. (Tenant Fit-out Manual as provided by Landlord as an appendix to lease contract). </li></ul><ul><li>The Lease Contract – The lease should require a minimum of changes with appendix attached detailing the require works by the Tenant and the Landlord and the Tenant Fit-out Design Manual that also includes criteria for signage. </li></ul>
  33. 33. Developing your Strategy <ul><li>Leasing Implementation - Once the lease plan has been formulated, the next step is implementation, which involved six major steps: </li></ul><ul><li>Choosing a Marketing Method – Will the developer use in-house leasing experts or an external firm? </li></ul><ul><li>Establish an “A” List – Identify the best tenants in each identified category </li></ul><ul><li>Determining Techniques for “Prospecting” </li></ul><ul><li>Pricing – In addition to considering the demand for the space, the developer must consider parking assess, desirable anchors, depth and width, special criteria if the mall is multi-level, visibility from the street, and position within the shopping mall. </li></ul><ul><li>Positioning - Creating Supporting Materials for Marketing – Marketing material should be created to support the leasing process. </li></ul><ul><li>Tenants’ Submission - The developer needs to know certain information about each potential tenant: legal name, address, tax identification number, financial statement, operating statement, existing locations, references and tenancy requirements. </li></ul>
  34. 34. Maximizing Asset Value <ul><li>ADDITIONAL IMPORTANT ITEMS NOT COVERED IN THIS PRESENTATION: </li></ul><ul><li>Feasibility Analysis & Financing </li></ul><ul><li>Project Management, Construction & Tenancy Fit-out </li></ul><ul><li>Pre-Opening – Management, Marketing Operations & Retailer Relations </li></ul><ul><li>Post-Opening– Management, Marketing, Operations & Retailer Relations </li></ul>
  35. 35. Maximizing Asset Value <ul><li>QUESTIONS - Now or later??? </li></ul><ul><li>Welcome to contact me anytime </li></ul><ul><li>Thomas Hofer CSM Managing Director Thomas R. Hofer & Associates </li></ul><ul><li>[email_address] </li></ul><ul><li>THANK YOU !!! </li></ul>

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