Roof replacement
Roofing work extends across space occupied by existing tenants and previously unusable areas, addressing building condition while expanding the property’s leasing potential.
← Our approach in practiceSee the potential.
Crooked Lake Commons · Penn Yan, New York
See the potential.
Do the work.
A commercial center operating below its potential. A locally grounded investment thesis. A coordinated program of leasing, tenant build-outs and property reinvestment.
Acquired December 2023Approx. 103,000 SF of commercial spaceActive repositioning
Formerly Lake Street Plaza
A long-term commitment to an established Finger Lakes commercial center.Property archive photograph. It does not depict all subsequent improvements.
52% → 87%Leased share of total rentable area, acquisition to year one
+36,070 SFAdditional space leased within the first year
6 build-outsTenant spaces delivered within the first year
$1M+Reinvested in the property to date
The investment thesis
Activate underused space.
Strengthen the income-producing asset.
When FLX acquired the property, 53,494 square feet was leased, approximately 52% of its 102,939 square feet of total rentable area. Vacant space and deferred building work called for a coordinated operating and capital plan.
The thesis was rooted in the property’s role in Penn Yan: existing commercial space serving everyday needs, with the potential to accommodate a broader mix of businesses. Realizing that potential required direct work on the buildings, the tenant spaces and the leasing process.
FLX brought those decisions together, connecting tenant demand to practical construction requirements and sequencing reinvestment around the property’s long-term usefulness.
01 · Leasing & activation
A leasing plan
backed by delivery.
Within one year of acquisition, FLX leased an additional 36,070 square feet and completed six tenant build-outs. Leased area reached 89,564 square feet, approximately 87% of the property’s total rentable area.
The first-year milestone joined commercial execution with physical delivery: making space usable for tenants and bringing that space into occupancy.
First-year leasing progress
At acquisition52%
53,494 SF leased
Within one year87%
89,564 SF leased
Both percentages use the same 102,939 SF total rentable-area denominator. These are historical leasing milestones, not a statement of current vacancy.
02 · Reinvestment & asset quality
Improve what tenants use.
Restore what the property can offer.
More than $1 million has been reinvested in the property. The program addresses both existing tenant needs and the recovery of previously unusable space.
Returned to leasable condition
New roofing made the remaining previously unusable space available for future leasing. This is restored capacity, separate from the first-year occupancy gain.
Replaced
Building-system renewal is accompanied by replacement commercial doors and windows, along with sidewalk, railing and walkway improvements.
Why this matters
Leasing and capital improvements are one operating strategy.
Tenant build-outs activate space. Building-system work supports existing occupancy. Restoring unusable area creates another source of leasing potential. Together, these actions strengthen the physical and commercial foundations of the asset.
03 · Market engagement
A stronger destination.
A measurable change.
Third-party traffic estimates indicate approximately 621,000 annual visits during October 2025 through September 2026, up approximately 29% compared with the equivalent twelve-month period three years earlier, before FLX acquired the property in December 2023.
The increase provides a market-facing measure of the property’s progress alongside its leasing gains, tenant build-outs and sustained reinvestment. Together, these milestones tell the story of an established commercial center becoming a more active destination for the community.
~29%Three-year growth in estimated annual visits
Approx. 621,000Estimated visits · Oct. 2025–Sep. 2026
Source: Third-party traffic estimates. Visits are panel-based estimates, not unique visitors or sales. Three-year comparison uses a pre-acquisition baseline. Changes in traffic also reflect broader market conditions.
A place for everyday business
Different businesses.
A shared destination.
A closer look at the storefronts and services that give Crooked Lake Commons its place in the community.
Architectural illustrations adapted from property photographs, with vehicles and incidental details simplified. These are illustrative views, not proposed renovation renderings.
04 · The next phase
Build on the progress.
Invest for the community.
Repositioning remains ongoing. The next phase focuses on site infrastructure, appearance and the experience of moving through the center.
Parking & circulation
Planned repaving and striping of front and rear parking areas, with attention to safer, more practical movement through the property.
Architecture & identity
A planned continuation of the Everlast siding treatment already piloted at the center, extending the Building 2 facade around its side and bringing its appearance closer to the character of the historic community.
Walkability & public space
Further improvements to pedestrian connections and the arrival experience, supporting the center’s continuing role as a retail and service hub.
Water, sewer & site infrastructure
Planned water and sewer improvements coordinated with site work to improve safety, reliability and pavement conditions.
Future projects are planned and subject to sequencing, design, approvals and available capital. They are distinct from completed improvements.
The FLX approach, made tangible
Local understanding.
Disciplined reinvestment.
Visible execution.
Crooked Lake Commons reflects our commitment to improving under-managed commercial real estate through active ownership. We intend to continue reinvesting as the property evolves to serve local businesses, residents and Finger Lakes visitors.
Discuss a real estate opportunity ↗Visit the Commons website ↗Case study notes. Operating milestones and capital improvements are management-reported as of October 2026. Total rentable area is 102,939 SF, rounded to approximately 103,000 SF in the overview. First-year leased-area figures are historical and do not indicate current availability. Reinvestment is cumulative, not a measure of investment return.
Traffic data: Third-party estimates for the mapped property area. Three-year growth compares October 2025–September 2026 with October 2022–September 2023, a pre-acquisition baseline. The comparison is not an exact acquisition-date-to-present measure. Figures are estimates and do not establish revenue, profitability or causation.