we will loose some tenants, one in particular we would like to see them find a better fit for themselves.

BRRRR is common in commercial and your existing lender will need more of an appetite for a refinance if they know that they are going to loose the loan.Fannie, Freddie, and some local/regional banks actually have a supplemental loan feature that facilitates a BRRRR...the original loan stays in place and you get a supplemental loan when the property has been re-positioned, rents raised, and stabilized.There are also construction/perm loans where rehab is financed during the IO construction period and then the loan starts amortizing later. 

You would have negative cash flow and your great investment income property would be a major liability.Nothing wrong with hoarding excess cash when you are filthy rich but in your situation this would be a serious mistake.

But don’t wait around and loose a deal.

The return process they are talking to overseas call centers, the item takes weeks to get back to the warehouse, the retailer looses the actual item being returned,etc.

People know which town looses people, where economy is growing, etc...

If you refi and book a vacation you may loose your home (or just go on vacation and pay more/month).  

Some things to look out for are the fees. environmental fees, excessive weight fees, another trick of the industry is billing cycles. some will bill monthly so you are billed 12 times a year others may bill every 4 weeks so you get billed 13 times a year (52 weeks/4= 13 bill)based on my experience the big guys tend to play ball and kill on volume to shut out little guys. also these little guys rely on the big guys station to dump, so they charge a base fee and mark it up or put add on to make money.

If a tenant is fixing to go out it can be less time as the landlord is already negotiating an LOI and then an executed lease with the tenant.Larger spaces big box can sit for awhile but those are rarely built new today mainly re-purposed.In some cold belt states net migration away produces excess inventory and with no growth then other tenants aren't lined up to take the space.Most of my clients are buying in high growth warm belt states even if they live in cold belt.

Probably puts the portfolio in excess of several million dollars.