Circumstantial Description Prior toTake Over

• 112,400 square foot neighborhood shopping center.
• 10-year-old property that lost 54,000 square foot anchor tenant and was foreclosed on by lender.
• Owners’ objective was to improve physical condition, lease up, enhance asset value and sell.

Property Business Plan

• Construct marketing materials to accentuate positive aspects of location, de-emphasizing past negative perceptions of location.
• Lease up vacant anchor space.
• Expand and extend food store anchor lease.
• Position leases for eventual sale of property.
• Renovate & redecorate common area.
• Address deferred maintenance.

Results

• Re-leased vacant anchor space to one national and one local AAA credit tenant.
• Expanded and renewed food store with 35% more space and a new 20-year lease.
• Designed and completed common area enhancement program.
• Increased occupancy from 52% to 98% in 12 months.
• Increased value of property in 18 months from $2,900,000 to $4,400,000 (final sales price).