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South Park Shopping Center, Winston-Salem, North Carolina
Circumstancial Description Prior to Take 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 proeprty in 18 months from $2,900,000 to $4,400,000 (final sales price).
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