After purchasing the site from a local developer in 1999, our experts unlocked the property’s value by adding 19,000 square feet of retail space to accommodate a Shoppers Food Warehouse expansion and the construction of a new Starbucks and two pad sites. After securing a 42,000 square foot contract with a large health club operator, the team increased the rental rate by 150%.
307,000 square foot grocery-anchored retail
Purchase, entitlement, and expansion of multi-tenant pad buildings; lease-up and sale of expanded and fully-leased center
1999 – 2003
Shoppers Food Warehouse, CVS Pharmacy, Gold’s Gym, Staples
Decreased vacancy from 9% to 0% in under three years, increased NOI by 34% – from $4M to $5.35M