The 53,000 sq. ft. located in Louisville, KY, was purchased in 2012. At the time of purchase, the shopping center was 33% occupied. Shop space included a vacant anchor box (12,000 square feet). Local tenants occupied some of the remaining spaces.
Ralley renovated and re-tenanted the center. Within 14 months, the Ralley team produced the following:
Leased the 12,000 square foot vacant anchor box to Save-a-Lot.
Increased shopping center occupancy from 53% to 93%.
Realized an opportunity to renovate, redevelop, and re-tenant a vacant shopping center in Columbus, OH.
Steps to completion:
Coordinate with Architect and Civil Engineer on site design.
Gain approval for building remodel.
Coordination with Contractor, Architect and Civil Engineer on construction through completion to ensure timely completion.
Benefits:
Presence of new anchor tenant Dollar Tree. This increased traffic into shopping center and increased attractiveness of retail center.
With Dollar Tree, we activated the unexposed parts of the shopping center.
Raise profile of shopping center with remodel, which improved tenant quality.
Increased Cash Flow & Valuation.
