Challenge
- The asset was a challenged mall located in an excellent pedestrian street.
- Sales were below average and several tenants were struggling.
- Aggressive book value.
Strategy
- Fully expose the asset to both national and regional buyers that have an emotional connection with the market.
- Highlight the tremendous opportunity to revamp the anchor at Church and Cherry on the nationally recognized walk street.
- Provide a buyer with the potential vision to revamp the property into a mix use development as well as cater to the tourist, university and the local customer.
- Incentivize the local manager to help create the winning story.
Results
- Created a competitive marketing campaign to drive value and certainty of execution.
- Leveraged a National and Northeast buyer to drive terms.
