Burlington Town Center
- The asset was a challenged mall located in an excellent pedestrian street.
- Sales were below average and several tenants were struggling.
- Aggressive book value.
- 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.
- Created a competitive marketing campaign to drive value and certainty of execution.
- Leveraged a National and Northeast buyer to drive terms.
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Top performing Kroger grocery store coupled with Kmart anchor on eve of bankruptcy. Underperforming shop tenant performance and new development competition. Northward market migration and residential growth. How to get value for Kmart space with limited prospects to backfill 100,000 SF. Kroger controlled redevelopment via site plan modification approvals.
High seller expectations for REO asset at excellent location near high-performing regional mall. Second generation replacement anchors HH Greg & Gander Mountain lacked credit. Functional obsolescence of enclosed mall shops resulted in under-performance. Outdated movie theater lacked credit, but required significant LL renovation contribution. High expectations based on quality of location but encumbered by current leases. Vintage physical plant was dated with deferred maintenance.
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