North Park Shopping Center
- 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.
- Knowing the degree of difficulty, we conducted a high-touch campaign focused on personal relationships with high-probability buyers.
- Emphasized superlative Kroger sales performance to validate the quality of the location.
- Superior research and market knowledge enabled us to convince Buyer of more opportunity than risk.
- Choreograph property visits and market tours to insure message consistency.
- Met demanding price and terms threshold in spite of numerous challenges.
- Overcame obstacles by engaging directly with leadership at publicly-traded REIT seller.
- Identified a Georgia-based 1031 exchange buyer with additional motivation to close.
- Worked with Buyer’s bank to close after inability to obtain competitive non-recourse debt.
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More Success Stories
Institutional Seller with strong expectations. Not main and main within the market. Restrictions on fully marketing the asset. Short timing to sell the property. Record cap rate for the Pacific Northwest. Sold to an exchange buyer off market that was based in Beverly Hills. Delivered again for one of our top clients. Help us take the top spot for grocery sales in 2020.
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 Outdated movie theater lacked credit, but required significant LL renovation contribution.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.
The asset was an REO life-style center having suffered neglect during foreclosure cycle. Economic performance suffered due to co-tenancy and ineffective property management. Bifurcated ownership of Phases I, II & III contributed to operating inefficiencies. Loss mitigation challenge to liquidate and recover as much of original $57mm debt as feasible.
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