North Park Shopping Center

Macon, GA

Challenge

  • 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.

Strategy

  • 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.

Results

  • 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.