Palmer Town Centre
- Owned by a TIC group of 37 investors.
- Occupancy dropped below 80% and little funds to lease market deals.
- Varying ownership related challenges creating a non-functioning shopping center.
- Significant near-term rollover.
- Vacant units had been vacant for several years.
- Property was not in good condition.
- Fully expose the property to the market through a tiered approach.
- Create a value-add plan to attract the highest probability buyer.
- Highlight the grocer’s sales volume and the target Institutional and private capital.
- Have local partnership to tell the local story and support the value -add component.
- Generated 10 offers – 5 from local and 5 National.
- Perfectly executed marketing plan to target two different buyer pools.
- Excellent pricing and certainty of execution provided to the 37 investors.
- Managed an incredibly difficult escrow and negotiation process due to internal conflict from the ownership group.
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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 Outdated movie theater lacked credit, but required significant LL renovation contribution.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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