Rivers Crossing – Anchored by Kohl’s, Target & Lowe’s
434,300 SF regional power center with 13 outparcels. Anchored by Kohl’s, Target & Lowe’s
- Challenge:
2008-2009 recession stalled project with only two anchors and three outparcels developed and significant debt in place. Commercial debt market froze lending on new development projects.
Resulted in the project’s equity investor/guarantor taking control of project from original developer.
The new development team needed to restart the development despite the lack of activity in the post-recession period. - Solution:
Edge worked with new development team to revisit the development plan, optimize tenant mix and re-introduce the project to the market.
Edge and new development team structured a phased development approach to minimize risk for lender and new development team.
Edge employed a comprehensive marketing strategy to generate interest in the project and over- come the stigma surrounding the stalled development.
Edge negotiated both in-line and outparcel deals while navigating extensive prohibited and exclusive use restrictions in the development’s REA and ECCR. - Conclusion:
Edge overcame the challenges, leased the project to 100% occupancy and leased/sold all of the available outparcels.
The equity investor/guarantor monetized the leased assets by selling them on the investment market, retired the project debt and enjoyed a healthy return from the project.
Oakley Station – Grocery Anchored
The 74 acre mixed-use development is located on the east side of I-71 and Ridge Road, adjacent to the Center of Cincinnati. Anchored by Cinemark and Kroger Marketplace.
- Challenge:
Introduce the market to the redevelopment plan for this former heavy industrial site.
Identify and secure anchors to compliment the 300-unit upscale multifamily and the planned office components of the development. - Solution:
Edge conducted a market study and identified and engaged those users that would be most compatible with this mixed-use development.
Edge negotiated land sales with both Cinemark and Kroger and leases with several junior box / outparcel users. - Conclusion:
The deals brought needed amenities to the community.
Cinemark was able to open its first location in the Cincinnati market in August 2013.
Kroger built its largest Marketplace to date, a 145,000 sf flagship that incorporated numerous new in-store concepts.
kohl’s outlot – Kohl’s and Menard’s Anchored
8683 N SR 66, Defiance, OH 43512
Kohl’s and Menards anchored center. Edge brokered the sale of an outlot, owned by the original Kohl’s developer, to Magic Tunnel Car Wash. Edge leveraged multiple offers in
FORMER STEAK ‘N SHAKE RESTAURANTS
11470 Princeton Pike, Springdale, OH 45246 & 7876 Tylersville Square Drive, West Chester, OH 45069
Steak ‘n Shake corporate closed locations. Edge marketed each location for sale while still under lease, obtaining multiple offers for each. Edge recognized that the land value exceeded the building value in each location and geared its marketing for new development. The Springdale location sold to a regional Arby’s franchisee and the West Chester location sold to Whitewater Express Car Wash.
HARBOR SQUARE DUNKIN’
1950 Haveman Road, Celina, OH 45822
Walmart and Menards anchored center. Edge brokered the sale of an outlot, owned by the original developer for more than 15 years, to a Dunkin franchisee. Edge obtained multiple offers for the site and advised ownership in choosing the deal most likely to close.
White Blossom – Unanchored
40,000 SF neighborhood shopping center. Edge assisted ownership from pre-development and leasing to 100% occupancy.
Shops of Burlington – Grocery Anchored
Kroger-anchored center. Edge leased over 34,000 SF from development to 100% occupancy and sold three outlots.
Dudley Shopping Center – Unanchored
Neighborhood shopping center in regional trade area. Edge assisted in planning and design of the center and was responsible for leasing from development to 100% occupancy.
Lyon Towne Square – Grocery Anchored
Kroger-anchored neighborhood shopping center located in suburb of Detriot, MI. Edge assisted from pre-development and leased 21,000 SF to 100% occupancy.