24,000 SF unanchored neighborhood retail center.
Edge increased NOI for ownership through its superior leasing strategy targeting both local and national franchises to lease three spaces, advise in renewal of existing tenant, and negotiate 10-year deals with new-to-market franchises at higher rents for landlord. Edge stayed actively involved through all steps of the transactions.
SEARS DISPOSITIONS IN OHIO
Assignment: Dispositions of non-core TransformCo real estate
Challenges included bankruptcy proceedings, satisfying appraisal pricing, and the coronavirus pandemic.
Edge worked directly with seller’s President and VP of Real Estate and asset management to obtain and vet offers; navigate COREA’s,
zoning, and other re-development restrictions; and identify which prospective buyers could achieve required pricing while closing within desired timelines.
Generated 40+ offers on one or multiple properties in the portfolio.
Edge Real Estate Group’s marketing prowess and diligent follow-up led to maximizing offers and pricing. Edge kept its focus on serving the clients’ goals of maximized value and surety of close, by identify ing highest and best uses and most logical buyers for each asset, and overcoming market challenges and objections.
One of the original retail tenants of the outparcel vacated during the coronavirus pandemic.
Desired goal was to secure a high-profile tenant with limited parking requirements. Edge performed a void analysis to create prospect list and recognized the need to market the space as divisible in order to maximize interest. Edge secured a deal with Bench Mark Physical Therapy for a portion of the space, with the tenant completing construction.
Multi-tenant building in Eastgate Mall trade area. Created redevelopment plan to divide Pier 1 building into smaller spaces, executed deals with Cricket Wireless, Aspen Dental and Eyemart Express. Edge repositioned the asset by creating more leasable opportunities within existing building. Increase in owner’s invested capital was offset by an increase in net effective rents for new tenants; therefore, creating greater asset value.
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.
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.
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.
Former Steak ‘n Shake, Springdale
Property acquired by owner in 1031 exchange. Steak N Shake corporate closed location. Edge marketed for sale while still under lease, obtained multiple offers and sold to a regional Arby’s franchisee.
Rivers Crossing Shopping Center
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.
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.
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.
Walmart and Menard’s anchored center. Edge brokered the sale of an outlot, owned by the original developer for more than 15 years, to a Dunkin franchisee.
Cold Spring Crossing
Regional Shopping Center anchored by Kroger, Kohl’s, Home Depot and Staples. With aggressive marketing and leasing efforts Edge was able to replace struggling tenants and fill long term vacancies with better operators. Improved brand recognition and merchandise mix increased cash flow and value without increased risk to landlord’s capital.
Blue Ash Commons
Edge Real Estate Group’s expertise and creativity led to maximized value for the center. Center was fully leased, but an in-line local restaurant tenant had sold the business and was not performing. Desired goal was to secure a stronger-credit, non-restaurant tenant for the space. Edge performed a void analysis and compared with co-tenancy restrictions to create a target prospect list, worked with ownership on facade renovation plans to maximize visibility, user interest and achievable rent to secure a national medical group on a 10 year deal with a corporate guarantee, at a lease rate nearly double the in-place rent.
Eastgate Village Shops
Edge Real Estate Group handled leasing at the center for 10+ years. Edge maximized lease rates and terms while consistently maintaining 90+% occupancy. As ownership considered whether to sell the center, Edge identified and presented it to a local buyer with a 1031 exchange requirement. Edge maximized asset value through its superior leasing strategy, despite challenges in the market. Edge brokered the sale of the center, monetizing the increased value for the ownership group.
40,000 SF neighborhood shopping center. Assisted the owner from pre-development and leasing to 100% occupancy
Shops of Burlington
Leased from development to 100% occupancy 34,000 SF of retail space and sold three outlots as part of a neighborhood Kroger anchored shopping center.
Dudley Shopping Center
Neighborhood shopping center in regional trade area. Assisted in planning and design of the center. Responsible for leasing from development to 100% occupancy.
Lyon Towne Square
Kroger-anchored neighborhood shopping center located in suburb of Detriot, MI. Assisted from pre-development, and leased 21,000 SF to 100% occupancy.
184,390 sf Kroger-anchored neighborhood shopping center with numerous second-generation vacancies and several available outparcels. Edge leased center to 100% occupancy and disposed of remaining outparcels.