Retail-Office | Herndon, VA
Acquisition: Premier purchased this small retail and office property in 2001 at a favorable price. The 7,500 sf restaurant tenant had just gone bankrupt and shortly after acquisition the tech bubble burst and cost us another major tenant. The building had serious deferred maintenance and a bad reputation.
Actions: Premier installed a new roof, improved signage, replaced old concrete with a new stamped, colored asphalt product (great!), completely renovated all corridors and common areas, replaced several RTU’s, painted the building, removed trees obscuring retail tenants, negotiated a successful settlement with the restaurant lease guarantor and brought in another restaurant group. Premier also worked with a minor tenant to help them grow into more space, and brought in new tenants to replace those leaving or going out of business.
Results: Premier got the building 100% leased and sold it in 2007 at a profit of $2,000,000.
Management: Premier managed the property from start to finish.
Ownership: The principals of Premier had significant ownership interest in this property.