White Oak Village Shopping Center

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Retail | Tappahannock, VA

Acquisition: This 72,000 sf property was acquired with Premier’s assistance in 2006. Tenants include Food Lion, Family Dollar, Rite Aid, H&R Block, Subway, Dominos, and a mix of local shops. The property was substantially leased at the time of occupancy, but there was significant deferred maintenance and lack of identity. The goal of the acquisition, which was debt free, was to provide long term stable income.

Actions: Premier worked with the owners to create a new color scheme for the center, then had the property painted and a new accent roof line installed. A signage program was instituted as well, whereby tenants agreed to pay a new monthly signage fee and Landlord installed a new 30 foot high monument sign at the property entrance. Visibility was also improved by selective removal of overgrown trees at the front and side of the property. Leases were renegotiated and extended with several tenants.

Results: By monitoring and working closely with tenants and ownership, Premier has kept occupancy above 90% despite the poor economy. The property is meeting the owners goals of providing regular cash distributions and consistent annual profits.

Management: Premier has managed this property from the outset to the present, including all leasing, fit out, and property improvements.

Ownership: The principals of Premier do not have an ownership interest in this property.

Brookhill Shopping Center

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Retail | Richmond, VA

Acquisition: Premier first became aware of this 162,000 sf Food Lion center in 2008 through its relationship with GE, who had owned the property for more than 10 years.  GE wanted to sell the shopping center on several occasions over the years, but they were dogged by environmental problems resulting from the presence of an old dry cleaning plant.  During the cleanup, which took many years, a number of tenants left and new leasing was difficult.  When the property was finally certified clean, occupancy was down to about 67% making it challenging for the seller to meet its minimum price requirement,  Premier subsequently stepped in with a creatively structured purchase offer that gave GE credit for some pending leases while still maintaining a 9 cap on in-place income.

During the acquisition, Premier was approached by Broad Street Ventures, another DC area real estate company trying to build its shopping center portfolio.  Broad Street made Premier an offer to provide both debt and equity financing in return for becoming a  partner in the deal, and a mutually beneficial partnership arrangement followed.  Premier and BSV closed on the acquisition in March 2012.

Actions: Premier Management immediately implemented a number of changes, including a property improvement program and new, highly-focused leasing and marketing strategies.  In addition to those efforts, we called back old prospects that had looked at the center in prior years but had not leased.  We additionally created a targeted list of prospect categories compatible with our tenant mix and demographics for our brokers to pursue.

Our improvement program has initially focused on cosmetic enhancements.  We have installed all new pylon and tenant signs, some with scrolling electronic messages, to bring attention to our new ownership and revitalize our tenants presence. We have installed 800 linear feet of new brightly colored awnings that not only freshen the center but let the community know that changes are underway.  We have installed new landscaping that complies with County requirements, in addition to significantly trimming trees and bushes to improve visibility.  And we’re in the process of installing high definition video surveillance for enhanced security and liability protection at the center.  Of course, we’ve also addressed many more mundane but important issues, from addressing sidewalk trip hazards to replacing many HVAC units to putting vacant suites into leasable condition.

Results:  Within the first year we signed major leases for 11,000 and 8,000 sf respectively, in addition to several smaller leases. We have also renewed every tenant that has had a lease rollover, all at increased rents, and evicted one chronically delinquent tenant.  Premier and Broad Street have developed a strong working relationship that has benefited both parties and our investors, who have received all of their quarterly payments as scheduled. Equally important, the physical improvements and revenue from the new tenants will create significant value for the team and the investors.

Management: Premier manages this property.

Ownership: The principals of Premier have an ownership interest in this property.

Elden Street: Retail and Office Building

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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.