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.