The Brookhill Azalea Shopping Center has been acquired by Premier in a partnership with Broad Street Ventures. The 162,000 sf regional center is anchored by Food Lion, and boasts many national tenants including KFC, Family Dollar, Subway, Aaron Rents, and CitiTrends. Occupancy at the center had suffered recently, hovering at about 67%. Premier acquired the center through its long standing relationship with General Electric, who had taken ownership of the center several years ago due to a defaulted loan. Premier and Broad Street will enter into a capital improvement program, installing new awnings and signage, painting, and various other refurbishment projects. Premier has engaged Divaris to handle the leasing, and the team has already identified a number of strong prospects. Debt financing was provided by Virginia Heritage Bank.
Update: Over 20,000 square feet of new leases have been executed in less than a year. We have executed on plans for new signage, new awnings, new landscaping, and other capital improvements.