CHALLENGES: Numerous retail properties had been constructed in the last 5-7 years offering stronger linkages than the subject property. Former Kroger and CVS spaces at the West end of the center attracted little attention from tenants locating in the area. Downtown Richmond attracts local “mom and pop” tenants that could normally be relied upon to backfill space at the property. A short remaining lease term on an anchor tenant with other leases also approaching expiration.
SOLUTIONS: Friedman’s management team repaired parking lot lights, replaced concrete slabs throughout storefront walkway, repainted the monument sign, replaced several HVAC units, replaced a transformer and repaired and restriped parking lot. Friedman’s Josh Miller, Senior Associate, Investment Advisory Services took over leasing in February 2016. Josh renewed leases with Family Video, HP Printing, Treasured Friends Daycare, including a 2,000 SF expansion and assisted with the renewed lease of Kmart. Friedman also signed new leases with Richmond Athletic Club and Richmond Hearing Solutions.
RESULTS: The Friedman Management team and Brokerage team stabilized the asset through capital improvements, lease renewals, an expansion and new leases resulting in occupancy being raised to 75%. Friedman’s efforts increased property value which lead to an off-market disposition coordinated by Josh Miller.