Convenience Center, Providence, RI
Convenience Center, Providence, Rhode Island
Helping an owner meet his investment parameters in a limited time span.
The Challenge
The owner of a 40,703 SF convenience center in Providence, Rhode Island, had purchased the property with the objective of turning it into a supermarket-anchored shopping center for a potential sale within one year.
To accomplish this, the owner had to negotiate three contingent leases based on the success of securing a Save-a-Lot supermarket (a national medium priced private label store) and relocate multiple tenants to create a space large enough for the incoming supermarket. That’s why he turned to Capstone Properties.
The Assignment
To provide the leasing, management, and construction services necessary to re-develop a supermarket-anchored shopping center in a ten-month period.
The Solution
Capstone handled all management services for the center, providing the owner with financial and physical management of the property.
Capstone’s construction team provided the owner with on-site “clerk of the works” services, including management of change orders, approval of requisitions, compliance with scope of work, and value engineering.In addition, Capstone completed 32,445 SF of lease transactions which included National Discount Convenience Retailer (7176 SF), Pizza Restaurant (1,383 SF), National Chain Hair Salon (1,360 SF), Automotive Supply Store (8,000 SF), and National Grocer (14,526 SF).
The Result
The re-development was successfully completed within the owner’s time frame, enabling the owner to sell the property within his investment parameters.