Retail Plaza, Fairhaven, MA
Retail Plaza, Fairhaven, Massachusetts
Revitalizing a 30% occupied, 114,449 SF unanchored strip center.
The Challenge
The Retail Plaza, once anchored by a 50,000 SF Big Box retail store, had been acquired through a mortgage by a REIT. The REIT, looking to sell the property for $2.5 M, hired Capstone Properties to add the value that would maximize the sale price.
The Assignment
To manage and lease the property, and construct all tenant and façade improvements.
The Solution
After conducting a detailed survey of retailers looking for space in southeastern Massachusetts, Capstone recommended demolishing the vacant store and re-developing the site with a supermarket chain as anchor.
Key to the re-development was performing a complete façade, signage, and site renovation,during the lease-up process while not impacting the operation of existing tenants.Capstone, acting as exclusive broker for the property, successfully secured 97,808 SF in leases with the following tenant uses: Supermarket (65,275 SF), Retailer (8,318 SF), Automotive Service (6,446 SF), Automotive parts supplier (5,425 SF), Women’s Clothing Boutique (3,884 SF), Financial Institution (2,862 SF), Electronics Retailer (2,400 SF), Hair Salon (1,600 SF) and Service company (1,598 SF).Capstone managed all new tenant fit-out projects, built the new façade and signage, and negotiated all maintenance and vendor relationships at the plaza.
The Result
When the REIT was ultimately sold, The Retail Plaza had an estimated value increase of over $3.0 M after costs of renovation and lease-up.