Southeastern Massachusetts Retail Portfolio: Taunton, Swansea and Kingston, MA
Southeastern Massachusetts Retail Portfolio: Taunton, Swansea and Kingston, Massachusetts
Revitalizing three troubled properties.
The Challenge
An out-of-state private investor acquired three retail properties in southeastern Massachusetts through foreclosure. The portfolio consisted of a vacant 27,000 SF stand-alone cinema, a 172,000 SF community shopping center with a 25% vacancy, and a 60,000 SF neighborhood convenience center with a 30% vacancy factor. The cinema required redevelopment and a change of use. The two shopping centers had thin demographics and the tenant mix was discount in terms of category and primarily local retailers. The investor turned to Capstone Properties as his exclusive leasing agent.
The Assignment
To develop a leasing strategy and marketing campaign to lease-up the portfolio.
The Solution
Capstone Properties negotiated a long-term lease with a national discount retailer for two of the properties within the portfolio.The strong credit of the national retailer enabled the ownership to finance the redevelopment and stabilize the vacant cinema.In addition, adding this retailer to the plaza allowed the ownership to expand another growing tenant and significantly reduce the vacancy rate.
The Result
The currant occupancy percentage at the Cinema, and two shopping centers is 100%, 97% and 90% respectively.