Olympia Square

Challenge

Olympia Square is a 167,000 SF retail center anchored by Albertsons and Ross. Due to a history of vacancy issues and a loan default, the property reverted to the lender through a deed-in-lieu of foreclosure. To restore its value and attract value-add investors, significant capital improvements, a lease stabilization strategy, and an effective nationwide marketing campaign were required.

Action

Recognizing the challenges at hand, Erik and Mike sought the expertise of local Kidder Mathews leasing brokers to negotiate lease extensions and renewals with the primary anchor tenants. Simultaneously, they devised a comprehensive maintenance and capital expenditure plan to enhance the property's aesthetics and infrastructure. Once the lease renewals and capital improvements were completed, Erik and Mike crafted and executed a targeted national marketing plan to attract value-add retail investors. They provided pricing guidance that positioned the property favorably for an auction.

Result

• Stabilization: The lease extensions secured for the anchor tenants successfully stabilized the property, ensuring a solid foundation for future growth and attracting investor interest.
• Property Improvement Plan: A meticulous plan was implemented, encompassing critical upgrades such as resurfacing the parking lot, replacing the roof, and applying fresh exterior paint. These improvements significantly enhanced the property's visual appeal and functionality.
• Marketing: A multi-faceted, national marketing campaign was deployed, generating considerable interest from multiple potential buyers who recognized the value-add opportunity presented by Olympia Square.
• Transaction Management and Sale: With careful oversight and coordination, the sale concluded with an all-cash close within a 45-day escrow period.

Testimonial

"Erik and Mike's expertise as retail specialists and knowledge of the local market were invaluable to us. They proved to be expert strategists, understanding our unique disposition needs and delivering the comprehensive reporting we required. We highly appreciate their exceptional service and dedication."

Sydney Lampert LNR Partners LLC