||22,000 sq. ft. space, vacant for several
years, leased to regional retailer, increasing annual
rental income by $35,200.
||Renovation of canopy and parking lot completed.
||Create an out-parcel from excess land in parking lot
and execute ground lease with McDonalds adding $30,000
per annum of additional Net Operating Income. McDonald's
constructs their own building at their expense.
||Showbiz Pizza closes majority of its locations nationwide.
Negotiate lease termination payment of $331,000 and
space re-leased to Western Auto.
||Annual Net Operating Income has been increased by
44% since acquisition.
||Property 100% occupied.
||K-Mart decides to expand from 85,000 sq. ft. to 110,000
sq. ft. As there was no expansion space available within
center, they are forced to relocate. Lease is executed
for 1/3 of the vacated space to Piggly Wiggly, a regional
supermarket chain, increasing rental rate 300%. Alabama
Thrift Stores expanded from 25,000 to 45,000 sq. ft.
|| Leased K-Mart's former free standing 7,500 sq. ft.
Tire Battery and Accessory building to Auto Zone, a
regional automobile service center, increased rental
|| Leased 10,000 sq. ft. of former K-Mart building to
a national retailer at a rental rate of 250% the rent
K-Mart was paying.
||Remaining portion of the K-Mart building is leased
to Aaron's Rent-A-Center, raising rental rates by 300%
and increasing Annual Net Operating by 204%. Physical
improvements including parking lot resurfacing and new
upgraded parking lot lighting completed at the Center.
||Leasing of in-line stores further raises occupancy
to 97%, Annual Net Operating reaches a 212% increase
|| Extensive renovations made to the canopy facade and
||Sears closes all of its Western Auto stores in Alabama.
The space is divided into two stores and leased to Goodyear
Tire and Family Dollar stores.
||In August the property is refinanced for nearly
double the then first mortgage balance.
||Property remains 99% leased. New contemporary roadside
pylon sign replaces old dated looking sign.