1984: |
22,000 sq. ft. space, vacant for several
years, leased to regional retailer, increasing annual
rental income by $35,200. |
1986: |
Renovation of canopy and parking lot completed. |
1987: |
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. |
1988: |
Annual Net Operating Income has been increased by
44% since acquisition. |
1991: |
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. |
1992: |
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
rate 425%. |
1993: |
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. |
1994: |
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. |
1995: |
Leasing of in-line stores further raises occupancy
to 97%, Annual Net Operating reaches a 212% increase
since acquisition. |
1997: |
Extensive renovations made to the canopy facade and
parking lot. |
1998: |
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. |
2001: |
Property remains 99% leased. New contemporary roadside
pylon sign replaces old dated looking sign. |