| 1989: |
Started asbestos abatement program where
we removed asbestos from public areas and tenant spaces
as they became vacant. Bought out 25,600 sq. ft, Winn-Dixie
Supermarket lease which was to expire in 1996 and re-rented
space to Office Depot increasing Net Operating
Income by 35%. |
| 1990: |
After extensive negotiations with the City, installed
a traffic light at the main entrance of the shopping
center, thus greatly improving access and customer traffic. |
| 1990-92: |
Re-rented small store spaces to improve quality of
tenants. Maintained "short term" leases to
facilitate anticipated future renovation and major "restructuring"
of tenant mix. |
| 1993: |
Replaced movie theater showing second run movies in
a 10,640 sq. ft. freestanding building with national
restaurant chain - Old Country Buffet, increasing
original Net Operating Income by 55% over NOI at acquisition. |
| 1994: |
After several years of negotiations, Woolworth Corporation
agreed to terminate its lease on a 103,161 sq. ft. store
it had subleased to Hills Department Stores allowing
the final phase of the "turnaround" of the
center to commence: |
|
Divided the former department store into four completely
new stores which were leased to Drugs for Less,
Michaels Arts & Crafts, Hibbetts Sporting Goods
and Campo Electronics at over 350% rental rate increase.
|
|
Re-rented small store spaces on long term leases at
up to double the prior rents.
|
|
Net Operating Income is increased by 237% over NOI
at Acquisition.
|
| 1995: |
Concluded final phase of the turnaround: |
|
Completely renovated the Shopping Center with new
roadside pylon, new canopy facade, rebuild parking
lot and improved parking lot lighting.
|
|
Additional small store spaces are leased bringing
occupancy to 98%. Credit and chain store tenants now
occupy 90% of the Center.
|
|
Expanded the Shopping Center with the construction
of a new 35,000 sq. ft. Goody's Family Clothing
store, further increasing Net Operating Income
to 375% of NOI at acquisition.
|
|
Internal rate of return exceeds 54%.
|
|
In November the property is refinanced for more than
double the then first mortgage balance.
|
| 1998: |
Freestanding building demolished to create new out
parcel padsite ground leased to Papa John's Restaurant
at two times the former rent. |
| 2001: |
Replace previously closed 29,700 sq. ft. Campo Electronics
store with Big Lots Stores (NYSE: BLI). |
