| 1983: |
At acquisition, local tenants' base rental
averages $6.67 per sq. ft. |
| 1985-86: |
Upgrades to property completed, coupled with extensive
leasing effort. |
| 1987: |
Local rental rates raised by an increase of 128% since
acquisition. |
| 1988: |
Negotiate termination of lease on a 6,750 sq. ft.
freestanding office building. Lease space to Blockbuster
Video at over 250% of the previous rate. Blockbuster
spends approximately $250,000 of its own capital to
upgrade building, and improves tenant base of shopping
center. |
|
Net Operating Income increases allowing the property
to be refinanced, replacing two existing mortgages at
130% of the two existing mortgage balances. |
| 1989: |
Net Operating Income increases from 1983 by 31%. |
| 1991: |
Occupancy is at 98.3%, in spite of weak New England
economy and high vacancies in the area. |
| 1992: |
Execute new lease with Strawberries Records and Tapes
(a national retailer), expanding them into a new larger
store replacing bankrupt local operator. |
| 1995: |
Occupancy of the Center brought to 100%. |
| 1996: |
Negotiate an agreement with the City of Manchester
and adjacent property owners for the City to pay part
of the cost for the Center to close its septic system
and run a new sewer line to connect with the municipal
system. This creates additional parking to facilitate
a future Center expansion. |
| 2000: |
Obtain control of the 28,800 sq. ft. Filenes Basement
store after it files for protection under Chapter 11
of the Bankruptcy Code. Lease the space to Staples Office
Supply at a rent 350% higher than the rent. In connection
with new Staples lease, significant improvements are
made to the Staples building facade, parking lot, roof
and HVAC. Inline tenant leases are extended with rents
increased to the new higher market rate. |
|
Net Operating Income increases by 221% since 1998. |
| 2001: |
Increases in Net Operating Income allow for a new
permanent mortgage to be funded in the first quarter
that is almost twice the size of the prior mortgage. |
