SHOPPES AT VILLAGE SQUARE

BACKGROUND

First Capital Property Group was asked to manage and lease the 61,200 RSF retail center in late 2015 as the new owner bought the property for a repositioning play. The previous lease company was not getting traction in filling the center, which was 53% vacant at the time. There were also capital projects, including parking lot repairs, landscaping upgrades, and property signage that needed to be completed to begin the repositioning.

Our Property Management team went to work immediately in 2016 completing nearly $100,000 in capital repairs. These improvements paved the way for our leasing team to begin scouring the market for viable tenants to recruit to the center.

SUCCESS POINTS

• FCPG’s Leasing Team leased 38,700 SF of small-bay tenant space in 3 years, bringing the center to a 90% stabilized vacancy.
• 8,100 SF of the new tenants were those that FCPG directly solicited from other locations and worked to relocate from surrounding area properties to our retail center.
• In April 2019, FCPG sold the stabilized property $6.3 Million, doubling our client’s investment in 3.5 years.

MORAL OF THE STORY

Stewardship Matters! FCPG’s Management and Leasing Team worked with the ownership to establish a repositioning strategy and quickly went to work to bring
it to reality. Our agents treated the investment like it was their own; they did not sit back and wait for the phone to ring, but rather they went out and actively recruited business to come to the center. This is truly the mindset of an owner.