VILLAGE AT HUNTER’S CREEK

BACKGROUND

In 2012, our team was selected to help with the repositioning of a stalled/delinquent 24 acre Class “A” development called the Village at Hunter’s Creek comprised of 52,000 rentable square feet of retail, 200,000 rentable square feet of commercial office, and 45,000 retable square feet of medical space.

Chuck Mitchell, was selected as the Receiver for the two separate parts of the development and First Capital Property Group was hired to take over Property Management of multiple parcels and the common area, Leasing for the retail strip center, and Sales of the office condominiums and vacant land parcels. Upon diligent research, we found the development was multiple years behind on Real Estate taxes and Master Association dues.

SUCCESS POINTS

• FCPG’s Property & Asset Management team was able to develop a plan for collection and payment of both the past due property taxes and the master association dues and implement a system to stay current going forward. This allowed for the possibility of the future sales of many of the individual lots. FCPG has continued to manage multiple parts of the development for the various owners since 2012.
• FCPG’s Maintenance Team took over the on-site, daily maintenance of the property and common area, ensuring continued use of a high quality, amenity rich commercial development for the property owners and tenants.
• FCPG’s Retail Leasing & Brokerage Team brought the retail strip center to full occupancy in a very challenging market time. The FCPG team then sold the REO asset for one of the highest prices in the market at the time.
• FCPG’s Office Leasing & Brokerage Team sold all 23 remaining commercial office condos totaling 31,622 SF in an 18-month period for values higher than the successor developer’s forecast.
• FCPG’s Land Brokerage Team sold the 5 remaining pad sites for development of additional office and medical product, finishing off the development, providing more foot and vehicle traffic for the retail tenants and owners and allowing for the formation of an Owner’s association to commence.

MORAL OF THE STORY

Full-Service Matters! Complex assignments require a unified and experienced team that can collaborate between functional disciplines to forge solutions that work. This assignment had variables in nearly every functional area of our company that had to be well designed to reach the finish line.