THE TRAILS

ORMOND BEACH, IL

$21,890,000

135,286 SQ FT.

The-Trails

AT A GLANCE

  • Small "1970's" store concept for Publix, new 20-year lease.

  • Declining sales in shop spaces with lifestyle retailers as the majority of the shop tenants.

  • Older shopping center with functionally obsolete site plan in need of re-positioning.

CHALLENGES

  • Publix anchored shopping center.

  • Lifestyle tenants such as White House, Black Market, Chico's, LOFT, and Talbot's

  • Affluent trade area with mix of residential and tourist customer base.

MARKETING STRATEGY

  • Marketed toward investors with strong relationship with Publix.

  • Created two financial proforma ---1) Publix continuing to renew 5-year lease, and 2) Re-position of center with new 20-year lease.

  • Worked with ownership in obtaining lease renewals commitments for most lifestyle tenants.

RESULTS

  • Generated 8 offers.

  • Close with all cash private REIT.

  • Exceeded seller expectations.