Michael carroll, Repositioning and Restructuring Retail

1. Naples Shopping Center – Naples, Florida
 Commenced: to be completed early 2013; Create a modern, institutional grade asset with expansion of a highly productive
Publix
Before After
Investment Profile
 Existing out‐of‐date Publix realizing sales of approximately $900 per SF in 48K SF
STRICTLY PRIVATE AND CONFIDENTIAL
• Publix wants to expand to accommodate volume
• Publix is the #1 grocer in the market
 Construction of a new 55K SF Publix prototype with a 20 year lease; recapture and
reposition Books‐A‐Million with a West Marine and an additional junior anchor; and
façade improvements
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2. Annex of Arlington ‐ Chicago, Illinois
 Completed: addition of four new anchors to capitalize on property’s position in a strong trade area
Before After
Investment Profile
 Located in an affluent suburb of Chicago with a 5‐mile population of more than 320,000
STRICTLY PRIVATE AND CONFIDENTIAL
 North end of center impacted by over 80,000 SF vacancy from a former Jo‐Ann, Sports
Authority and Country Sampler Craft Store
 Redevelopment of shopping center with a 34K SF hhgregg, 22K SF Binny’s Beverage Depot,
12K SF Party City and a proposed 13K SF Dollar Tree, all with 10 year or greater leases
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3. West Loop Shopping Center ‐ Manhattan, Kansas
 Commenced: Relocate existing Dillons (Kroger) to accommodate new 77K SF prototype, enabling additional leasing opportunities
Before After
Investment Profile
STRICTLY PRIVATE AND CONFIDENTIAL
 Existing out‐of‐date Dillons (Kroger) realizing sales of over $900 PSF in 47K SF
• Dillons wants to expand to accommodate volume
• Dillons is the #1 grocer in the market
 Construction of a 77K SF Dillons (Kroger) prototype with a 20 year lease by demolishing existing
retail space on west side of shopping center
• Dillons responsible for rent on former space for one year after opening in new space
 Redevelopment of existing Dillons with two proposed junior anchors, as well as facade
renovations
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4. Liberty Plaza – Baltimore, Maryland
 Commenced: to be completed mid‐2012; Addition of a 170K SF Walmart Supercenter
Before After
Investment Profile
 215,000 SF Shopping center only 17% leased suffering from numerous vacancies
STRICTLY PRIVATE AND CONFIDENTIAL
 Construction on 170K SF Walmart Supercenter began in May 2011
• Low risk transaction ‐ Walmart’s 20 year lease structured with rent based on a
percentage of construction cost
• Redeveloped center will be 230,000 SF adding 15,000 SF of GLA
• Marshalls already committed agreed to extended lease term at increased rent
• Upon Walmart opening center will be over 90% leased
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5. College Plaza – Long Island, New York
 Commenced: to be completed early 2013; Addition of ShopRite to capitalize on position in a strong trade area
Before After
Investment Profile
STRICTLY PRIVATE AND CONFIDENTIAL
 Located in a densely populated suburb on Long Island with a 5‐mile population of more
than 250,000
 Reposition underutilized shopping center to capitalize on strong location by right sizing
Bob’s Stores and remerchandising its existing space with a traffic generating, market
leading grocery anchor
 Repositioning allows for maximization of shop space throughout the remaining center
 31K SF Bob’s lease signed in March 2011 for relocation and downsize
 68K SF ShopRite lease signed in August 2011
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6. Florence Square ‐ Cincinnati, Ohio
 Commenced: Reposition shopping center with traditional retail mix including the conversion of a former theatre and adjacent small
shop space into 124K SF Kroger Marketplace
Before After
Investment Profile
 Located in stable Cincinnati, Ohio market across from the Florence Mall
STRICTLY PRIVATE AND CONFIDENTIAL
 Trade area dominant asset
 Strong lineup of national anchors, however, recently vacant cinema
 Redevelopment of former theatre and adjacent small shop space to accommodate a 124K
SF Kroger Marketplace with a 20 year lease
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7. Roosevelt Mall – Philadelphia, Pennsylvania
 Completed: Further enhanced a top producing center with the addition of a new 32K SF Ross Dress for Less
Before After
Investment Profile
 Located in a high‐density market of Philadelphia with a 5‐mile population of more than
STRICTLY PRIVATE AND CONFIDENTIAL
570,000
 Anchored by a 313K SF Macy’s, with a new Target located behind the center generating
additional traffic
 Opportunity to restructure eastern end of the center that has high vacancy due to poor
visibility
• Eight small shop spaces with little frontage difficult to lease
 Redevelopment of eastern end of shopping center with a new 32K SF Ross Dress for Less
and replacement of out‐of‐date kiosks
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