125,000 Square Foot Retail Strip Center - Milford, CT

Background

The center at assignment date was approximately 15 years old. Major Credit tenants included Marshall's, and Walbaums Food Store (an A & P owned supermarket) Genovese Drug and a variety of local credit tenants. Walbaums and Genovese vacated the center placing the asset in technical default with the lender GE Capital.


Assignment

Retenant the building with national credit tenants, Negotiate a construction loan for new tenant build outs, identify and supervise general contractor work.


Results

Identified two credit tenants ( Pier I and Old Country Buffet) bring occupancy to 95% Negotiated leases with new tenants Identified and negotiated for the construction with general contractor Negotiated the construction loan for funding with GE Capital stabilization the asset Re-landscaped the entire center Resulting in the Award of First Place for this type of project from the Connecticut Builders Association