Commencing January 1, 2019 – Bradford Companies was assigned the leasing for Alpha Plaza, a 75,383 sf renovated flex property that is being converted to retail uses.
At takeover, the property was 54% occupied and all the spaces needed to be renovated for retail use. Bradford’s Retail Team, Leigh and Paul Richter, prepared space plans for all the vacant spaces and marketing began on the property.
Early 2020 COVID-19 pandemic hit the United States and most businesses closed because of State and Federal regulated shutdowns.
In the first 30 days of winning the business in 2019, one new lease was executed for 2,772 sf for a custom, iron door company. There were two existing tenants that were renewed for 6,960 sf.
Over the balance of 2019, Leigh and Paul executed three additional new leases for a total of 10,881 sf. This included a modern furniture showroom, a showroom for a florist and a custom door/closet company. At the end of 2019, the property was 65% leased.
In early 2020, at the time of the shut-down because of the COVID-19, new leases were out for an additional 15,151 sf, or 20% of the total center. This included a physical therapy studio, a hair salon, a furrier and a restaurant. These leases would bring the property to an occupancy of 85%. These leases are on hold, pending opening of retail operations.