case studies


Village Square Shopping Center
Retail Investment Acquisition
6400 – 6430 Rufe Snow Drive
North Richland Hills, TX 76148

16,798 SF / 1.63 Acres

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Village Square Photo scaled

Project Highlights

Property Type

Retail Investment Acquisition / Off Market


North Richland Hills

The Challenge

  • In July 2018, Bradford was tasked with identifying an off-market, value add, retail strip center acquisition opportunity on behalf of a long-time client and local real estate investor, LFP Properties, Inc..
  • LFP Properties indicated a desire to close on the transaction before the end of the year.

The Solution

  • Compiled a list of retail strip centers, less than 50% occupied, not currently on the market for sale, and with stagnant leasing activity. Using this list, Bradford immediately Initiated a cold calling campaign to these owners and conveyed clients desire to purchase.
  • Within 30 days, three (3) target properties had been identified. To assess the upside value on each of these opportunities, Bradford provided LFP Properties with valuations analyses for each target property, including an offering price matrix.
  • Within 45 days, offers were submitted on two (2) of the target properties.

The Results

  • Within ten (10) days after offer submission, Bradford successfully negotiated a purchase contract for Village Square, a 16,798 SF, multi-tenant retail strip center in North Richland Hills, TX.
  • Immediately after the purchase contract became effective, Bradford initiated an audit of all existing leases, which included interviews with each tenant. The audit revealed that four (4) of the five (5) existing tenants were on month-to-month leases, at rates substantially below the market. The four (4) MTM tenants were offered long term renewal options, structured to bring rents closer to market through the term.
  • Prior to the expiration of the due diligence period, Bradford was successful in securing long term commitments from three (3) of the four (4) tenants who were on MTM terms.
  • 90 days after contract execution, LFP Properties, Inc. successfully closed on the purchase transaction and immediately began an intensive capital improvement program to update the property.

The Team

Erik Blais 1

Erik Blais

Senior Vice President
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