case studies

Village Square Shopping Center
716-756 E. Pipeline Road,
Hurst, Texas

A 91,282 sf retail shopping center located in Richland Hills retail submarket Download Case study

Projects Highlights

Property Type

Retail

Submarket

Richland Hills retail submarket

Project Background

In July 2018, Erik Blais of Bradford Commercial Real Estate Services, Inc. was tasked with identifying an off-market, value-add, strip center acquisition opportunity on behalf of a long-time client and local real estate investor, LFP Properties, Inc., who indicated a desire to close on the transaction prior to the end of the year.

The Challenge

  • Evaluate potential opportunities, initiate discussions with property owners, and identify target property within 30 days.
  • Assess the upside value of target property, provide pricing analysis underwritten to meet client objectives, and negotiate terms of a purchase agreement.
  • Complete lease audit and secure long-term commitments from existing tenants to ensure reasonable stability in the initial period after purchase.

The Solution

Immediately after the purchase contract became effective, all existing tenants were interviewed and informed of LFP Properties renovation plans. During the interviews, it was determined that four (4) of the five (5) existing tenants were on a month to month leases, at rates substantially below market; these tenants were offered long term renewal options which incentivized them on the front end of the term.

The Results

Prior to the expiration of the due diligence period, Bradford was successful in securing long term commitments from three (3) of the four (4) existing tenants on month to month leases, all of which reflected lease rates in line with the current market. LFP Properties, Inc. successfully closed on the purchase of Village Square within 90 days of identification and at a purchase price significantly below replacement cost.

The Team

Erik Blais

Vice President
View Bio

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