Identification – Waterford utilized a relationship with an investment sales broker to acquire the 97,000 SF Retail power center on-market in September of 2020 from an Institutional fund looking to dispose of the asset.  The asset which was 79% leased at closing with near-term roll, had been tied up by three previous buyers, none of whom could perform.

Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly, realizing that the current zoning for the land allowed residential development so there were multiple options for the project should the retail tenants continue to struggle.

Business Plan – Waterford felt the project could be acquired as a long-term cash-flowing project with the optionality to entitle the project as a Mixed-use project due to favorable zoning and use our relationships and expertise to accomplish that.

Capitalization – Waterford partnered with a Family office that was in a 1031 exchange to acquire the project for $18.6M within 45 days of going under contract.

Asset Management – Waterford is currently running the project as a high-quality Power center hiring best-in-class Leasing and Property Management professionals to assist our venture.

Stabilization – Waterford renewed the 2nd largest tenant at the project and then executed a 20,000 SF new lease with a Fortune 500 retailer bringing the project to 100% leased and now intends to hold the project for the long term.