Clinton Plaza Renovation

Clinton Plaza, a 141,000 sq. ft. shopping center, was purchased via foreclosure in 1996.  The 32-year-old shopping center’s occupancy had dropped to 58% with an estimated market value of $1,365,000.  The anchor tenant intended to relocate in fourteen months.

Numerous improvements were made to the property to revive the center, entice the anchor to remain in the center, and attract new tenants.  The entire center was remodeled and a new store was built for the anchor.  Common areas were improved, and several off-site access improvements were made.  Negotiations with the local government helped obtain a traffic signal and allowed several improvements to the center’s entrance.

Successful renovation of the center has increased its occupancy to 98% and it currently valued at $7,000,000 with 132,519 square feet of space.  The estimated appreciation in value from the renovation stands at $5,635,000.

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