Smithville Town Center, a 107,000 square foot retail property located in GallowayTownship, was a neglected property and only 45 percent occupied at the time of closing.
We identified several issues that were negatively affecting the property such as the overgrown vegetation obstructing much of the retail frontage, old and outdated facades, and poor lighting.
We renamed the asset Smithville Square, made some creative capital improvements and engaged with the community via social media to create a positive buzz. We were able to increase occupancy by 38 percent, attracting national chains like Dunkin Donuts and Pet Valu along the way.
We bought the asset in March 2016 for $4.1 million, and in December of 2017 we were able to refinance the property with a $6.5 million bank loan.