Market Place
By admin July 1, 2017
In 2002, Tri-Land acquired a 452,000 SF, 38.5-acre enclosed mall from the REO Department of John Hancock Life Insurance Company. The retail property was repositioned into a 310,000 SF community shopping center anchored by Price Chopper Supermarket, Lowe’s Home Improvement, Office Max, and 25 small shops.
Retail Repositioning Plan
- Demolished approximately 90% of the building improvements.
- Completed a new 70,000 SF Price Chopper lease prior to the closing. Price Chopper built their building with a building allowance.
- Secured $8.5 million of Empire Zone bonds prior to closing.
- Price Chopper and Lowe’s built 190,000 SF. Tri-Land remodeled 35,000 SF of the former mall stores and built 75,000 SF of new buildings.
- Lowe’s Home Improvement purchased 11 acres of the site.
Results
- Increased occupancy from 23% to 100%.
- Bought the property in 2002; sold in 2006.
- Price Chopper’s first year sales were $37 million.
- Lowe’s first year sales were $45 million.
- Upon sale of Market Place in 2006, achieved IRR of 39.4%