Vice President of Leasing
David represented Krispy Kreme in their corporate store expansion throughout AL, of which one of those new locations had the strongest day 1 sales of any new corporate store across the country in the past 15+ years!
David has also been successful in aiding Jared The Galleria of Jewelry with their opening of 3 news stores in Alabama. He was able to help them secure sites located on the signalized entrance to the most desirable retail centers in each market.
WALMART NEIGHBORHOOD MARKET
Our story at Helena Marketplace in Helena, AL is one of patience, diligence, trusting in what we felt was the highest and best use for the property, and working with clients that shared our same goals. Soon after Winn Dixie gave notice that this was the only location in Alabama they would be closing, we had a long list of prospective retailers to fill the void. This ranged from local and regional grocers, to discounters, to hard good retailers – some taking the entire square footage and others who would only need a portion of the box. We provided the ownership with several different scenarios on all of these tenants showing the immediate effects on the net operating income, capital expenditures, return on investment, return of investment, and most importantly, the overall value of the property.
Our time spent courting Walmart Neighborhood Grocery took many twists and turns, but we knew this was the highest and best use for the property from the start – they were literally our first call once we heard of Winn Dixie’s closing. After two and a half years of working the deal, we were able to take Walmart’s initial offer of buying the property at a discount and turned it into a long term lease where our investors would be the landlord of a tenant with some of the best credit in the commercial real estate universe. The Walmart lease coupled with the buyout deal we worked out with Winn Dixie was a home run for the ownership as we sourced a deal that added approximately $7 million in overall value to the center.
We began work on this project when the shopping center had over 130,000 SF of vacancy – largely due to a vacant grocery box, vacant department store, and a vacant junior box shoe store. The vacant department store was an eyesore that anchored the most visible part of the shopping center. Its floor plan was outdated and the facade needed an upgrade to pull the center into one cohesive unit. The other vacancies were too large for the tenant demand in the area and also needed updating.
Through some creative, outside the box thinking and many meetings with contractors and architects, we were able to create a revised leasing plan. We updated the appearance of the center, brought the space footprints up to today’s market requirements, and completed ten transactions with national and regional tenants.
Our work raised the occupancy rate to a wowing 94%, and our leasing stabilization and redevelopment services ended up increasing the owner’s NOI by over $826,000 per year.