The current owner purchased Silver City Shopping Center just over five years ago in spite of its then deferred maintenance, long term down units, and in general, poor management. The results of the then cumulative issues brought on below-market rents and the ripple effects of bad management. Recognizing its potential, the purchase was made, and we set out to implement a comprehensive revitalization strategy that allowed us to turn the Center around beyond our expectations. Today, we're proud to disclose the transformation evidenced by our 100% occupancy, and a well-balanced rent roll filled with a combination of national brands mixed with local businesses, which brings a true sense of community to the Center. Our team navigated this transformation through the headwinds of covid, rising inflation, and increased interest rates, focusing on tenant retention as our weathervane, using a blend of market rates with fair terms to retain existing tenants, while at the same time in filling vacancies at higher market rates. An example of the owner's commitment, shortly after purchase was overlay the asphalt half of the parking lot and massive concrete repairs to fix the parking lot up front to 'as new' condition, which brought immediate appreciation from our tenants and the community given that we boast approximately 400 parking spaces, eliminates the typical pressures of tight parking at similar Centers. All vacancies were then rehabbed and leased out to complete the process updating and modernizing flooring, HVAC, and modern decorative elements. As mentioned, the Center encompasses 89,530 square feet of retail shopping at the bustling northwest corner of SH 152 & Mustang Road. Tractor Supply, Lesley's Pool, and Marco's Pizza are a few of our national clients, complemented by a great mix of local businesses, creating a sustainable, long-term investment opportunity for the next owner. We think this is just the beginning of a great future for this Center.
| Date | Price |
|---|---|
| -- | New Value: $9,700,000 |
| 12/16/2024 3:13:00 PM | New Value: $9,700,000 |
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