Case Study - The Shops at Bethany
10,000 sf retail center
The Developer purchased the note from the bank that financed this property for the previous owner. The Developer negotiated a deed-in-lieu-of-foreclosure with the borrower and took control of the property. The property was in need of significant renovation and maintenance which the developer commenced immediately upon taking ownership. Tenancy had also declined under the prior ownership, so the developer began an aggressive marketing campaign and repositioned the property to attract new tenants. Within twelve months of acquisition, the property was completely renovated and the tenancy was stabilized. After a three year holding period, the project was sold and the developer’s investors enjoyed a significant return on their investment.