Case Study: Creating Value Through Repositioning
Wareham Plaza - Wareham, MA
Wareham Plaza first opened in the early 1960’s and evolved over a long succession of changing tenants, demographics and bankruptcies. The prior owners had allowed the center to fall into physical disrepair and over time the tenant mix and quality had deteriorated drastically.
Upon our acquisition of the property in 2005, Goldstein Associates launched a program that included buying back or simply not renewing, some smaller tenants in order to create a space suitable for a full service supermarket that our analysis concluded was needed in the trade area. During this process we were able to demonstrate to Shaw's Supermarkets the value of the location and negotiated a lease.
To accommodate Shaw's we had to:
We were able to accomplish the approvals and the construction within our proposed time frame and budget. One of Goldstein Associates greatest strengths is our ability to successfully navigate projects through the local and state permitting process.
With the approvals and the Shaw's lease in place we were able to extend the leases of the existing tenants and attract new tenants to reopen with 100% occupancy.
With the property physically transformed, fully tenanted and with a stable cash flow the transformation was complete. In 2011 we sold the center to a major institutional retail investor.
Unlocking the value of existing properties is our business.
Goldstein Associates - 244 Gano Street, Providence, RI 02906