Summit Centre is a neighborhood retail center-office project located in West Alexandria, Virginia. Having changed ownership many times, the then current owner enlisted Next Realty to analyze leasing, architecture, tenant mix, parking and other issues to stabilize the 45% leased project.
When Next was hired, vacancy was at an all-time high and most tenants were on short term leases. In addition, Summit Center’s façade was dated, dirty, and the project was desperately in need of a facelift. Next faced other significant obstacles, such as a dysfunctional parking situation, as tenants’ employees were using customers’ prime parking field, and a 100% vacant office building adjacent to the property, also property of ownership.
Next Realty started by engaging in detailed analysis to help Ownership determine what redevelopment and reinvestment in the center could yield in rental premium and project value. They helped design and create an attractive retail façade to improve the look of the property and met with architects and contractors to create attractive tenant signage. Nine months after the project began, Next Realty commenced its search to find the best possible tenants to replace vacancies and weak tenants at Summit Center.
Within 14 months, the center was completely renovated with a new façade, pylon and signage. A new parking program was completed to provide needed parking to customers of Summit Centre. Leases were secured with Potbelly, Dominos, Salon Ambiance, Edible Arrangements, Dunkin’ Donuts, Music & Arts, uBreakiFix, McCormick Paints and a number of other national and local credit tenants.
The result was that Next Realty’s assistance in redevelopment and releasing allowed ownership to surpass their rent roll expectations, and, when they ultimately sold the project, surpassed their sale pricing expectations as well.