CHALLENGE Redeveloping a small parcel located at the retail hub of Gadsden, AL. The site had a middle block location giving it limited access to all directions of traffic. The goal was to improve access, maximize the Gross Leasable Area, and increase the property value.
ACTION John Mottram presented a plan that would maximize the usage of the small lot, pursue a plan to improve access and exposure to all directions of traffic, and lease to a higher quality national and regional tenant.
RESULT John successfully negotiated a cross access easement with the neighboring landowner at no cost to the client. Leased center to 100% occupancy with Kay Jewelers as the anchor and four other national/ regional tenants. Exceeded rent projections, and improved cash flow by 68%. Secured center’s long term viability for many years to come.
TESTIMONIAL “ I owned a small land parcel that fronted a very busy road at the center of Gadsden, Alabama’s prime retail corridor. The property was located off the intersection and suffered from a raised median directly in front with limited access to all directions of traffic. John quickly made me realize that if we could improve the access, we would be able to lease to a higher quality, higher rent-paying national or regional tenant. John developed a plan and executed it well. He was able to negotiate a cross access easement at no additional cost, worked side by side with my architect, and delivered a 100% leased center while exceeding all rent projections. I believe no other broker would have had the experience, the vision, or the ability to deliver what I now have. I am very pleased with the results, and would highly recommend John Mottram”. ~ W. Abbassy