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The multi-tenant property had strong anchor tenants and good fundamentals, but historically was occupied by lower-quality in-line retail tenants and appeared to be under managed based on tenant mix, rental rates and regular maintenance. Black Creek’s retail team identified an opportunity to pursue higher-quality tenants that would drive the center’s leasing demand as well as grow rental rates.
The team began to proactively upgrade tenancy, negotiating an early lease termination with an underperforming anchor tenant and replacing them with a leading discount home furnishing store, a more desirable anchor for the community and other retailers, alike. All of which increased rents by 23 percent, which is substantially higher than what could have been achieved leaving the existing tenancy in place.
Since its acquisition, the company has executed more than 41,000 square feet of new leases, which includes significant tenant upgrades with national retailers who transformed the center into a thriving shopping destination – adding value for both the local community as well as Black Creek’s investors.
Chester Springs Shopping Center now boasts top-tier anchor tenants such as: