The Project: Heslin Holdings purchased the 124k s.f. shopping center for $11,250,000 or $90/s.f. The property was 70% occupied with mostly Mom and Pop tenants.
Challenges: Owned by the children of the original patriarch that developed the center, over time the property suffered from extreme deferred maintenance. Many developers and retailers pursued a purchase of the shopping center over the years with no success.
Results: Through persistence and the ability to develop a relationship with the owners, Heslin Holdings was able to purchase the shopping center at a price that met both ownership and Heslin Holdings’ requirements while at the same time getting creative with ownership to ensure their 1031 exchange objectives were achieved.