Here are several examples of how we have acquired and redeveloped under-performing assets. We take pride in our ability to see potential and create success stories for our investors and the communities in which we work.
Homosassa Regional Shopping Center Case Study
Homosassa Regional Shopping Center, purchased in 2014, fits the typical Vanguard value-add model. We purchased this 70,000 square foot building from Wal-Mart; it had been operated as a Wal-Mart store for years, until a new Supercenter was built in the trade area. At the time of purchase, the building was approximately 35% occupied, with Tractor Supply as the sole tenant.
Lenoir Festival Shopping Center Case Study
Lenoir Festival Shopping Center represents one of Vanguard’s more unusual purchase stories. This center, located in the town of Lenoir, in western North Carolina, was know to us through personal travel in the area. In 2015, the property had gone back to a lender as a result of a grocery store anchor vacating; the lender ordered the property to be sold at auction.
Steeplechase Plaza Shopping Center Case Study
Steeplechase Plaza has been a very successful, classic redevelopment project of Vanguard. Purchased in 2013 from a publicly-traded REIT, this 95,000 square foot project was about 35% leased at the time of closing. Originally constructed with Publix, Walgreens, and Bealls Outlet as anchors, only Bealls Outlet was remaining, along with a few shop tenants, after both Publix and Walgreen’s relocated to new stores in the immediate vicinity.