The South Pointe at Townelake shopping center is 55,063 square feet and is located in Woodstock, Georgia. The nearest main road is Townelake Parkway however, when driving along Townelake Parkway, the center’s visibility is blocked by a small strip shopping center. The South Pointe at Townelake was originally built in 1997 when there was limited competition for tenants.
As one of the first shopping centers in the area, the center was originally occupied by a mixture of local and regional tenants. It was anchored by a successful gym that occupied 12,028 square feet; approximately 22 percent of the center’s total GLA.
Originally, the center had very few vacant suites. Two of the prominent vacant suites were located in the corners of the center. (Please see attached site plan for additional details.) One of these suites was a Daycare Center, and the other was a restaurant.
A couple of years after the current ownership purchased the shopping center, several tenants vacated the premises. Some relocated to newer centers with better visibility and more competitive lease rates in the area. Others were negatively affected by the recession. The final and most crippling challenge was the relocation of the anchor tenants who owned the gym.
Justin Dinerman advised the current ownership that more proactive measures were needed to fill the vacant suites. Using an aggressive and creative approach enabled us to secure new tenants, execute lease renewals, and encourage the existing tenant to expand.
Justin Dinerman focused on achieving the best results possible. He negotiated with current tenants, encouraging them to expand. He also found new tenants with a proven record of success. He was responsible for the following leasing successes:
• Tuesday Morning – 7,000 SF. Tuesday Morning is currently occupying part of the former gym suite.
• Jackettes Salon Suites – 5,028 SF. Jackettes Salon Suites leased the other half of the former gym suite.
• The Place Bar and Grill – 3,575 SF. This bar and grill is now operating where the old restaurant was located in the “corner” of the center.
• Sylvan Learning Center – 2,725 SF. Sylvan is occupying what was formerly a day care center; located in the other “corner” of the center.
• Modern Defense Systems, Inc. – 3,050 SF. Modern Defense Systems is doing steady business where the hair salon was once located.
• Ken Stanton Music – 6,250 SF. We encouraged the tenant to expand from renting only 3,325 square feet to renting 6,250.
• Soho Bagel Co., Inc. – 1,000 SF.
The ownership group benefited from Dinerman’s aggressive leasing efforts. They were able to sell the center for 30 percent more than they had initially paid for it.
Subdivided vacated anchor suite and leased it to a national and local tenant
Successful target marketing that achieved new leases at the center
Aggressive campaign for existing tenants to renew their leases
Ownership sold property for 30% more than they initially paid
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