Client

A 272,353-square-foot shopping center in Centralia, Ill.

Central Realty, and its brokers, have been associated with the Fairview Park Plaza Shopping Center in Centralia, Illinois since the early 1980’s.

Issues & Challenges

Environmental clean-up
Dry cleaner solvent necessitated a clean-up project to make the property safe and meet regulations.

Vacant anchor space
One of the anchor spaces had been vacated, creating a challenge for the sale of the property.

Inadequate appraisal
When considering a sale, the owner had the property evaluated. Our knowledge of the area and of retailing made us seriously question the appraised value.

Solution

Central Realty successfully prepared and marketed the property and the anchor space to a national retailer prior to the sale. In addition, we sold the property at 40% higher than the appraised value.

Central Realty was asked by the new owner to become the leasing agent. In that role, we quickly increased the occupancy rate from 73% to 92%. Our leasing efforts and deal making has almost doubled the NOI to date.

Client

Vermillion Plaza, a 151,200-square-foot shopping center located in central Illinois.

Issues & Challenges

Purchase opportunity
Central Realty knew the market and strongly recommended purchasing the property at an amount significantly lower than the appraised value.

Expiring leases
Several tenants had expired or soon-to-be-expired leases.

Curb appeal
The property was in need of maintenance and upgrades in order to increase the curb appeal and attract tenants and customers.

Solution

Central Realty provided a turnkey approach, handling the offers, acceptance, contract negotiations and closing on the property. We then signed tenants to new term leases, identified retail needs that did not existing in the market for the open spaces, and terminated open-ended maintenance contracts. In addition, we handled new scope of work requirements with vendors. This enabled us to maximize the value of the property while reducing maintenance costs.

Maintenance services and repairs were made to enhance curb appeal. Asphalt repairs and façade demo and rehab, along with the aesthetics of the new colors of paint and awnings, enhanced the property’s appeal.

Client

Precision Prosthetics, which provides computer design of prosthetics in the health care industry.

Issues & Challenges

Location
Precision Prosthetics wanted to build a new facility with easy access from a major highway, in a location that was very easy for patients to find.

Access to partners
Precision Prosthetics sought help identifying the various partners and contractors required to build a facility.

Solution

Central Realty developed location search parameters, made recommendations, and helped Precision Prosthetics select the site. We also referred the client to important partners such as attorneys, architects and construction contractors in order for them to complete the project.

Central Realty handled all negotiations for the purchase of the land and all required appurtenances. Precision Prosthetics built their new facility and opened for business in 2001.