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Case Study

Stellar marketing for a strong return

Redmond Town Center & Creekside Crossing, a 699,000-square-foot, two-story open-air regional shopping center and strip center located in a successful mixed-use project in the urban village of Redmond (Seattle), Washington was 90% leased; however, the property was still struggling to stay competitive with the trophy fashion mall Bellevue Square, located only eight miles away. A major pending office lease deal died after the first round of bids and a large executive suites operation became increasingly speculative.  Several new tenants, including a 50,000-square-foot 24-Hour Fitness and 8,700-square-foot BJ’s Brewhouse were unproven with substantial rent obligations.   Also, buyers wanted control of the development parcel but did not want to pay for it.
 
Our team created a compelling story about the increasing densification/urbanization of the location, the core income components of the existing tenancy, the opportunity to lease a portion of the second-story retail to office users and the community’s demand for a central meeting place/entertainment hub in the heart of urban Redmond. By excluding the development parcel from negotiations until the best & final offer, bidders differentiated themselves by assigning value to the development parcel and by taking on approximately $750,000 of liability for leasing costs on leases that were likely but unsigned. 
 
The offering was aggressively pursued by multiple value-add opportunity funds and sold for a substantial return.

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