Single Tenant Net Lease Development
From site selection and lease negotiation to construction and sale, COMVEST is a developer of STNL properties.
In 2012 we built Kay Jewelers’ first free standing location on a former fuel center out parcel in Warner Robins, GA.
The out parcel development concluded the construction plans of Ackerman COMVEST Warner Robins, LLC for Willow Lake Crossing Shopping Center. The development group consists of members of Ackerman & Co., Atlanta, Georgia and COMVEST Properties, LLC, Biloxi, Mississippi.
Shopping Center and Big Box Redevelopment
COMVEST seeks out neighborhood shopping centers, dark grocery stores and big boxes, for its retail relationships. We revive the properties and reposition them to serve their communities.
The Willow Lake Crossing shopping center located at the intersection of South Houston Lake Road and Watson Blvd, Warner Robins, GA, underwent an extensive re-development project as a joint venture acquisition of Ackerman COMVEST Warner Robins, LLC. The new development group consists of members of Ackerman & Co., Atlanta, Georgia and COMVEST Properties, LLC, Biloxi, Mississippi.
The group acquired a former Kroger and some additional small shop space to build the new 62,000 + SF home of Academy Sports + Outdoors. Ackerman COMVEST signed a long term lease with the sports, outdoor and lifestyle retailer and delivered the store in late July of 2012 "on time and on budget".
When the decision was made to renovate the Shoppes at Popps Ferry in 2011, COMVEST Properties also made a commitment to energy efficiency. Recent advances in LED technology provided the perfect option for lighting the aging neighborhood center’s outdoor areas. With an investment of $80,000, the ownership installed new LED fixtures in the center’s 11 wall packs, 23 canopy lights, and 20 sconces. Site lighting was improved by replacing existing pole mounted fixtures and adding additional pole assemblies with the new single and twin LED fixtures.
The center’s lighting expenses are already showing the impact of that investment; 2012’s 1st Quarter expenses are tracking to show a savings of over 60% versus Q1 2011. In addition to energy efficiency LED technology offers other advantages to the environment. They are 100% recyclable and contain no toxic materials such as the mercury found in fluorescents or the gases found in halogen bulbs. The new LEDs produce a full-spectrum light closely resembling daylight, offering a welcoming oasis of illumination amidst the retail that occupies this high traffic intersection.
The project also included extensive renovation of the center’s façade as well as the demising of an additional retail space. By “right-sizing” the Office Depot from 28,000 SF to 17,000 SF, COMVEST enabled West Marine to increase its footprint by one-third and created 7,810 SF for a future tenant. New and additional glass storefronts, columns and awnings, and a resurfaced and restriped parking lot completed the center’s upgrades. The center’s tenants include McAlister’s Deli, West Marine, Office Depot, Planet Beach Contempo Spa, Merchiston Hall Furniture Galleries, Sunshine Cleaners and Alterations and a residential real estate office. Out parcel tenants are Starbucks and Game Stop.
When COMVEST set out to purchase a stagnant, underutilized shopping center on the retail corridor of Lucedale, Mississippi, we saw an opportunity where others only saw an impossibility. The 50,000 square foot Lucedale Marketplace, at the corner of Old Hwy 63 and Cowart Street, was 37% occupied, in foreclosure and the target of pending liens. With three other similar shopping center acquisitions and redevelopments in the COMVEST portfolio, we knew we were looking at a diamond in the rough.
One year later Lucedale Marketplace boasted 97% occupancy, new national tenants, and a new owner. Over the course of that year, the COMVEST team used our experience and relationships to weather the challenges of re-foreclosure, renegotiation of existing tenant leases, lien waiver negotiations, new tenant leases, and to ultimately secure a purchaser who brought Tractor Supply Company to the asset’s vacant anchor space. As well as a local tobacco shop and dry cleaners, co-tenants include Peebles, Hibbett Sports, Subway and Harrison Financial. In an economy where municipalities are more dependent than ever on sales tax revenue, this line up of retailers was a welcome boon to the City as well as area shoppers.
With a company-wide commitment to value creation for the asset, the community and its financial partners, COMVEST delivered another tangible example of its Mission Statement, “Our corporate values are focused on integrity, knowledge, accountability and results.”
Out Parcel Development
COMVEST has proven success in creating value add opportunities through out parcel development.
Built in 2011, this Smoothie King out parcel features drive thru and patio as well as 1,200 square feet of additional retail space for a neighboring tenant.