st. simons, GA
Retreat Village is one of only two grocery-anchored centers on St. Simons Island, Georgia, a popular East Coast vacation destination (and the gateway to the adjacent Sea Island). Restrictive local zoning laws basically forbid any new commercial development, despite near-constant growth in single-family primary and secondary homes.
Mired for several years in special servicing, negotiations with the servicer and sellers began in 2009, but took over two years to fully negotiate all terms, complete due diligence, assume the existing loans, and close.
Over $2M was spent on a comprehensive redevelopment of the 105,000 sf center. It was re-merchandised and almost completely re-leased, increasing NOI by over 50%. It was sold to institutional buyers in 2014.
Vision Plans + Merchandising
Branding + Marketing
F + B