Greenstone developed a close relationship with a local family that owned a key, 13-acre parcel on Memorial Parkway. The family had partially developed the property in the 1970’s with a furniture store and an unanchored, multi-tenant retail strip center, but over half of the site was still undeveloped, including several acres under a large power line easement. The family now wanted to maximize the value of the land and sought Greenstone’s expertise to accomplish this objective.
Greenstone performed the necessary on-site due diligence, evaluated numerous development scenarios, negotiated relocations, buy-outs, or lease terminations with the existing small shop retailers, and targeted several major retailers to anchor the proposed redevelopment, including Kohl’s and Whole Foods. Ultimately, the best option for the family to maximize value was realized when Greenstone secured Wal-Mart’s interest in leasing the entire site. Greenstone then engaged its preferred retail attorney and local civil engineer to facilitate the transaction.
Millkey and Associates