Located in Beltsville, MD, this 16,000 sqf retail/office mixed-use property struggled with vacancy, disrepair, and poor management.
The property had been owned by one of the business owners on the 2nd level of the property. Being his only commercial property, he was inexperienced and the property suffered as a result.
The 1st floor was anchored by 7-Eleven for almost 50 years. Their lease was almost up and they were not planning to extend due to poor communication between themselves and the owner/manager.
We extended 7-Eleven with a long-term extension during our due-diligence period. We have since made cosmetic repairs, brought in strong management, and leased all vacancies.
Within one year, we managed to double the property’s income, creating a win-win situation, for ourselves, the tenants, and the entire neighborhood.