When Bank One acquired the center, located at 1226 Madison Square SE, through receivership in 2000, CB Richard Ellis was appointed as its exclusive marketing and leasing agent. The CB Richard Ellis team met with the landlord and tenants to assess their needs and then began a detailed target market analysis of the area to survey the local retail climate.
Filling up the center with viable businesses was critical for its success, but the building structure and existing tenants also needed CB Richard Ellis’ attention.
While under the auspices of a CB Richard Ellis property management team, the center underwent structural renovations and a preventive maintenance program was established. Dan Sermak, property manager, also established a new budget for the center and streamlined the processes surrounding collection of income.
John Mundell, CB Richard Ellis managing director and vice president, drove marketing and advertising of the property, making it visible to potential tenants. The hard work put in by Mundell and Sermak did not go unnoticed as several key retailers, including a 9,558-square-foot Family Dollar store, joined the center to bring it up to full capacity.
“Once the necessary repairs were made, the budget was in order and it was fully leased, we felt the center could be properly positioned for sale,” said Mundell.
Through innovative marketing strategies and a new site evaluation analysis, CB Richard Ellis began marketing the center for sale. Contacts were made and offers were negotiated with several local and regional investors. Within just 60 days the center was sold to Tillman Development LLC of Grand Rapids.
“Working to realize the potential of Madison Square Plaza was a rewarding experience for the entire CB Richard Ellis team,” said Mundell. “It’s great when local businesses, investors and the community all win, and this is clearly one of those times.”