Trending
STEUBENVILLE -- Nashville-based Brookwood Capital Advisors, a retail redevelopment specialist focused on turning high-vacancy shopping centers into high yield properties, has its work cut out for it with the Fort Steuben Mall.
Brookwood purchased the mall from New York-based Kohan Retail Investment Group. The deal closed Feb. 23.
“There is lot of upside potential,” said Brookwood Vice President Will Hulshof. “We’re aware of the need for folks (who have to leave the area) just to buy a T-shirt. Because of that, we see this mall as a diamond in rough we can get sparkling again.”
Brookwood’s formula: Find empty sites and lease those sites to capacity, “setting the sites up for long-term success.” On its website, the company say its “secret sauce” is leasing: “We get creative with rent and structure centers with the perfect tenant mix, in order to ensure long term stability for the project.”
Hulshof said properties like the mall need “TLC, there are issues to address ... several vacancies. Actually, more than several vacancies.”
“This is a great area, folks are wanting to bring business back again, people want to shop again,” he added. "That need, combined with our strategy, highlighted very well the need for new stores, in close proximity to folks who are aligned with our strategy.”
They’ll start the recovery process by offering local businesses up to one year in free rent, even as they recruit nationally-known retailers.
“We do love local leases, but we’ll also combine them with national tenants that bring in huge traffic as well. It will help benefit everyone,” he said. “It will be a priority to bring in national tenants, combined with local businesses.”
Hulshof said Brookwood has been “very successful doing projects similar to this.”
“This one is definitely on the better side of things,” he said. “There’s a lot of upside we know we can work with and make it great.”
Hulshof figures they’ll have leasing packages ready within the next week.
“We’re looking for business-motivated people to come in quickly and take advantage of the free rent we’re offering,” he said, adding, “We do love local leases, but we also combine (them) with national tenants that bring in huge traffic as well. It helps benefit everyone."