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Case Study Suburban Renewal

Atlantic works side by side with RD Management to bring new life to two core suburban centers.

Situation

RD Management, a privately held development firm with more than 18,000,000 SF of shopping center space, has been an Atlantic client since 2009 when they acquired the Meadow Brook Shopping Center in Lowell, MA. After negotiating the sale of the asset to RD, Atlantic was hired to lead the leasing and re-positioning effort.

Result

In close collaboration, Atlantic and RD completely turned over the tenancy in what was formerly a struggling strip center. RD proved to be particularly nimble in its re-development efforts by relocating tenants or re-configuring space in order to meet the market tenant demand Atlantic generated. New stores were opened for Best Fitness, Five Below, Sleepy’s, and Hair Cuttery in addition to the anchor, Target. The project opened in 2011 and helped bring new retail vibrancy to the city of Lowell.

 

The renewed Meadow Brook Center

Situation

In 2014, RD once again turned to Atlantic to assist with the re-positioning of a struggling asset. The eponymous Kmart Shopping Center in Milford, MA was suffering under the weight of a dying anchor and RD saw the opportunity to breathe new life into a center located in the market’s best real estate. With possession of the anchor space and re-development permits in hand, Atlantic and RD commenced an extensive marketing campaign with the goal of landing a top-tier grocer to anchor the project.

Result

The marketing effort generated strong interest from regional grocers as well as national junior anchors, reinforcing the strength of both the site and the market. Ultimately, the right deal was with Stop & Shop, a market-leading grocer with whom Atlantic has worked closely for nearly 20 years. Stop & Shop quickly realized the value in a relocation from its existing store, namely securing top tier real estate and maintaining its market share with a brand-new prototype. With the new anchor lined up, there was still more than 70,000 SF of space left to fill. Atlantic worked diligently with the RD team to secure new deals with TJ Maxx, Homegoods, Chipotle, Starbucks, and Pet Supplies Plus, all at market-setting rents.

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