Property Type: Neighborhood Shopping Center

Acquisition Date: August 2003

Investment Thesis & Opportunities

• Recognized value of location in center of affluent West Boca market and excellent frontage
• Vision of undeveloped outparcel and under-exploited retail location with opportunity to re-tenant at higher market rents
• Strategy to re-merchandise center to family orientation
• Strong demographics: average household income of $105,633 within a 3-mile radius

Value Add Activities

• Negotiated purchase of Winn Dixie lease out of bankruptcy
• Negotiated buyout of CVS and Beall’s leases
• Redevelopment to support re-tenanting
• Converted below market rents to higher paying tenants

• Re-tenanted former CVS and Beall’s space with multiple medical tenants (doctor and dentist)
• Former Winn-Dixie re-tenanted to higher-paying retailers (Annie Sez, Denny’s Childrenswear, and Outback Steakhouse)