Shoppes at River Ridge

PROPERTY CHARACTERISTICS

• 95,000 sf lifestyle shopping center
• Located in an affluent suburb of Columbus, OH

ACQUISITION

• December 2011

INVESTMENT OPPORTUNITY

• Bank-owned property developed just prior to the Great Recession
• Unlevered acquisition at a fraction of replacement cost
• Located in an area with superb demographics

EXECUTION

• Property only 18% occupied at its lowest point; through aggressive leasing, increased occupancy to its present 98%
• Terminated anchor lease to earn a substantial fee and sold an outparcel to reduce cost basis
• Repositioned away from national lifestyle retailers to quality tenants displaced by local redevelopment