MILLERSVILLE, MARYLAND (December 20, 2021) – Broad Reach Retail Partners, LLC, a value-add owner and operator of retail shopping centers, has finished off the 2021 year in a big way – by selling and closing on Southland Crossings in Boardman, OH.
Purchased in the summer of 2019, Broad Reach acquired Southland. At the time, the center was only 70% occupied with over 70,000 SF of leasing available. This included two junior anchor boxes and six inline suites. The center itself is strategically located in the primary retail corridor of southern Youngstown and has excellent visibility and four access points – two with signals. Overall, the shopping center serves the wealthiest neighborhoods in Youngstown.
Doing what the Broad Reach Retail does best, the team of experts in leasing, property management, accounting and more worked together to develop a plan and strategy to turn this shopping center around. Within the two and a half years that the company owned Southland Crossings, the below feats made this end-of-year sale possible:
- Signed 56,500 SF of new leases including a 10-year deal with Ross Dress for Less and a 10-year deal with Bob’s Discount Furniture.
- Renewed and extended two big tenants:
- Giant Eagle extended their lease by 5 years.
- PetSmart executed their third and fourth renewals early, continuing their term through 2033 in exchange for Tenant Improvement Allowance.
- Increased the NOI 42.2%.
With a growing portfolio of success cases like Southland Crossing, Broad Reach Retail Partners, LLC actively seeks new investors for future opportunities. If you’re interested in becoming a new investor, visit https://www.broadreachretail.com/investors/.
About Broad Reach Retail Partners
Founded in 2006, Broad Reach Retail Partners, LLC is a privately held, fully integrated owner and operator of shopping centers. Since its beginning, Broad Reach has owned, leased or managed 47 centers, representing 4.7 million square feet. Our mission is to create value for our partners, properties, and people. We do this by maximizing the full potential of underutilized shopping centers through focused leasing, disciplined buying, and meticulous management.