Sale Highlights company’s business model and return for investors
Broad Reach Retail Partners (BRRP) announces the sale of Highland Square, a 180,000 square foot shopping center located in Crossville, Tennessee. The center is anchored by Kroger, Dunham’s Sporting Goods, Tractor Supply and Goody’s and was 93% occupied at the time of sale.
BRRP purchased Highland Square at 68% occupancy in the summer of 2008. In spite of the challenging economic environment, BRRP leased the majority of the vacant space (48,000 square feet); provided additional jobs in the community (120+); enhanced the shopping landscape to both the local and regional area (11 new stores ); and provided superior return to our partners (50%+ IRR).
“The Highland sale demonstrates the founding principal of Broad Reach Retail Partners – create value forourpartners,propertiesandpeople,”saidNateTower,FounderofBroadReachRetailPartners. “By focusing on all three areas, we maximize the real estate investment for all parties.”
About Broad Reach Retail Partners
Broad Reach Retail Partners (BRRP) is a privately held fully integrated owner and operator of shopping centers. The company maximizes the full potential of underutilized shopping centers through focused leasing, redevelopment and creative management. The company vision is to create value for our partners, propertiesandpeople.
BRRP is actively seeking growth though selective acquisitions, strategic leasing and the addition of the best of the best team members.