Click on a property on the map below to view the Tri-Land transformation.

 

PROPERTY NAME

CITY, ST | #### SQ. FT.
Ten Quivira Plaza– Shawnee, KS (Sold 2016) Repositioned Supermarket Anchor Community CenterTri-Land acquired an 18.67-acre, 176,916 SF, 87% leased shopping center from DDR in 2006. Price Chopper anchored shopping center renovated in 2013.Repositioning Plan

  • Create a strong visual identity for the major intersection of Shawnee Mission Parkway and Quivira Road featuring low brick walls, landscaping, flagpoles, and architectural lighting.

  • Renovate main building facades, repave parking lot, and add two new pylon signs along Shawnee Mission Pkwy.

  • Developed a new high visibility outlot pad with Starbucks and Panda Express.

  • A CID was approved by the City of Shawnee in of 2012 providing $1.3 million to fund the various improvements described above.

  • Price Chopper and Westlake (ACE) Hardware leases extended & relaxed development restrictions.

  • Renovated vacant Burger King and leased to Jimmy John’s and Smoothie King.


Results

  • Increased occupancy to 98%.

  • Upon sale achieved an IRR of 28%.

In 2006, Tri-Land acquired a 15.53-acre, 164,837 SF, Cub anchored shopping center from SPE, LLC.   The property was repositioned into a 184,837 SF community shopping center with outlots, street retail, and a hotel.

Repositioning Plan

  • Downsize/remodel Cub Foods to a prototypical new store size of 65,000 SF at Cub’s expense.

  • Constructed new Fridley Liquor store (at Cub’s cost) to allow for relocation/downsizing of Cub Foods.

  • Constructed two new outlot buildings facing the new Cub Foods for McDonalds and various street retail tenants.

  • Added Duluth Trading Company as a co-anchor to the shopping center.

  • Renovated common areas to a new shopping center quality environment.


Results

  • Sold 2.5 Acre parcel to limited service hotel developer

  • Increased center size from 164,837 SF to 184,279 SF.

  • Upon sale of Fridley Market in 2016, achieved IRR of 36.6%

A 48,802 square foot shopping center located at the corner of 127th Street and Mur-Len Road in Olathe, Kansas, approximately 19 miles southwest of downtown Kansas City was acquired.  A new bridge for 127th Street over I-35 was completed and dramatically increased traffic counts on 127th Street.  Tri-Land’s business plan was to initially lease up available space and renew or replace existing tenants at market rates while upgrading the center’s exterior.In 2002, Tri-Land acquired a 452,000 SF, 38.5-acre enclosed mall from the REO Department of John Hancock Life Insurance Company. The retail property was repositioned into a 310,000 SF community shopping center anchored by Price Chopper Supermarket, Lowe’s Home Improvement, Office Max, and 25 small shops.

Retail Repositioning Plan

  • Demolished approximately 90% of the building improvements.

  • Completed a new 70,000 SF Price Chopper lease prior to the closing. Price Chopper built their building with a building allowance.

  • Secured $8.5 million of Empire Zone bonds prior to closing.

  • Price Chopper and Lowe’s built 190,000 SF. Tri-Land remodeled 35,000 SF of the former mall stores and built 75,000 SF of new buildings.

  • Lowe’s Home Improvement purchased 11 acres of the site.


Results

  • Increased occupancy from 23% to 100%.

  • Bought the property in 2002; sold in 2006.

  • Price Chopper’s first year sales were $37 million.

  • Lowe’s first year sales were $45 million.

  • Upon sale of Market Place in 2006, achieved IRR of 39.4%

Tri-Land purchased a property that included an operating Kmart in Downers Grove, IL, and negotiated a buyout of the Kmart lease.  A 70,000 square foot lease was executed with Dominick’s.  The former Kmart facility was demolished and a new 110,000 square foot supermarket-anchored center was constructed which included inline space and an outlot parcel.In 2000, Tri-Land acquired a 16-acre, 270,000 SF, 80% vacant, three-story shopping center from Tom Daly, a private New York investor who sold Tri-Land three properties during a four-year period. Tri-Land capitalized on the center’s high-density and underserved minority market to convert it into a two-story urban shopping center anchored by Shopper’s Warehouse Foods (SuperValu) and KMart.

 Repositioning Plan

  • Created two-story urban shopping environment, taking advantage of topography to position on-grade parking at each level.

  • Reconfigured traffic flows from Baltimore National Pike and constructed a new bridge to provide accessibility to the upper parking field.

  • Reconfigured existing building to accommodate a 110,000 SF KMart on the first floor. Shoppers Warehouse Foods (SuperValu) leased 65,000 SF of the second floor space.

  • Built a 5,000 SF outlot.


Results

  • Increased occupancy from 20% to 100%.

  • Bought the property in 2000; sold in 2005.

  • Upon sale, achieved IRR of 42.5%.

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AFTER

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