Loop 410 & McCullough San Antonio, TX 78216
Pavilions North, a 178,000 square foot community center, is located at one of the busiest intersections in San Antonio. When RPD acquired the center, it was 50% leased, and the freeway service drive at the property’s front was under construction, creating serious ingress and egress issues. When the construction was completed, RPD leased all of the vacant space. In addition, RPD sold one of the outparcels to In-N-Out Burger at a price per square foot that is among the highest in San Antonio.
Park Oaks Shopping Center
16602-16668 San Pedro Avenue San Antonio, TX 78232
RPD acquired a vacant 65,000 square foot supermarket from one owner and the adjoining, partially vacant 125,000 square foot community center from a second owner. In the less than two years, RPD increased the occupancy from 45% to over 90%.
Lone Oak Shopping Center
909 S. WW White Road San Antonio, TX 78220
This 117,000 square foot center is anchored by a successful HEB Supermarket, part of a 350-store chain that enjoys a 60% market share in San Antonio. The seller was the pension fund of Harold Butts, HEB’s CEO and majority owner. To keep the sale quiet, Mr. Butts restricted marketing to a tiny group, whose members, other than RPD, passed, because of Lone Oak’s location in an ethnic lower-income neighborhood.
When RPD purchased Lone Oak, it was suffering from neglect, and HEB was the only thriving tenant. RPD brought in retailers that could capitalize on the heavy foot-traffic generated by HEB and better served the neighborhood.
Westgate Shopping Center
7311-7325 San Pedro Avenue San Antonio, TX 78216
This 47,000 square-foot specialty center is located at one of the strongest retail locations in San Antonio. RPD acquired Westgate from a local owner, who was concerned about its struggling anchor tenant, a 33,000 music store. As soon as RPD entered into a contract to purchase the property, it started negotiating with Guitar Center to lease the 33,000 space. Shortly after closing, RPD signed a 10-year lease with Guitar Center at a substantially higher rental rate than the failing music store was paying. Other tenants in the center include Starbuck’s and Jimmy Johns.
1400 22nd Street West Des Moines, IA 50266
Westowne Centre is a 183,000 square foot community shopping center located in an upper-demographic locality of Des Moines, anchored by Michael’s and Gordman’s, a regional department store chain. When RPD acquired Westowne, the center was suffering from 25 years of neglect. After replacing the dated façade and curing all of the deferred maintenance, RPD leased vacant spaces to Dollar Tree and Gold’s Gym and entered into a long-term ground lease with McDonald’s.
5819 I-410 Loop San Antonio, TX 75243
RPD acquired this 144,000 square foot community center after Circuit City and Ross, two of three anchor tenants, announced they were vacating. After renovating the shopping center’s façade, RPD leased the space vacated by Ross to a large appliance retailer and former Circuit City space to a private college.