When a retail center in Chelsea lost its anchor – a Blockbuster store – the whole complex slumped. Remaining tenants saw a dramatic decline in customer traffic. Some moved to new locations; others closed up shop entirely.
It’s a story too often repeated, and the Thomas Duke Company’s Washtenaw County Team didn’t want to see it happen to this 31,147-square-foot retail center. They approached long-time client Campus Realty and proposed they purchase the Chelsea property. Based on their experience and relationship with the Duke Company, Campus Reality trusted the team’s advice and acquired the property.
Campus Realty relied on the Washtenaw County Team to work closely with the lender and previous owners to complete the sale. Once complete, they again looked to the team to rebrand the center. They agreed to improve the parking lot, landscaping, and building façade.
With the improvements made, the team conducted a robust marketing campaign. The result: 95 percent of the spaces with high-exposure along Main Street are filled with retail tenants, and 100 percent of the spaces fronting a side street are leased to medical and financial tenants.
Not only has Campus Realty expanded its portfolio of strong investment properties. A tired, slumping retail center has become a vibrant hub of retail and office activity in the city of Chelsea.
