Jeremy Friedman represented Rogers Investments, retail developer from Birmingham, AL, in the sale and leasing of a new Dollar Tree anchored neighborhood-center in Robertsdale, AL.
Rogers developed the new 11,000sf Dollar Tree center with the long-term objective of selling the property upon completion. However, as the project neared completion the additional 1,500sf shop space still needed a tenant. Rogers engaged Friedman to procure a tenant for the remaining space, and market the property for sale. Through networking and marketing the space, Friedman was able to secure a long-term lease with an expanding Cricket Wireless franchisee before the development was complete.
With the center fully leased, Friedman was able to secure a 1031 exchange buyer for the property during the final stages of construction. Rogers was able to close the sale at the time of rent commencement, fulfilling his long-term goal both efficiently and timely.