Pinellas Park, Florida
Comprehensive value analysis and positioning strategy resulted in a higher than anticipated sales price for the property owner.
Background
Parkside Mall was a regional mall that was 63% leased and anchored by Dillards, J.C. Penney and RC Theaters. Colliers was selected to market the property for redevelopment into a power center.
Services
Colliers performed comprehensive investment and value analysis to determine the actual value and best marketing approach. We hired an urban land planner to quantify the dollar amount of existing entitlements, thereby supporting a higher land value and utilized the competitive bid method to achieve above-market value. After the sale, Colliers worked with the new owner to design a new site plan supporting over 750,000 square feet of new retail in a power center configuration. Colliers was also responsible for locating and negotiating leases and sale contracts with the new tenants including the planned anchor, Target.
Results
As a result of Colliers efforts, the property sold for $3 million more that the seller anticipated.
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