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TRC Blog

August 05 , 2011

What to do when people say there’s nothing to do

What to do when people say there’s nothing to do

by David Wilson, President of TRC's Connected Development Services.  While I hear people talk about real estate activity lagging and there being nothing to do, at TRC, we’re elated with what we have going on in three different areas: 1. We’re having great success taking care of the assets we built before the meltdown. We’re flooded with tenants that want to join us at Arlington Highlands – credit worthy, locals and nationals that will fill up the last remaining spaces we have. Simultaneously, that’s happening in the other projects we developed as well; we have a new phase we are lining up to build at our Weatherford Ridge project that is being led by a solid retailer - TJ Maxx - and some other high profile national tenants who are taking us to a 91% pre-leased status on this 41,000 square foot final phase. Activity on Mansfield Point and Quorum has also picked up substantially. 2. On the acquisition front, we’ve recently been active. We acquired Village on the Parkway, a 380,000 square foot center in Addison with Lincoln Property Company and Fidelity Real Estate Group and Shackleford Crossings, a 271,000 square foot center in Little Rock, Arkansas with Invesco. Nothing is easy, and we will have to earn our profit since we were the high bidder on both projects, but based on our knowledge of what tenants in these markets were telling us, we feel real good about both projects. We continue to scour the listings for other opportunities like these to add value to centers that for one reason or another had just fallen on hard times. 3. And, as we knew it would, new ground up development is beginning to be talked about again. We are being called by land owners who are interested in working with us to set up their projects for development as soon as the opportunity arises. And, we are having discussions with retailers who want us to build for them in certain locations where they can’t find an empty box to fit in. With all this going on, nothing to do is sure looking busy for us.
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