Adding Value to an Overlooked Property in Small-town Ohio - It’s What We Do
The Background
In 2019, we recognized a tremendous opportunity to acquire a distressed retail shopping center in Logan, Ohio. The center, Logan Commons, is the perfect example of how we leverage our expertise and relationships to add significant value to an overlooked center.
Now, because of our investment in the property and relationships with tenants, occupancy has increased 23% and the property has significantly increased in value.
Why We Choose to Invest
Logan Commons is just one of our nearly 100 Walmart shadow centers nationwide. We invest in Walmart shadow centers in small towns because we know they act as a hub for local retail and services.
Our Criteria
Our team has a specific strategy for selecting each of our properties; We only buy properties next to the highest-performing Walmarts. Here is the criteria we use when selecting MRP Properties.
Strategic Improvements to Add Value + Attract Higher Rent Tenants
We feel like MRP is more of a partner with us, than just a landlord” – Angie McKee, Owner of Hawks Nest – community retailer in Logan Commons.
Our MRP strategy involves a high level of investment, both in the physical property itself and in relationships with the tenants. This high-touch, personal approach to commercial real estate leads to significant returns, both for us and our business partners. These investments also directly impact the community by providing a well-maintained property with a variety of essential services. See what we did at Logan Commons to add value and attract higher-rent tenants:
- Property Improvements
- Replaced the roof
- Fixed the parking lot
- Painted the building
- Brought in essential services
- Leveraged partnerships to fill vacancies
- Moved tenants for increased rent
The Results
As a direct result of these strategic improvements, the Logan Commons property has seen healthy growth and value increase.
In three years as an MRP property, occupancy increased 23%: 77% leased in 2019 → 95% leased in 2023.
Logan Commons is one of nearly 100 Walmart Shadow Centers in our real estate portfolio. Our strategy and personal approach to investing in small-town America continues to prove valuable from California to Virginia. We use the same strategic approach in acquiring and managing each one of our centers allowing us to add value to each of our properties for both investors and the small town communities.