Problem: Owner purchased a historically successful, but 75% destroyed, 150,000 SF center in Biloxi, MS shortly after Hurricane Katrina. After complete renovation, many tenants chose not to or could not return and re-occupy. Cost of insurance for waterfront space was exorbitant and suburban opportunities away from the coastline became more attractive. A once bustling retail area was potentially never going to recover. Occupancy stabilized at less than 30%.

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Solution: With no leasing prospects and no anchor, it was time to think outside the box. A nearby 1970’s vintage Walmart was site constrained and was rumored to want to leave the area. After 2 years of negotiation, convinced Walmart to relocate and build 160,000 SF Walmart Supercenter on vacant land adjacent to owner’s center. Negotiated a cross access easement for their customers to enter and exit to a major roadway. Also obtained and granted off-site signage rights for Walmart to further identify their proximity behind owner’s site. Three national tenants negotiating large leases with owner as a result, boosting center occupancy to over 80%