Airport Square

Project Description

Airport Square is conveniently located at the intersection of Reynolds Road and Airport Highway in suburban Toledo, Ohio. Purchased from PNC Realty Corporation in 1992 as part of a lender workout arrangement, this 1980’s vintage center suffered from years of neglect and mismanagement, resulting in a nearly 50% historical vacancy rate and negative perceptions in the marketplace.

Determined to once again establish the center as a viable and productive retail destination site, Premier installed its trademark retail management and leasing programs and instituted an aggressive marketing campaign designed to advertise new ownership. As part of its turnaround efforts, the company also secured a $4.5 million dollar “facelift” loan from PNC Realty Mortgage Company, which it used to make both functional and aesthetic improvements to the existing center and to create new in-line stores and anchoring “big box” facilities

As a result of Premier’s efforts, the approximately 188,000 square foot center was 100% leased to Best Buy, Office Depot, Pier 1 Imports and Michael’s Arts and Crafts by the end of 1994. Leveraging on the success of its turnaround campaign, Premier sold Airport Square to Ohio-based REIT Developers Diversified in 1995. Profits from the sale, which totaled nearly twice the amount of Premier’s initial investment, were reinvested through a 1031 exchange transaction.

SELLER: PNC Realty Corporation
SIZE: 187,674 Square Feet
TYPE: Retail