Airport Square

Retail / ±187,674 SF / Toledo, Ohio

Premier Equities purchased the shopping center from PNC Realty Corporation in March 1996 as part of a lender workout arrangement and secured a “facelift” loan from PNC Realty Mortgage at the time of acquisition. 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. After completing the full property renovation, the center was 100% leased to Best Buy, Office Depot, Pier 1 Imports, and Michael’s Stores, Inc. Airport Square was subsequently sold to Ohio based REIT Developers Diversified in 1998.