Challenge	Salvage income stream and protect investment in Community Retail Center with tenancy in turmoil.
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Property Situation	18 year old Neighborhood Shopping Center in need of capital improvements Anchor Tenant consolidating locations, noticed of intent to close subject All shop spaces leases expiring within 24 months Need to upgrade Tenant mix Outparcels in need of capital and owned by disparate remote third parties
Market Condition	Macro market deterioration and local market is worse Little to no new absorption in market Requests for rental relief from shop spaces, outright abatement Investment sales at standstill No financing available
Strategy	Re-negotiate Anchor Tenant Lease; co-invest with Anchor; renovate Center; and stabilize tenancy as priority.
Actions	Maier Siebel Baber is extending the Anchor’s lease and obtaining an agreement that they make a significant investment in modernizing their store, thereby renewing their commitment to the location through to 2029. Maier Siebel Baber is negotiating that Owner make a mid-term, capital contribution conditioned upon a matching percentage with Anchor’s new investment. Ownership is also committing to upgrade the exterior façades of its Shop spaces and to making general upgrades to the Center’s signage and landscape programs. Maier Siebel Baber is coordinating the planning with Anchor, creating a new image for the Center, and creating budgets for Ownership’s approval. Maier Siebel Baber is creating new recorded Architectural Control guidelines to enforce enhanced standardized style and finishes over the entire complex, inclusive of the adjacent parcels. The fresh unified retail message will be clear to tenants, tenant-brokers and the retail customer base. The clear concept will facilitate better retail merchandising throughout the complex and creates the opportunity to charge higher rental rates.
Result	Income stabilized and Center protected; Anchor extends lease; 100% occupancy; Center under renovation
Current Status	Under Management