Property Profile
The Parks located at 2402 Forest Park Blvd. in Fort Worth, Texas is an 18,770 square foot neighborhood retail center. The shopping center was purchased in March 2003. The occupancy at the time of purchase was 63% with five vacant suites. The strategy was to upgrade the exterior of the building including landscaping and lease the remaining vacancies.
The exterior renovation was completed and four of the five available suites were leased. Additionally, rent escalations and lease extensions with the existing tenant base increased the property value.
The Parks was sold to a private investment group in March 2005. Vintage Capital Partners was able to increase occupancy to 93% by the time of the closing.