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COMVEST Properties, LLC Announcement |
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| "Our corporate values are founded on integrity, knowledge, accountability, and results." |
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COMVEST Closes Complicated Redevelopment Transaction
Biloxi, MS - August 25, 2010 - When the developers at COMVEST Properties set out to purchase a stagnant, underutilized shopping center on the retail corridor of Lucedale, Mississippi, they saw an opportunity where others only saw an impossibility. The 50,000 square foot Lucedale Marketplace, at the corner of Old Hwy 63 and Cowart Street, was 37% occupied, in foreclosure and the target of pending liens. With three other similar shopping center acquisitions and redevelopments in the COMVEST portfolio, the developers knew they were looking at a diamond in the rough.
 One year later Lucedale Marketplace boasts 97% occupancy, new national tenants, and a new owner. Over the course of that year, the COMVEST team used their experience and relationships to weather the challenges of re-foreclosure, renegotiation of existing tenant leases, lien waiver negotiations, new tenant leases, and ultimately secured a purchaser who brought Tractor Supply Company to the asset's vacant anchor space. As well as a local tobacco shop and dry cleaners, co-tenants include Peebles, Hibbett Sports, Subway and Harrison Financial. In an economy where municipalities are more dependent than ever on sales tax revenue, this line up of retailers is a welcome boon to the City as well as area shoppers.
With a company-wide commitment to value creation for the asset, the community and its financial partners, COMVEST Properties has delivered another tangible example of its Mission Statement,
"Our corporate values are focused on integrity, knowledge, accountability and results."
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About COMVEST Properties, LLC
COMVEST Properties, LLC is a full-service commercial real estate company specializing in development, leasing and retail tenant representation. Together with its affiliate, Net Lease Developers, LLC, COMVEST is an active developer of shopping centers and single tenant net leased properties throughout the South.
At COMVEST Properties, we value the importance of our relationships with clients and recognize that each tenant and individual property has unique needs. With over 50 years combined experience in corporate real estate and site selection, we instinctively approach opportunities from a tenant's perspective, with focus on value creation and risk management. With our in house capabilities and strong relationships with national, regional and local retailers, this approach has consistently delivered superior retail properties.
More About Our Team |
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COMVEST Properties, LLC
Wendy Barthe Peavy
Marketing & Public Policy Director
286 Beauvoir Road
Suite 200
Biloxi, MS 39531
228.594.3400
228.594.3401
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COMVEST Properties, LLC makes no representation or warrenties regarding the properties or information discussed herein. The information is subjet to errors, ommissions, changes in terms and condition, prior sale, lease or withdrawal, without notice.
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