Purchase Date: MAY 2006
When acquired, Beckley Crossing Shopping Center had a vacancy rate of over 45% in 2006. The center was also suffering from the devastating effects of losing its anchor store, Wal-Mart, to a SuperCenter location across the street. Fortunately, though, Beckley Crossing is strategically located at the intersection of two major traffic arteries and enjoys high traffic exposure.
Libby Corporation saw these challenges as an opportunity to reposition the property, improve cash flow and add value to the community. Taking advantage of the property's prime location, Libby re-leased the former Wal-Mart to T.J. Maxx and Hobby Lobby, and added a Kroger Fuel Center to its retail mix.
Today the center is reinvigorated and boasting occupancy over 95%. The current appraised value stands at 67% higher than the 2006 purchase price. Beckley Crossing has survived the loss of its anchor retailer and bounced back to become a viable retail competitor in the Beckley market.