Purchase Date: JUNE 2005
Nestled in the Blue Ridge Mountains, the Boone area is a historically underdeveloped retail market. The unique topography that makes this area such a popular tourist attraction also creates tremendous barriers to entry for potential stores or businesses. The Boone Mall, located on US 321 close to Appalachian State University, was not meeting its potential with its present tenant mix and a 25% vacancy rate at the time of acquisition.
Leveraging the skills of its in-house leasing team, the Libby Corporation employed creative design architecture to reposition the Boone Mall. Libby brought in such tenants as Old Navy, Panera Bread, AT&T, T.J. Maxx, Rue 21 and Encore Shoes to better accommodate the area's student demographic. Libby also negotiated lease extensions for many tenants, as well as renovated and modernized the facility.
The Boone Mall has doubled its net operating income and increased occupancy to 98% in a span of three years. The mall is fully leased and is the preeminent retail hub in the Boone community. In 2008, the Boone Chamber of Commerce voted H.L. Libby Corporation Small Business of the Year for its work on the Boone Mall.