Purchase Date: APRIL 1984
A superior location in a market with substantial barriers to entry, Braddock Square was clearly a center in need of redevelopment in an underserved retail market. When Libby acquired the property in 1985, Braddock Square had just lost its primary anchor, a Sears department store, and the secondary anchor for the center was an outdated, and undersized ACME Supermarket.
Libby recognized the value-add potential for Braddock Square. Located in a high-traffic area at the base of the Cumberland Mall, Libby saw the need for additional retail in this market. Libby was able to attract such big name tenants as Wal-Mart and later Kohl's, as well as buy out the ACME Supermarket lease and replace it with a state-of-the-art 68,000 square foot Giant Supermarket.
What was once a dying shopping center is now a major retail destination for the region. The appraised value of Braddock Square has increased eight times since its acquisition, and Libby's initial equity investment has been recouped many times over. Plans to further expand the center and bring more retail to the Cumberland area are also under way.