A Case Study
Pinnacle at Turkey Creek
Background
Crawford Square Real Estate Advisors (CSREA) assumed management and leasing responsibilities for Pinnacle at Turkey Creek, a four phase shopping center located in the suburb of Knoxille, TN featuring notable tenants such as Belk, Total Wine, Regal Theatres, Ulta and Nike. The property faced challenges, including existing vacancies, underperforming existing retailers and a dated appearance. CSREA injected a dynamic and innovative approach into their leasing and marketing strategies.
The Challenge
Pinnacle at Turkey Creek has been the go-to open-air destination in the region, but it's constantly competing against the massive enclosed Simon property, West Town Mall, for new-to-market retailers. Recently, it faced new competition for nationally expanding tenants from the upscale area of Bearden, which has been gaining popularity.
The Solution
CSREA focused on revitalizing Pinnacle at Turkey Creek by replacing stagnant retailers with more relevant and exciting stores. This move was crucial to ensure the next phase of the property's life. Jos A Bank was replaced with Athleta, underperforming Journey's and Fab'rik gave way to Carhartt, and the temporary Skechers store was replaced by the high-volume guild jeweler Lamon. Additionally, a previously vacant medical space was transformed into LoveSac and a long-vacant restaurant was rejuvenated into Condado Tacos. A 12,000 square foot vacancy, part of which had never been leased, was transformed into a high-end medical spa, Sono Bello.Additionally, long-term difficult vacancies were reimagined for new uses.
Short-term initiatives included: securing $75,000 in short-term rental income, updating the exterior aesthetic to a modern style, improving the food and beverage offerings, and organizing curated events to actively engage shoppers.These efforts were aimed at ensuring the continued success and vitality of Pinnacle at Turkey Creek in the ever-evolving retail landscape.