Capitol West Plaza
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2011Year Acquired |
31,703 SFBuilding Size |
General Capital acquired Capitol Plaza West in September 2011. The center was 52% occupied. A short and intensive due diligence period uncovered a potential future environmental matter related to the onsite dry cleaner. General Capital worked with the dry cleaner to replace the perchlorethylene machine with an environmentally friendly hydrocarbon machine improving the tenant’s operation from a production and health & safety standpoint, while removing a significant risk factor of the property.
Prior to closing, General Capital secured an LOI with a medical user for 4,700 square feet to take over 30% of the vacant space. General Capital implemented a series of capital improvements including a new parking lot, tuck pointing, cooper roof repairs, landscaping, lighting and other deferred maintenance.
The leasing strategy is to offer competitive rents and pursue both traditional retail users as well as service tenants. The center benefits from having Pick ‘n Save as a shadow anchor and the construction of a new PNC bank next door. Sitting high on the hill, the Capitol & Calhoun intersection offers big traffic counts and a strong demographic neighborhood. The goal is to help existing tenants become more successful and fill the vacancy with quality tenants
KEY THEMES
- Well-positioned neighborhood retail center serves the Brookfield community with a diverse mix of service-oriented businesses
- Prime Capitol Drive location benefits from exceptional visibility, multiple access points, and strong surrounding retail activity
- Flexible multi-tenant design accommodates a variety of retail, healthcare, restaurant, financial, and personal service uses
- Established commercial destination is supported by a dense residential population, strong daytime employment, and nearby neighborhood amenities
- Professional property management and strategic leasing support the center's long-term performance and market competitiveness
RESULTS
- Successfully operates a 31,703 SF neighborhood retail center featuring 15 tenant suites in Brookfield
- Established a diversified tenant mix including healthcare, financial services, restaurant, automotive, salon, and neighborhood retail businesses
- Provides exceptional visibility along Capitol Drive with exposure to approximately 37,400 vehicles per day
- Serves a strong surrounding trade area supported by more than 45,000 daytime employees within three miles
- Strengthens the local commercial corridor through convenient neighborhood services and a highly accessible retail location
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