September 4, 2010
tel 805.456.6091 fax 775.313.9610 stephen@stephenglenn.com Acquisitions, Brokerage, Consulting & Development
Redevelopment projects number among my favorite real estate transactions. In this case study, my business partner John Spinola and I acquired a 7,000 square foot two-story building located on a corner in an up and coming area of Reno. Largely vacant, excepting the Satellite Cocktail Lounge, and with significant deferred maintenance at the time of purchase we were able to turn the building into an area focal point. The first step was to lease the vacant downstairs unit to Blue Moon Pizza, a well-known local institution. The construction improvements involved revamping the majority of the buildings mechanical systems, reconfiguring the bathroom core, installation of a grease-interceptor and redesigning the parking lot. The second step was to renovate the upstairs spaces. The building was originally constructed in the mid-1950's as the IBM building and had subsequently been chopped into multiple small spaces. Taking advantage of the multi-tenant configuration we were able to create attractive small spaces that currently house Discology, Avenue C Salon, The Yoga Shack and a small office. John and I personally handled all of the leasing, entitlement and construction supervision. 
The third case study is Village Corners, a Super Wal-Mart shadow-anchored strip center, located in The Colony, Texas. As of late 2009, this is a project that my partner Michael Killian and I have successfully stabilized - in spite of the current economic situation. We acquired the center in the fall of 2007 with over 45% vacancy. Physically the center suffered from minor deferred maintenance, which was cured via attentive management by Beth Connett at Cencor. Working with Beth, her successor Amanda Eller, our leasing agents (most recently Brian Evans of