Revitalizing Downtown Augusta: A Retail Lease Success Story at 211 Tenth St.
When Bee’s Knees, a beloved local staple in Downtown Augusta, closed its doors, the owner of the mixed-use building at 211 Tenth St. was left with a significant challenge: a prime vacant retail space that needed to be filled quickly and effectively. This case study explores how strategic decisions and innovative marketing led to a remarkable turnaround, contributing to the vibrancy and growth of Downtown Augusta.
Client Challenge
The sudden closure of Bee’s Knees left a notable void in the local market and an urgent need for our client to find a new, reliable tenant for their prominent retail space. The goal was clear: re-lease the property swiftly at a top market rate to ensure continued revenue and minimize financial impact.
Action Steps
Strategic Pricing: Recognizing the location's historical significance and prime positioning, we conducted a thorough market lease analysis. This enabled us to set an aggressive, yet justified, lease rate, positioning the property as a premium space in downtown Augusta.
Best-in-Class Marketing: We compiled an array of high-quality assets, including professional photos, drone imagery, 3D tours, and detailed floor plans. These were incorporated into an exemplary Offering Memorandum that highlighted the property’s best features and market potential.
Utilizing News and Social Media: The property’s importance to the community was a key narrative. We engaged local media with press releases and created a buzz on social media, amplifying our reach and attracting significant attention from potential tenants.
Securing Multiple Offers: Our efforts paid off with several strong offers from prospective tenants. We provided expert advice to our client, helping them select the tenant that best suited their long-term vision and financial goals.
Value-Added Results
Our strategic approach not only filled the vacancy with a high-quality tenant but also secured a lease agreement at a top-of-the-market rate, reinforcing the property as a lucrative asset. Furthermore, the new tenant, a bar/restaurant, adds to the cultural richness of Downtown Augusta, supporting the area's ongoing growth and development.
Client Testimonial
"Working with John Eckley and the Meybohm team was a standout experience. From strategic guidance to detailed market insights, John’s professionalism and deep market knowledge were instrumental in navigating the lease process seamlessly. Their commitment and expert advice were invaluable, resulting in a successful lease that exceeded my expectations." - Eric Kinlaw, Beehive Group LLC
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