Enhancing Value and Performance
for Property Owners
RED brings powerful capabilities to the work of maximizing property performance – whether for a well-positioned shopping center near the top of its game or a struggling property that needs significant repositioning. With imagination and dedication, RED’s experienced professionals in the disciplines of asset management, property management, marketing, leasing and development offer the full palette of expertise to RED’s own portfolio and to third-party property owners seeking to create more value in ongoing operations. Two examples of RED’s asset management successes are:
Village Pointe – Omaha, NE
RED’s
astute asset management of Village Pointe, an outstanding lifestyle
center in Omaha, NE, has enabled this property to thrive – delivering
year over year sales increases in the double digits – despite
challenging times for other lifestyle properties across the country.
RED’s leasing expertise is a big part of the equation for Village
Pointe, which landed the market’s only Sephora, Coach, Apple, Pandora
and J. Crew. A smart strategy of adding in key retailers each year keeps
the experience fresh and exciting for shoppers, and the property
remains 98 percent leased today.
A savvy, market-right promotional program supports the leasing success
with signature events, including a popular concert series, holiday
lighting ceremony and much more. Strong, on-site 
marketing combines
great events with strategic local nonprofit partnerships to extend the
center’s reach and appeal for targeted consumers. The center's marketing
team works one-on-one with individual retailers to customize marketing
opportunities – whether from a tenant retention approach or finding ways
for retailers to capitalize on specific Village Pointe promotions.
Expert property management ensures the immaculate, manicured shopping
environment remains a top destination for upscale shoppers in Omaha and
the surrounding area. Perhaps it’s no surprise that this top-performing
shopping center fosters top performances among its retailers: for 2010
Chico’s at Village Pointe was the retailer’s #1 store and Coach at
Village Pointe earned the distinction as #1 store of the year.
“RED’s leadership at Village Pointe is the most
professional and considerate group that I have had contact with in my
20+ years of working with Scheels…the biggest difference that sets RED
apart from other management companies is the fact that they urgently
resolve any issues and can make decisions that are best for all without
going through all the red tape and corporate office bureaucracy. They
understand what it means to create an enjoyable experience for every
customer and that customers should never be disappointed or see anything
less than excellence. From the landscaping, to the unique shops, to the
extra events, to the community support through charitable events, RED
has established a top-quality shopping center that brings customers back
time after time.”
-Dale Merkel, Store Manager, Vice President, Scheels
Ward Parkway Center – Kansas City, MO
In early 2009 Ward Parkway Center in Kansas City, MO, had a laundry list of complicated problems – from a closed Dillard’s and other looming vacancies to perceptions of too many teens/safety issues and a lack of established identity. And it had just been returned to its lender, Mass Mutual. Rather than head for a quick sale of this distressed property, Mass Mutual’s Cornerstone Real Estate Advisors brought in RED to assess the property’s potential and chart a new course to realize hidden value.
Drawing on the full range of its asset management skills, RED secured public funding through a Community Improvement District to provide up to $10 million in matching funds for redevelopment of the shopping center. This work began with demolition of the antiquated department store space and parking structure. RED put in place an on-site general manager to closely oversee day-to-day operations and critical development work, as well as on-site marketing staff and outside experts to help brand the evolving new experience and celebrate the center’s 50th anniversary. An update planned for the AMC Theatres and a new code of conduct for teens have also helped shape a more positive perception of the property.
RED’s leasing expertise is making a tremendous difference for Ward Parkway Center. National retailer relationships and deep knowledge of the market helped deliver a key new retailer, Trader Joe’s, opening in July 2011. Another attention-getting tenant, Five Guys Burgers and Fries, is helping to boost daily traffic that supports greater sales for existing retailers including Old Navy, Dick’s Sporting Goods and more, leading to enhanced NOI. A new strategy to bring in highly desirable, big box concepts – a modern replacement for the former department store – continues to reposition Ward Parkway Center for success.
“This is a very complicated asset that has required a number of very specialized skills…and RED put together a cohesive team that makes it all look seamless. Whenever an issue comes up, there is always someone on the team with the knowledge and experience to handle the situation… As an owner in Chicago, it is invaluable to have a local team that has all of the answers. Thanks for making me look good.”
-Robert Whitney, vice president, asset management, Cornerstone Real Estate Advisors