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Greenbriar Plaza

Greenbriar Plaza

The Challenge

JS Western (“JSW”) acquired Greenbriar Plaza Shopping Center, a 114,000 sq ft retail property in Denver, Colorado for $8.2 million in 2014. Initially, the property was underperforming, with rents averaging $0.74/sq ft NNN compared to the market rate of $1.15/sq ft. Despite its strategic location near significant residential development, the center required substantial improvements to attract higher-quality tenants and increase rental rates. JSW also identified an environmental condition requiring remediation during the investigation process.

The Solution

JSW recognized that the explosion of Denver’s city center would necessitate housing and retail demand in the surrounding suburbs. This was further proven by the nearby Brookfield Midtown project, which planned 1,500 new residences with over 200 completed and sold by Q1 2015. To capitalize on this, JSW implemented a comprehensive value-add strategy, which included:

  • Extensive Renovations: Updates to the roof, parking lot, lighting, and façade enhanced the property’s appeal and operational efficiency.
  • Market Analysis and Rent Adjustment: Leveraging market data, JSW projected steady rent increases, aligning the property’s rental rates with the growing demand.
  • Environmental: Extensive soil exploration revealed no groundwater contamination and that the affected soil could be extracted cost effectively.

The Result

After 2.5 years, Greenbriar Plaza was sold for $12 million, achieving a 1.94x* Multiple on Invested Capital (MOIC) and a 33%* Internal Rate of Return (IRR). This successful exit underscored JSW’s expertise in identifying undervalued assets, executing effective value-add strategies, and leveraging market trends to deliver exceptional returns.

*MOIC = Multiple on Invested Equity. Un-audited. Prior performance is not indicative of future results. Potential investors should consult a professional prior to investing. Case Study is a representative transaction and is not indicative of the results of the aggregate portfolio. Scott Tiano served as sole or co general partner and was involved in varying capacities.