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Larry Marks, senior vice president with Betz Commercial Brokerage Inc. tells GlobeSt.com that the center at 4950 State Hwy. 1960 was full for many years, and anchored by a 24-Hour Fitness center. However, when the fitness center moved, it took a lot of tenants, leaving behind a 70% vacancy.

That’s when Betz Cos. invested around $750,000 million in renovations and decided to sell. “Betz didn’t want to pay tenant improvements for new tenants,” says Marks, who represented the seller in the transaction.

The retail center came on the market in fall 2008 and attracted a buyer, but right around the time the buyer was removing contingencies, Hurricane Ike came roaring through and the market was starting to slip. “The buyer got cold feet and backed out,” Marks says. Less then a month later, the center was under contract again. But the buyer, who had a sterling track record with similar properties, couldn’t get approval from the lender, because of the frozen credit markets.

The third time proved the charm for Chelsea Square Shopping Center as “the guy from New York ultimately closed the deal,” Marks says. He explains that once the property is leased up, it will be a great asset. There are some on-site tenants interested in expanding and other new tenants interested in the space.

“This is a great property near a great intersection,” Marks says. “It’s in the Champion Forest Area, a nice area of (hwy) 1960, and I can see why tenants would want to be there.”

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