MEMPHIS, Tenn., June 19, 2018 /PRNewswire/ -- Previously owned by AZT Corporation, one the neighborhood's largest shopping centers has been sold to ABS Management & Development. The new owners have already begun to maximize the appearance and structure of the 19-tenant shopping mall. The added new features will include:
- Modern façade upgrades
- LED Lighting
- Parking lot repairs
- Advanced security system to ensure highest level of customer safety
Raleigh Springs Marketplace is currently 85% occupied with tenants ranging from Subway to the Veterans Affair Clinic. Other big retailers available to shoppers include Save a Lot, T-Mobile, and Rainbow. Vacancies are available and the new owners are actively seeking the right tenants to fill this space.
The site of the marketplace is seeing several positive changes as well. The City of Memphis has begun constructing a brand new multi-million-dollar development to be the home of a new library, police precinct and skate park. It will also feature an 11-acre lake with a walking trail. Construction is expected to reach full completion by June 2019.
With a 100% tenant renewal rate, the new management team is dedicated to maintaining and striving for continual success and growth for optimal business for their valued tenants. They are highly confident that the area is going to experience a huge turn around. Mr. Reuven Rivlin, president and founder of ABS Management and Development Corp., says he is excited to bring these transformations to the neighborhood for residents to enjoy. He adds that it is sure to drive consumers and be a gold mine for business owners.
ABS Management & Development is a private real estate investment group based in Brooklyn, New York focusing on value-add retail centers throughout the United States and Canada, as well as a full portfolio including multi-family, industrial, and residential projects in New York City. Spanning 20+ years, ABS's mission remains to identify hidden development potential in underutilized properties and reimagine them for attractive profits without ungainly risk factors.
ABS organizes its business geographically in the New York Metropolitan area, in communities with the highest standards. Consequently, the company is in the position to see local opportunities before other investors and leverage the ideas they produce in various cities and states. The company is committed to the belief that a real estate business requires the presence of principals that are in close geographic proximity to the properties, to consistently deliver quality management services to the resident and property owner alike.
President Reuven Rivlin explains that, "As part of our core values, we choose to collaborate with forward-thinkers, visionaries, and creatives both within the industry and immediately outside it. Without exception, our proudest projects were, and continue to be, the result of many minds pursuing common goals to perfection."
SOURCE ABS Management & Development