Sale | LOGISTICS & INDUSTRIAL
Space: 26 500 sq. m.
Cushman & Wakefield Forton’s team finalised a successful sale of land to be developed as a retail plaza with the size of 26 500 sq.m in Blagoevgrad, Bulgaria.
For more than 10 years, Redstone Blagoevgrad owned a piece of land designated for the development of a retail cente, a plan that had been put on hold. The demand for retail space in the region of Blagoevgrad was weak for many years and there was no option for efficient and sustainable development of a shopping mall at that location. Recent changes in the consumer spending and demand transformed many retail occupiers’ expansion plans who started looking to lease space in big box retail centres. Most important for the retailer are designated units for lease with separate and independent access that are part of one retail center with a synergy that attracts potential clients on daily basis.
We proactively approached the management and selected a potential buyers for the premises. We presented a model for redevelopment of the site and development of the retail center with single floor multitenant buildings.
The property teaser and concept for new retail center has been presented to pool of developers and we successfully sold the premises and concept.