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Case Studies - Disposition


Real Examples That Demostrate Why We Are Considered The Industry Leader

Advanced Auto Parts
 
  Excess Space Retail Services, Inc. represented Advance Auto Parts in the disposition of their surplus real estate nationwide, which came about due to their acquisition of Discount Auto Parts. This necessitated the immediate sale of 128 fee-simple properties (predominantly freestanding buildings).

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Eckerd
 
  Eckerd originally tested Excess Space on 7 former Eckerd Drugstores (previously on the market for 5 years) to dispose of in the greater Knoxville, TN area. After disposing of 4 within 6 months, Eckerd proceeded to hire us on a national basis to assist in the disposition of over 5,600,800 sq. ft. of space.

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Payless ShoeSource
 
  Excess Space was retained by Payless ShoeSource in 1995, when it was spun off from the May Department Stores. The project consisted of analysis, due dillgence and then the disposition of unprofitable or overlapping locations. Payless' retail stores are located nationwide in strip centers, free-standing buildings, downtown locations and malls. Excess Space remains a valued partner to Payless ShoeSource as additional disposition sites continue to be added to the project annually.

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Rent-A-Center
 
  As a result of acquisitions and rapid growth, Rent-A-Center had several hundred locations that no longer fit their long-term real estate objectives. In conjunction with our local broker network, we were able to quickly achieve our client's goal of terminating leasehold obligations by procurring potential replacement tenants for the locations. Utilizing these prospects as leverage, we were able to significantly mitigate the economic obligation on Rent-A-Center leases, by negotiating cost-effective lease terminations.

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STAPLES
 
  Excess Space has been a trusted partner to STAPLES since 1995. Similar to many very successful retailers, each year STAPLES reviews their store base to determine whether to close stores that are under-performing, no longer meet their current prototype and/or require a relocation. To date, our disposition program has saved STAPLES over $106,000,000!

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Walgreens
 
  In the 1990s, Walgreens implemented a very aggressive change of store prototype and relocation program. Excess Space was engaged by Walgreens in 1997 to assist with the disposition of the obsolete locations. We remain a trusted partner to Walgreens and our on-going success in managing their disposition portfolio has played a key role in the execution of their best-in-class real estate strategy.

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Winn-Dixie
 
  Disposition project for former Winn-Dixie supermarket locations covering 12 states, representing over 13 million sq. ft. Originally, many of these locations were available as a result of Winn-Dixie's relocation to a larger format store. Prior to our engagement by Winn-Dixie, most of these locations had been closed and unsuccessfully marketed for an average of 2.5 years.

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