Tightsqueeze Plaza

Chatham, Virginia
106,594 square feet

Before
Tightsqueeze Plaza, a grocery-anchored neighborhood shopping center located along US Highway 29, was originally constructed in 1987. The Covington Company assumed the management and leasing responsibilities in October 1995, at which time the center was almost 50% vacant.

After
The Covington Company initiated a redevelopment plan that resulted in the complete transformation of the shopping center. The 43,200 square foot vacant space formerly occupied by Ames Department Stores was reconfigured and split into 4 suites. Not only did this serve to reduce the owner's exposure to a single tenant but it also allowed the owner to upgrade the credit quality of the center's tenants. The addition of Advance Auto, Movie Starz Video, Dollar General and other tenants added a greater degree of financial stability to the property.

The Covington Company also brokered the sale of two adjacent parcels of land. One parcel was sold to Ace Hardware, an in-line tenant, which enabled Food Lion, the center's anchor, to expand. The other parcel was sold to McDonald's. Other features of the redevelopment plan included the renovation of the entire façade of the center, new site lighting, new landscaping and the complete overhaul of the parking lot. In addition, warehouse space was converted into a fitness center.

Since its involvement with Tightsqueeze Plaza, The Covington Company has maintained greater than 96% plus occupancy and increased net operating income (NOI) almost 200%.