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The following results were achieved:

100% occupancy versus 70% on acquisition date

Average per square foot rent increase of over 60% within the first two years of ownership

$6 million or 65% increase in value in the first three years of ownership
NSB acquired this 70,000 square foot shopping center from its original owner/developer. At the time, the property was known as an underperforming and unattractive supermarket-anchored center in one of the most upscale residential areas in the San Fernando Valley section of Los Angeles. Immediately upon purchasing the property, NSB successfully renegotiated a long-term extension of the supermarket lease and implemented a renovation program for both the in-line stores and common areas. Within eighteen months following its acquisition, the property was transformed into an attractive, extremely successful neighborhood retail center. Dramatically increased sales volumes experienced by the supermarket, as well as the in-line tenants, attest to the success of NSB's commitment to upgrade this property.