Tri-County Crossings
Unlocking Value Through Lease Up & Auction
Property Overview
Asset Name: Tri-County Crossings
Asset Type: Retail Center
Size: 146,279 SF
Occupancy: 83%
Challenge: REO asset requiring stabilization and disposition strategy
The Situation
Tri-County Crossings was an REO retail asset positioned in a high-visibility location, yet faced challenges related to vacancy and operational instability. Our team was appointed as the court-ordered receiver and assumed responsibility for managing and repositioning the property over a multi-year period.
The Strategy
As receiver, we implemented a focused stabilization plan to improve the asset’s leasing profile and long-term revenue outlook. Key initiatives included securing new leases with national tenants AutoZone and Best Buy Outlet, as well as successfully negotiating a lease extension with the center’s existing tenant, K&G. These efforts enhanced both the income stream and the asset’s overall marketability.
With the property stabilized, we launched a sale process via a Ten-X auction to tap into a broader buyer pool and drive competitive interest.
The Execution
Our digital marketing campaign was designed to maximize reach and highlight the asset’s improved performance. The auction campaign generated:
162 executed confidentiality agreements
621,000+ listing views
14 competitive bids from 5 approved bidders
This high level of engagement created strong momentum leading into the auction and positioned the asset for a successful sale.
The Results
Time to Close: Efficient post-auction closing
Buyer Engagement: 162 CAs, 5 approved bidders, 14 total bids
Final Sale Price: Far exceeded reserve
Result: Strong outcome for stakeholders in a distressed asset scenario
Conclusion
Tri-County Crossings demonstrates the power of combining strategic receivership management with a well-executed digital auction sale. Through proactive leasing and positioning, we transformed a distressed asset into a marketable investment—ultimately delivering a compelling result through the Ten-X platform.