Fundamentals and Competitive Advantages
Albanese Cormier Holdings (ACH) has sustained itself and grown by utilizing the proven strategy of its partners in locating strong retail assets in secondary and tertiary markets throughout the country and in partnering with strong, national credit, discount retailers such as Family Dollar, Dollar General, Dollar Tree, Citi Trends and Rent-A-Center. Partnering with these national Tenants provides stability and strength whether the economic outlook is recessional or aggressive and has helped ACH become a leader in Southeast Texas commercial real estate. In 2010, ACH along with our tenant-partners, experienced progressive growth and record profits. In the markets in which we operate, we are the dominant center for discount retailers.
ACH has transacted business with the majority of its lenders for many years. Our current lending partners include Wells Fargo/Wachovia, BBVA Compass, Capital One, Regions Bank, Community Bank of Texas, First National Bank of Fort Smith, Copiah Bank, DuPont Goodrich FCU, First Financial Bank, SouthWest Bank, Community Trust Bank, and Bank of Tipton. Due to the strength of ACH’s assets, all of its maturing loans were refinanced and we are well positioned for 2017. Our many thanks go to this broad network of existing lending partners. Our focus this year is to recapture a portion of equity in key properties as represented by large cash outlays toward initial acquisition costs, extensive redevelopment costs and numerous build-out allowances. We are confident this goal will be attained.
ACH has continually received contact from retailers eager to embrace the stability of our company. The discount retail sector has not slowed its expansion plans; several tenants have experienced impressive growth during the latest economic downturn and have plans to continue to thrive. Our properties offer prime retail locations in highly sought after markets at a low cost per square foot. Due to our extremely specific acquisition criteria, our ability to rent space far below our competitors is a basic principle to our stability.
The Westmont Shopping Center in Beaumont, Texas represents a perfect example of what can be accomplished in a property when forward thinking is made the basis for wise investment. When notified that this former Weingarten property with only a 39% occupancy in a secondary market became available, it was evident that a substantial discount to our offer made 2 years prior would be appropriate. At the close of negotiations, the property was obtained at a very fair price and leasing efforts began during our due diligence period.
As a result, the center experienced the addition of eight new tenants including a state-of-the-art fitness center, Exygon. Extensive renovations were made to the exterior of the center and several hundred thousand dollars were invested in interior build-outs. Today, Westmont Shopping Center is 100% occupied. This superior outcome could not have met such perfect completion without forward thinking and hard work strengthened by the support of the entire lending team at Mobil Oil Federal Credit Union.