Beginning in the mid 1990′s, Ron Strom began acquiring and renovating older retail centers in North Carolina.
MILLER STREET MARKET– WINSTON SALEM, NC
Background: In 1998, at the request of Whole Foods Market, Mr. Strom acquired a 4-acre tract in Winston-Salem, NC near Bowman Gray Hospital to accommodate the first Whole Foods store in the Triad region.
Achievement: Developed a 40,000 square foot shopping center anchored by Whole Foods Market.
Strom sold Miller Street Market after stabilization in 2003.
BULL CITY MARKET – DURHAM, NC
Background: In 1995, Mr. Strom acquired a declining A&P grocery-anchored shopping center adjacent to Duke University’s East Campus in Durham, NC
Achievement: Redeveloped Bull City Market, anchored by a 21,000 SF Whole Foods Market; replaced the southern wing of the center with a two-story element anchored by Ben & Jerry’s on the street level. This center remains a success and is one of Whole Foods’ core units.
GROCERY-ANCHORED STRIP CENTERS – CHARLOTTE, NC
Background: In 2002, Mr. Strom acquired two declining centers in the Charlotte metro area. Steele Creek Crossing was anchored by Bi-Lo grocery, and Johnston Plaza was a former Hannaford grocery-anchored center.
Acheivement: At Steele Creek, Mr. Strom developed an 8,000 SF addition anchored by Five Guys Grill (one of its first expansions into NC). At Johnston Plaza, Hannaford was replaced by Food Lion. Negotiated lease renewals which kept occupancy at 97%.
In 2005 Mr. Strom completed the sale of the retail property portfolio to a publicly traded REIT at an attractive cap rate and valuation, resulting in a substantial return for the portfolio.
Background: In 1997, Mr. Strom acquired a former A&P grocery-anchored center less than a mile from the main intersection in downtown Chapel Hill and consisting of approximately 22,000 SF.
Achievement: Redeveloped center into a “local” retail destination, anchored and tenanted wholly by local businesses based in Chapel Hill. It is anchored by The Root Celler (formerly Foster’s Market of Chapel Hill) and Flyleaf Books, an independent book seller. Other tenants include Lucha Tigre, an Asian Latin fusion restaurant, and Kitchen, a fine restaurant.
Midtown Market is still owned by Mr. Strom and continues to be a successful income-producing asset.