In the fall of 2006, JAH acquired the
33,000 s.f. Ashling Square at the corner of 2nd and Bryant in Edmond,
OK. It is favorably located in front of a recently developed power
center and is shadow anchored by Super Target and Lowes. At the time,
the center was a deteriorating and outdated office park that still had
its original 1970's architecture. During the due diligence process the
construction team determined that the existing structure could be
modified and upgraded into the modern shopping center it is today.
After working through several issues related to existing leases, cross
access with the adjacent Walgreens and signage requirements from the
City of Edmond, the JAH leasing and development team developed a
renovation strategy with the assistance of local architect Pascal
Aughtry. In September of 2007 JAH broke ground on their ambitious
endeavor to remodel and re-tenant the newly renamed Alta Mesa Plaza.
Utilizing a Mediterranean theme including clay tile roofs and warm
earth-tone facades, the JAH team began work on a phased construction
project. Crucial to the redevelopment was the demolition of
approximately 3,000 s.f. of one of the buildings; this removal led to
enhanced visibility and created room for additional parking.
Construction was further complicated by the need to temporarily
relocate several tenants in order to renovate key portions of the three
building complex. By the Spring of 2008, the leasing team had secured
several key tenants including Qdoba , Panda Express, Edmond Regional
Hospital and At The Beach. The first tenants opened for business in
August of 2008. The post re-development NOI at Alta Mesa was increased
by approximately 500% over the previous operation and will generate
pro-forma returns in excess of 18% upon final stabilization in 2009.