The Village is a mixed-use retail and office property that presented a familiar challenge: strong location fundamentals paired with an underperforming asset. For assets with nontraditional configurations, unlocking value often requires a more deliberate approach to design, leasing, and positioning.

 

The Challenge

The property had untapped potential but lacked a cohesive identity. Retail frontage was underutilized, while interior and rear spaces were leasing at deeply discounted rates, in some cases as low as $6 PSF NNN. The asset had experienced limited capital investment over time, which contributed to deferred maintenance, slower leasing velocity, and below-market rents.

The configuration itself created friction. Retail spaces did little to draw traffic, and the office space in the back had no clear reason to compete with more traditional options in the market. The result was a disconnected asset where both uses underperformed.

Repositioning the Property

When the AQUILA team was hired for leasing and property management, we approached the opportunity differently. Instead of treating retail and office as separate challenges, the strategy focused on repositioning the property as a cohesive environment where each use reinforced the other.

The first step was redefining the physical experience. Working with Dick Clark Architecture, the team introduced architectural upgrades that brought energy to both the frontage and the interior of the property. Design was used to reshape how the property was perceived in the market, not just how it looked.

For the front of the property, securing the right tenant mix was critical. Landing multiple new food and beverage operators as well as wellness tenants helped establish credibility, increase traffic, and reset how the market viewed the asset. The retail component shifted from underutilized space to a true amenity base for the office tenants.

Behind it, the office strategy evolved. Rather than competing directly with traditional office buildings, the space was repositioned around convenience and experience. Office tenants gained immediate access to on-site dining and entertainment, creating a differentiated offering that resonated in the market.

Leasing followed a deliberate, phased approach. Existing tenants were given the opportunity to renew long-term at elevated rental rates, while the team thoughtfully evolved the tenant mix to better align with the repositioned vision.

Results

That strategy delivered meaningful results. Interior office rents increased from the single digits to approximately $30 PSF + NNN, while retail activation improved visibility and overall performance across the property. The asset reached stabilized occupancy in the mid-to-high 80% range, reflecting sustained leasing momentum and stronger tenant demand, ultimately driving a significant increase in net operating income.

After stabilization, the property was sold. AQUILA retained leasing and management under new ownership, later leading a rebranding and marketing effort, including updated positioning and a video campaign, to further enhance the property’s visibility and support ongoing leasing activity.

The Village is a clear example of how thoughtful investment and strategic repositioning can unlock value in assets that are difficult to lease. Properties with unconventional layouts or underutilized space often require a different approach. With the right combination of design, tenant mix, and positioning, they can be transformed into high-performing, market-relevant destinations.