2007 – Redevelopment of Central Marketplace
The roots of Terracor lie in the heart of the retail corridor in McAllen, Texas. Prior to the redevelopment, Central Marketplace was an unnamed, dilapidated shopping center; the original structure had seen little to no reinvestment since its construction in 1965.
In 2007, Terracor leadership was tasked with the redevelopment and leasing of the 100,000 square foot shopping center that contains three anchor tenants and three pad sites. Successful in this endeavor, the value creation for the project was approximately $5 million, with over $7.5 million in capital reinvested.
Net operating increased from $700,000 to $1.9 million, which increased the value of the property by $12 million.