University Book Store

06.27.2019

Since 2015, Heartland has served as both a real estate advisor to and licensed broker for the University Book Store in the development and stewardship of an asset management strategy for its portfolio of owned properties. Heartland conducted a programmatic assessment of the Book Store’s retail operations, supply chain, and administrative footprint, and explored value-add repositioning opportunities within the portfolio. Our analysis led to recommendations to (1) close the underperforming Bellevue store, re-lease to new tenant, and sell the property fully occupied, (b) retain the Blakeley Street warehouse and transform into the central distribution hub for the enterprise; and (c) relocate the main store from The Ave to the parking lot, as an embedded program element of a broader redevelopment, monetizing high land values to pay for the cost of construction.

• Share