I thought it would be interesting to post a short video I took with my iPhone of the new Barnes & Noble coming to Fredericksburg. Foundation Commercial, our commercial real estate holdings division, bought the building in September of 2011. We were able to negotiate a lease with Barnes & Noble, which opens for business on November 7th. The building formerly housed Borders Books and when they filed bankruptcy we were able buy the property at a distressed price. This is a prime piece of real estate that neighbors Target and Old Navy and is located in one of the largest retail centers on the East Coast.
This is a great example of what our business does. We capitalize on great deals and work hard to turn the properties into strong cash flow performing assets. We are excited to have Barnes & Noble and we look at them as a partner in this investment. If this type of business interests you, please subscribe to my blog as I will be sharing more information on how and why we do business!
What do you think of the 2 million dollar remodel Barnes & Noble did to the space? Are you excited to have a great bookstore in the Central Park again?