Sherwood Properties Acquisition

February 15, 2017
DW Center
March 9, 2017

The City and the Authority have focused on revitalization efforts along upper Warwick Boulevard for many years, with the Authority acquiring blighted properties along the Upper Warwick Boulevard Corridor. In addition, a number of parcels of commercial real estate have been improved through the Authority’s Façade Improvement Grant Program and multiple infrastructure and beautification improvements have been made as a function of the City’s Community Maintenance strategic priority.

In 2016, a transformative opportunity arose having the potential to positively impact the Upper Warwick Boulevard Corridor for years to come. The Authority leased property (the former MCI building – 75,708 square feet of office space) owned by Sherwood NN, LLC, at 13785 Warwick Boulevard, since 1995. In turn, the Authority subleased the building to Ferguson Enterprises. The entire Sherwood NN site, however, included six properties totaling 10.95 acres, and in August of 2016, the Authority successfully closed on the entire site, acquiring the 10.95 acres from Sherwood NN.

The shopping center next door, Sherwood Shopping Center, located at 13771 Warwick Boulevard, was owned by Sherwood Associates, LLC, and had been on the market for sale for a number of years. This property consisted of 9.42 acres, with 118,000 square feet of improved space and also included Ferguson as its anchor tenant (approximately 75,000 square feet). Concurrent with negotiating with Sherwood NN, the Authority negotiated the purchase of the 9.42-acre site from Sherwood Associates, successfully closing on the property in October of 2016.

Owning these two sites together results in the rare opportunity to control over 20 acres of developed commercial real estate with frontage on a major and highly travelled thoroughfare. Acquisition of the sites allow the Authority to help guide future development or redevelopment in this very important area of the City.