American Asset Corporation Achieves Historic 100% Retail Lease Milestone

 

American Asset Corporation has owned and operated a diverse commercial real estate portfolio in the Carolinas for over 50 years. Recently, it reached a milestone for the first time in its history: its retail portfolio is 100% leased. Over those 50 years, American Asset Corporation has been involved with the development of over 10 million square feet of properties, and 5 million square feet of those projects are retail properties. They continue to own and operate almost half of those retail properties.

“As a long-term owner-operator, we have had to guide our retail properties through many downward cycles. From the late 80s financial crash, the DOT.com crash, the Great Recession, and the Pandemic,” said Paul Herndon, President of American Asset Corporation. “And through those down cycles, we were often told our retail properties would not make it. So, reaching this milestone with our retail portfolio is a great accomplishment.”  

The company owns and operates key retail centers, including Brier Creek Commons in Raleigh, NC, The Arboretum Shopping Center in Charlotte, NC, and Belle Hall Shopping Center in Charleston, SC.

Patrick Russell, American Asset Corporation’s Executive Vice President of Retail Leasing, said, “I’ve been working in the retail leasing industry in the Carolinas for over 40 years and many of those years with AAC and this is the first time I have seen a retail portfolio of this size not have some vacancy.”

“These are just excellent retail properties in unmatched locations,” Russell said. “It is an incredibly satisfying part of the job to have helped place a local operator into one of our shopping centers and renew their lease not just once, but with some of this business, I’ve worked on their renewal with us for the fourth or fifth time.”      
“I have had the privilege of being associated with American Asset Corporation for 28 years, a journey that has been personally rewarding and personally fulfilling. Over nearly three decades, I have seen my company grow with the help of American Asset Corporation. The values, vision and leadership at AAC have fostered an environment of trust, collaboration and innovation - qualities that have made this more than what is expected. It’s been an incredible experience to contribute to grow alongside a company that consistently strives for excellence,” said Larry Sponaugle, owner of Epic Chophouse.

 “I keep active prospect lists for our shopping centers, and this is the first time I am not actively working those lists. It's a great feeling to hit this milestone, and hopefully, we maintain this milestone for as long as possible,” said Russell.