Putting Vacant Buildings to Good Use

Vacant, abandoned retail buildings are everywhere-in every state, and every city. Even more so now after the covid pandemic. So many jobs have been lost and the property values of these locations are plummeting due to all of the retail closures.

A few of these abandoned retail stores and malls are being turned into homeless shelters and low-income housing. While it is good to renovate and repurpose these buildings for a noble cause, they don't necessarily bring new jobs or lift up the property value of the community. However, the owners of these properties feel like this is the only way that they can get rid of the financial burdens associated with the property that is only costing them money.

The good news is that I have a totally different vision for these properties! I believe that by purchasing these buildings and repurposing them to be family entertainment businesses, they cannot only create jobs but encourage tourists and travelers to spend their money in these hard-hit communities.

After all, what do you do when something is dying before your eyes? You try your hardest to breathe life back into it! That is what my plan can do for all of these struggling communities.

If you have a distressed property, I urge you to contact me at your earliest possible convenience. We can discuss options to not only help you out of the financially crippling asset but also bring growth and opportunity to the area where it is located. If you could do one thing upon your release of such a property, this would be one of the best!? It has the potential to benefit all of the people who live there and are trying to make it during this tough time.?

Although this concept isn't new, it has sparked a new interest for repurposing these vacant and abandoned big box buildings. These large retail stores are usually anywhere between 10,000 to 60,000 square feet. With the right investors and a goal-oriented vision, these buildings can once again be popular money-making, job-creating opportunities.

Dave & Buster’s is a good example. They have taken vacant buildings and turned them into profitable facilities. In 2020, many of the recent closures of the time, ended up with the successful repurposing of the buildings into healthcare centers, gyms, business offices, warehouses, and fulfillment centers.

Do you have a property like the type discussed here? Schedule a time to talk with me about commercial real estate solutions. I would like to discuss some options with you.

Have you read an article I’ve published here on LinkedIn and want to talk about the topic a little more? If you’d like to book a call with me regarding the Family Entertainment Industry or Private Equity, please feel free. I enjoy connecting & collaborating with others in the same professional space.

Tim Murphy is CEO of APX Operating Company, dba Boomers Parks, under the ownership of Cerberus private equity ($60B assets). Boomers Parks owns six family entertainment centers and two water parks with locations in California, Florida, and New Jersey.

As CEO of Boomers Parks since 2020, Tim took these eight parks from bankruptcy to profitability in just a year – in the middle of a global pandemic. When Boomers acquired these parks, they were operating at a $10 million loss. Tim transformed the customer experience and added new revenue streams to generate a 180% increase in revenue in 2021 and on a similar trajectory in 2022.

Tim launched his 35+ year career at Walt Disney World and has since served more than 150 entertainment, restaurant, and food & beverage brands across more than 10,000 locations in C-suite and senior positions.

Additionally, Tim is a Board Director with Coney Park & Happy City - Family Entertainment & Amusement Parks, part of The Carlyle Group ($276B assets), a private equity firm that operates 150+ family entertainment centers and amusement parks in Latin America.?

Tim has worked with top-tier entertainment and restaurant brands including Disney, Rebounderz Trampoline Parks, Darden Restaurants (Olive Garden, Bahama Breeze, etc.), Red Lobster, Jimmy John’s, Applebee’s, Sonny’s Bar-B-Q, Denny’s, El Pollo Loco, Hardee’s, Golden Corral, and Firehouse Subs.

Tim has overseen more than 35 purchase transactions involving over 1,200 restaurants, stores, and park locations.? With extensive experience in buying and selling businesses, handling negotiations with buyers and sellers, and creating strategic partnerships to build strong brands, Tim has facilitated deals ranging from $11 million to $350 million+.

Tim is a member of International Association of Amusement Parks & Attractions (IAAPA), California Attractions and Parks Association (CAPA), Florida Attractions Association (FAA), American Amusement Machine Association (AAMA), National Restaurant Association (NRA), California Restaurant Association (CRA), World Waterpark Association (WWA) and International Franchising Association (IFA). He is a licensed commercial real estate broker in the State of Florida. Tim earned a BS/BA in Accounting from the University of Central Florida and an MBA in Finance from Orlando College.