The 2023 lease renewal for the Cash Saver by Vowell's in Jackson, Mississippi, saved the surrounding community's access to its lone grocery store and avoided designating the area as a "food desert."
The renewal was given a 2024 CoStar Impact Award for lease of the year for Jackson, as judged by real estate professionals familiar with the market.
The award submission noted that big-box stores, including grocers, have been leaving the area recently, causing a dire need for access to healthy and affordable foods.
About the Deal: The 10-year lease renewal was lauded in the submission not just for preserving grocery access for the community but for driving an uptick in tenant interest for the surrounding shopping center, which now has 96% occupancy.
What the Judges Said: "Helps the nearby residents," said William Hankins of Cook Commercial Properties
They Made it Happen: Jeff Dyl, Tower Capital