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Commercial Real Estate
Lockhart owns, manages and develops its real estate through LRI and its subsidiaries (collectively, "Lockhart Real Estate").
LRI owns and operates seven shopping centers consisting of approximately 300,000 square feet. On St. Thomas, LRI owns and manages Drake's Passage Mall, Grand Hotel Galleria, Fort Mylner Shopping Center, Fort Mylner Commercial Center, Red Hook Plaza, Lockhart Gardens Shopping Center and Sugar Estate Park. On St. Croix, LRI owns and manages Orange Grove Shopping Center.
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LRI also owns and operates other commercial parks, which LRI is actively planning or developing. In addition, LRI owns approximately 400 acres of undeveloped land (including the Land Bank) zoned for commercial and residential development and located either adjacent to the primary business and tourist district on St. Thomas or on the main highway connecting downtown and the eastern end of St. Thomas, where most of the population resides. LRI's portfolio also includes No. 44 Estate Thomas, the office building which the Company currently uses as its principal executive offices, and No. 10 Estate Thomas, both properties being located in an active shopping district serving both residential and cruise ship tourist markets. No. 10 Estate Thomas, which is comprised of 1.3 acres and a partly habitable, large manor house, is being developed as a drive-through financial services center.
Management believes that Lockhart is both the largest developer and manager of commercial real estate and the largest owner of shopping centers on St. Thomas. Management estimates that Lockhart has approximately 30% of the shopping center market based upon square footage. Further, Management believes that Lockhart is the largest owner of undeveloped land on St. Thomas.
Click here to see a map of Lockhart's Commercial Real Estate.
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