Since 1991, Vanguard Associates and its affiliates have purchased over 50 additional retail properties located in Florida, Georgia, North and South Carolina, Tennessee, Louisiana and Alabama, as well as 2 office projects in Metropolitan Atlanta; these projects total over 3 million square feet of total space. Virtually all of these properties have followed Vanguard’s strategy of value creation through re-development and re-tenanting of fully or substantially vacant projects or buildings. The largest segment of the portfolio consists of former Wal-Mart buildings that have been purchased and back-filled with credit tenants such as Tractor Supply, Big Lots, Beall’s, Hobby Lobby and Stein Mart. Similar projects have involved the back-fill of vacated grocery, department, and drug stores.