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Shopping Centers Today -> July 2001
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Report:
New Hampshire vacancy rates are lowest in the region
Overall long-term prospects for occupancy appear good in the southern
New Hampshire real estate market, according to real estate services
firm Finard & Co., which reported that vacancy rates in that area’s
retail real estate market dropped to 6.2% during the first quarter
of 2001.
Discount stores and furniture stores accounted for 192,000 square feet of vacant space over the last year, according to data compiled by Burlington, Mass.-based Finard & Co. That leaves the region’s vacancy rate at 1.49 million square feet. Additionally, smaller tenants such as real estate offices, mortgage brokers, beauty salons and cellular phone equipment stores moved into the area and chipped away at vacant space. Finard & Co. also gathered information on Eastern Massachusetts and Greater Hartford, Conn. Those regions reported vacancy rates of 7.7% and 12.4%, respectively. Other factors make for a positive long-term outlook for the region. Southern New Hampshire’s population is expected to grow by 7% by 2004. Additionally, Kohl’s Department Stores has secured four sites in the region, all former Bradlees stores, said William Beckeman, a partner at Finard who oversaw the report. Other retailers like The Home Depot, Wal-Mart, Target and Shaw’s Supermarkets continue to expand in the region.
One potential weakness in the Southern New Hampshire retail real estate market is a proposal by the state legislature to begin imposing a state sales tax. The state has never levied such a tax, but is considering doing so in order to pay for school improvements statewide. Currently, shoppers from nearby Massachusetts shop in the region to avoid paying sales tax on merchandise there.
"Over the long term, a sales tax in New Hampshire could alter the shopping habits of Massachusetts consumers, and could open up Massachusetts border towns to more retail development," Beckeman said.
Fairfield
Center gains new tenants
Ann Taylor Loft and Chico’s have both opened new stores at
the Fairfield Center in Connecticut, which opened this spring, and
a Victoria’s Secret store is due to arrive at the mall by the
end of this summer, according to Fairfield, Conn.-based developer
Starwood Ceruzzi.
Regarded as a centerpiece for the revitalization of downtown Fairfield, Conn., the 81,000-square-foot Fairfield Center replaced the former Fairfield Department Store and the adjoining site, formerly known as the Applebaum Property. Both were knocked down to make room for the new center.
"Seeing these retailers commit to Fairfield sends a strong message that Fairfield is open for business," said the city’s First Selectman John Metsopoulos, whose title is the equivalent of mayor. "We look forward to a long-lasting relationship with all the tenants at Fairfield Center."
Burlington’s
Maple Tree Place to get 11-screen cinema
An 11-screen cinema operated by the Merrill Theatre Group will open
at the Maple Tree Place lifestyle center in Burlington, Vt. Several
other retailers have also signed on: Shaw’s Supermarkets, Dick’s
Sporting Goods, Linens ’n Things, Staples, Champion USA, Chili’s
Grill and Bar and Farmer’s Diner.
Eastern
Development buys five Ann & Hope locations.
Eastern Development of Woburn, Mass., a developer of retail and
office projects throughout New England, has acquired five sites
from Ann & Hope of Rhode Island, the discount store chain that reported
this year it would retrench as a smaller retailer. The properties
total approximately 1 million square feet.
The sites are located at the Liberty Tree Mall, Danvers, Mass.; Faunce Corner Road, Dartmouth, Mass.; Highland Avenue, Seekonk, Mass.; Arsenal Street, Watertown, Mass.; and Post Road, Warwick, R.I.
The 47-year-old discount chain said earlier this year that it can’t hold its own amid competition from superstores like Wal-Mart.
"The Ann & Hope portfolio represents five irreplaceable pieces of real estate," said Brian Kelly, principal of Eastern Development. "These sites are ground zero locations for national retailers and are key strategic investments for our company.’’ Financing for the properties was made possible by Fleet National Bank and Capital Lease Funding.
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