North East Retail

390,000 SQUARE FEET

350 WEST MIDDLE TURNPIKE, MANCHESTER, CONNECTICUT

When Northeast was engaged by ownership in 1994, it was 85% vacant with a net operating income of $500,000.  After Northeast Retail administered a $10,000,000 redevelopment/expansion, including new pad site, new façade, parking lots, landscaping, roof, and complete tenant renovation on 225,000 s.f. of retail space, the current owner  realizes a net operating income over four times the net operating income

Additionally, Northeast Retail oversaw the renovation of previously vacant 25,000 square feet 2nd level office space which is now fully leased to the State of Connecticut.

In 2006, the lower basement level was refurbished and now holds an additional 75,000 square feet of retail/office and increased value for space considered unleasable and of no value. 

200,000 SQUARE FEET

The regional community center, built in the early 1970’s, and once the dominant retail property West of Springfield had fallen on tough times due to ownership’s lack of expertise in the retail shopping center  business. The center had two vacant department store anchors totaling almost 55% of the center’s gross leasable area and a undersized supermarket. In addition, two dominant adjacent retail areas had been developed east of Westfield in the 1980’s and 1990’s: the Riverdale Road area in West Springfield and the Holyoke Mall area. 

Despite strong competition to the east, Northeast Retail, through creative leasing and reconfiguration, was able to totally lease, and once again make the Westfield Shops the dominant shopping center serving Westfield and its surrounding communities.  Northeast Retail Leasing & Management Company, LLC engineered the firs deal  in New England with Bon Ton Department, made outparcel deals with CVS, Applebee’s and fully leased inline space to National and Regional credit worthy tenants.

Northeast Retail handled all phases of the redevelopment, including the granting of all municipal, state and federal approvals, construction management, leasing and management for ownership.

180,000 SQUARE FEET

This regional center, located adjacent to Hartford’s dominant enclosed mall (Westfarms Mall), was built in 1982 and anchored by a poorly performing Builders Square and Waldbaum’s Foodmart and shuttered Builders Square. 

When Northeast Retail was engaged by ownership to redevelop, expand, re-lease and manage the property, it had a net operating income of $850,000.00.  After directing a $5,000,000.00 upgrade and expansion, as well as the replacement of Waldbaum’s and Builders Square with Linens’N’Things, Petco, Sports Authority and Borders Books and Music, the property owner realized a net operating income of $2,100,000.00. 

The property was subsequently sold to the Price Reit for $21,000,000.00.  As a result of Northeast Retail’s efforts, $12,000,000.00 of value was added to this asset in less than two years.

257,000 SQUARE FEET

In 1999, the East Brook Mall, a 257,000 square foot enclosed mall in Mansfield Connecticut was 45% vacant, and was placed on the market for sale.  In 1986, it had been fully leased. A private investment group led by Northeast Retail began investigating the purchase of the 30 year old mall.

In January 2000, the Mall was purchased. Within thirty days, plans were drawn and municipal approvals sought to reconstruct the front exterior of the common areas. Two signature tower structures were designed, as well as a 2-sided pylon sign at the entrance, giving East Brook the “curb appeal” it desperately needed and lacked for over 10 years.

With the major physical repositioning underway, efforts turned to bringing new tenancy and renegotiating existing leases. By summer of 2000, Fashion Bug opened in 8,000 square feet, and Olympia Sports opened in 5,500 square feet, while a majority of existing leases were renegotiated (or terminated), and existing stores remodeled and/or expanded.  The value was increased by more than $3 Million dollars in less than ten months.

In the fall of 2000, attention was turned to creating additional value by way of out parcels in the front parking field. The existing zoning codes precluded additional building construction on the site, and Northeast Retail had to convince the town to change in its regulations to allow for expansion. Ultimately, the Town of Mansfield was convinced to change the zoning regulation, reducing the coverage and parking ratio to allow for the expansion of the Mall.  Once granted, Northeast Retail moved forward with ground lease for Applebee’s Restaurant and The Savings Institute, a regional bank.

In its final phase, Northeast Retail brought 2 new Anchors; Kohl’s Department Store and a state-of-the-art 8 screen multiplex and completed its remaining leasing to National and Regional tenants credit worth as a result sales and traffic in the Mall has more than doubled.

MERIDEN, CONNECTICUT

Northeast recently completed the turnaround of a near vacant shopping center to a fully leased and vibrant shopping center.  The Shopping Center is owned by a publicly traded REIT who purchased the Center from the prior Owner’s lender.

Northeast took over the “out of favor” center that was nearly 65% vacant and came up with a marketing plan to bring the center back.  The plan implemented was to take advantage of the great access the center had to three (3) major interstate highways and to bring “Big Box” retail to the site and “fill in” the small shops with national retail draws.  That strategy was accomplished as Northeast has completed deals with Linen ‘N’ Things, Old Navy, Burlington Coat Factory, Michael’s Crafts, Bath & Body Works, Chuck E. Cheese, Olympia Sports, Famous Footwear, Sleepy’s and Panera Bread.  Northeast added further value to the Center by negotiating a ground lease with McDonald’s for the remaining pad site in the Center.