The
loss of a major anchor or the opening of a new, nearby center may be the
trigger that signals a need for redevelopment. One of the first stages in
redevelopment is to have a mutual agreement between the Landlord and a team
(leasing agent, property management, attorney, engineer, architect, etc.)
that there is a need for a change.
An
analysis of the prospective situation should be developed. A market
evaluation is critical to understand trends, demand, lease rates, and
demographics. A shift in residential growth or the entrance of a major
employer into the market could change effects on shopping tr
ends.
Consumer demand may call for something as simple as backfilling vacancies
with an obvious tenant. More complicated situations may suggest converting
a retail center to office space. Studying demographics to understand income
levels, ethnicity, population trends, residential needs, and consumer
expenditures relative to existing tenants and potential tenants assists in
maintaining a complimentary tenant mix with the shopping population.
The
next step is to develop a leasing plan providing direction for the center.
Anchors set the tone for the tenant mix of the center. Depending on the
style of center, a center without an anchor could lack direction. A leasing
plan should outline the theme of the center and the timing of the
redevelopment project.
Communication with existing tenants is important. Tenants have chosen to
locate in a retail center to benefit from other retailers’ traffic. When
vacancies come about, those remaining tenant’s business may suffer.
Existing tenants can provide insight to other ideal co-tenants. In
addition, tenants will appreciate understanding the center’s redevelopment
progress.
In a
major redevelopment project, the basic stages are: taking a depressed center
to a break even status, and from a break even status restructuring leases
and rents to maximize the center’s profitability. There is value to
implementing the proper team for a redevelopment project. The team’s
resources and insight will determine the economic success of a retail
redevelopment project.
Dunkin' Donuts has been serving folks since 1950.
Dunkin’ Brands is a premier quick service restaurant franchisor with a
portfolio of powerful brands consisting of
Dunkin’ Donuts and
Baskin-Robbins. Under the
Dunkin’ Brands umbrella, these brands share the
same vision of conveniently delivering high-quality beverage and food
products at a great value to their customers. Each of these brands has
earned a
high degree of customer awareness and enjoy strong market shares in their respective
segments and key geographies.
One of Dunkin' Brands strategies is to expand the
Dunkin' Donuts Brand nationally. ROCK Commercial Real Estate has
had the opportunity to service this brand
through several local transactions.
- 2350 Mt. Rose Avenue York , PA
- 1015 Mt. Rose Avenue York, PA
- 2175 South Queen Street @ Pauline
Drive York, PA
- Grandview Plaza Hanover, PA
- Eisenhower Drive Hanover, PA -
NOW OPEN
To find your local Dunkin' Donuts and Baskin-Robbins
location use the store finder at this link:
https://www.dunkindonuts.com/aboutus/store/Search.aspx.
This neighborhood shopping center offers 8,400
square feet separated into three units. This center is located on
Constitution Avenue just off the Susquehanna Trail (Main Street) in
Shrewsbury Borough.
Neighboring businesses include:
- Market Street Shopping Center
- Rutter's Farm
Store
- Getty Mart
- Pizza Hut
- Domino's
- Shrewsbury Post Office
- Southern
York County YMCA and Library.
Contact Larry O'Brien for More Information
Recent Transactions
Bill Bateman's Express has
leased 3,200 square foot retail space for five years at Stonebridge Plaza at
985 Far Hills Drive in New Freedom.
Graystone Bank will open a
new branch location at Village Green Shopping Center at 2300 East Market
Street in York.
Z & R Rentals sold the
mixed use building located at 201-207 Frederick Street and 4 High Street in
Hanover to Oliver and Kathryn Hoar. The property consists of 9,941
square feet and 0.42 acres and is located in Hanover General Business
District.
Jackson Hewitt Tax Service
has leased 1,090 square foot office space at 528 East Main Street in
Dallastown.
Tony’s Tropical Fish & Birds
sold the commercial building located at 58 Lightner Road in York to
Builder’s Outlet. The property consists of 6,934 square foot and 0.67
acres and is located in Manchester Township. Builder’s Outlet is a
retailer of cabinets and finishing products at wholesale prices. The grand
opening is planned for early 2008.
9 West Cafe has leased 780
square foot of retail space at 9 West Philadelphia Street in York. 9
West Cafe, new to the Downtown York community, will offer upscale
sandwiches, coffee, tea and wi-fi use at this new location.
Coca-Cola Bottling Company, Inc. sold
the commercial building located at 2611 East Market Street in York to
Capital Self Storage. The property consists of 67,475 square foot of
warehouse, distribution, and office space and is located in Springettsbury
Township.
Lord and Temi, LLC has
leased 1,600 square foot retail space at Maple Village I at 970 Loucks Road
in York.
Read our 2007 customer survey client
testimonials
Quick Links
ROCK Retail Team
Ryan Myers,
CCIM
Larry O'Brien, CCIM
Benjamin Chiaro, CCIM
Click here to
meet all ROCK team members
