Shopping Center Swing
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|Get ready to open your wallets even more—the US retail sector's availability rate should begin to decline in the first half of '11, according to CBRE Econometric Advisors. The national availability rate for neighborhood and community centers will remain close to its 13.2% peak during Q4 2010, and will then swing into positive territory after three years of negative absorption. Thank consumers spending again—CBRE-EA economist Abigail Marks says that the continued positive year-over-year growth in retail necessities sales points to improved consumer sentiments. Although there were markets that contributed to a slight rise in overall availability, including nearby Newark and Trenton, 14 markets are improving. Five of them, including New York, recorded declines in availability rates compared with a year ago. Above, the 157k SF Somerville Circle Shopping Center in Raritan, NJ became 100% leased with the 3k SF signing of AT&T Wireless in late July.|
|In one unique shopping center transaction, Hauppauge, Long Island-based law firm Ferro Kuba Mangano Sklyar opened a 1.2k SF storefront office at Brentwood Road and 2nd Avenue in Brentwood, the heart of one of the island's largest Hispanic communities (at 53%, according to the 2000 Census). The Brent City shopping center, which also includes La Espiguita Soccer Academy, Compare Foods Supermarket, La Espiguita Bakery, Checkers, and Suffolk County Brentwood Family Health Center, is owned by Island Associates Real Estate and sees 27k vehicles daily. El Salvadorian Consulate ambassador Dagoberto Alcides Torres will cut a ribbon to mark the office opening at a ceremony tomorrow to celebrate Hispanic Heritage Month on Long Island. We expect a buy one tort get one free sale to help it fit in with its neighbors.|