Thursday, February 3, 2011

A Different Take on Newport Pavilion Tenants



Goodman Real Estate has an updated site map for the Newport Pavilion development.  Now before you rush off to view the map - there are no new retailers listed on this map.  What the map does do is clearly show confirmed and available spots in the development.  

Each retail spot includes the square footage which allows for an interesting calculation - 91,285 sq ft that is still available.  This combined square footage is less than size of Kroger or Target on a stand alone basis.  The 90K+ remaining square footage equates to 20% of the available retail space meaning 80% has already been leased.  

This is a bit of a good news / bad news story.  Good news for a swift development of the remaining structures.  With commitments on 80% of the development financing should be less of an issue at this point.  

The downside - not a lot of opportunity for a wow retailer.  Only 2 parcels of 20K sq ft or more (less than Michaels or Marshalls) probably means nothing larger than a Dick's or Pet Smart.  14 total open spots and most of those are outlots that will likely be fast food or fast casual concepts.  This doesn't mean you can't be wowed - just means don't expect anything earth shattering with the remaining commitments.

9 comments:

Anonymous said...

Sigh. Does that blow our chances for a Best Buy?

Anonymous said...

Dick's stores are way bigger than 20K SF.

I think there is still an opportunity for a 70K+ SF retailer though. There is a total of 70K SF in the southern most triangle on the site plan. It's current spread among 6 leasable areas, but none of this has been built yet. They could easily re-orient that space to take on a larger tenant.

Darrin Murriner said...

Typical Best Buy is 44,000 sq ft. Typical Dick's is 50,000 sq ft. Both appear to be too large for these spaces. The average Staples store is 20,000 sq ft. While another Staples this close to the Reading Rd store is doubtful it is possible to get another Office Supply store.

Anonymous said...

Didn't think about reconfiguration but now that someone else mentioned it, yes! The original plans had called for Home Depot as a third anchor. That, too, is a large store.

Anonymous said...

How about we all get together and go for a Red Lobster. What's wrong with them? Not one in Campbell County! What are we, chopped liver?

Anonymous said...

How about Cracker Barrel? That would be great!
Agree that a Best Buy would be an ideal spot.

Anonymous said...

I love this region, but geez, Campbell County loves their check cashing places. No, I mean, they LOVE them! Get one of those in Newport Pavilion and everyone will be happy.

Anonymous said...

There is plenty of space at the Newport plaza. Maybe we could get a wal-mart.

mthurnauer said...

Earth shattering? Is there really anything earth shattering about having a big box store that you can go to already by driving in any direction about 7 miles? There is already a Staples just across the bridge. And big box home improvement stores all over. An over-saturation of these types of places is just destined for failure. Target was not a bad selection b/c there is not one very close. Kroger works b/c grocery stores have a much smaller catchment area people don't want to drive very far for their groceries.