Friday, July 25, 2014

What Is The New Building at Newport Pavilion?

Property "35" is currently under construction. Property "40" could be the last big retailer to sign onto the Newport Pavilion. 
It's been a few months since FTM has updated our readers with Newport Pavilion news and rumblings, so let's check in with what we are hearing.

What is being built on the southeast corner by Panera?
The building there will actually end up holding 5 total retailers. There has been nothing signed yet, but indications are very likely that the biggest anchor of that new building will be a "noodle restaurant." 

When FTM broke the news that Ihop would be building on the North corner of Newport Pavilion (framing has begun this week), we also listed a number of restaurants that could be next which included the noodle restaurant. You can find that here at the link. Many of the restaurants on the list were included because of their association with other Anchor Associates properties so while we are confident that the restaurant will be a "noodle restaurant" it's possible it may be another franchise other than The Laughing Noodle (i.e. Noodles and Company et al).

How has the acquisition of the Newport Pavilion by Inland affected the management? Is that why new retailers are moving in?

The parcel of the Pavilion (Newport Pavilion Phase II) that we just talked about (Dick's, Panera, TJ Maxx) is still technically owned by Anchor Associates, but that portion of the sale will likely close before the end of the year. Anchor will also continue to lease the entire property for Inland.

Newport Pavilion isn’t the first acquisition for Inland Real Estate in Greater Cincinnati. The company also owns Turfway Commons in Florence, a more than 105,000-square-foot shopping center anchored by Michaels, Babies “R” Us and Guitar Center, and Stone Creek Towne Center in Colerain Township, a more than 142,000-square-foot outdoor shopping center anchored by Best Buy, Bed Bath & Beyond and Old Navy.

Inland, a real estate investment trust out of Oak Brook, Illinois bought Newport Pavilion for a whopping 67.1 million subject to future earnings payouts.

How much room for expansion is left at the Newport Pavilion?

Currently, the answer to that question is "not much." The site map shows only 3 spots available for retailers or about 98% leased.

One is right next to Edible Arrangements (2,384 square feet), one is the multi-retailer building we just talked about with 5 total retailers including the noodle restaurant and one is likely a standalone building on the north corner of Phase II (near the entrance on the opposite side of Panera). Property "40."

This standalone building will likely be the last big retailer announcement for the Newport Pavilion. The road improvements to Carothers Road and adding extra outlets to the NP will definitely be needed!

(Have you seen what Opticare Vision has done with their building? The mural is outstanding and now that construction is done you should definitely go check them out. #FTMFamily)

So what could the last retailer be?

Obviously nothing is set in stone and certainly nothing is signed, however we do have early indications for what the space COULD be. If our information is correct and judging by the site map, it looks like it may be, the last big retailer at Newport Pavilion may be Flipdaddy's.

"Brilliant burgers and craft beers" is their mission, with three other locations in Mariemont, Symmes Township and Union. Flipdaddy's has been looking to move into the area and was very close to signing a lease in Fort Thomas at the Fort Thomas Plaza as recently as about a year ago.

I do want to stress that nothing has been signed yet, but this is what I'm hearing from people smarter than me.

Who shops at the Newport Pavilion?

Inland's demographics are interesting to see. Those are listed here. One of the big reasons why they bought Newport Pavilion is that the transaction volume for the property had increased 50% over the last year.

So, what else?

Subway restaurant is also opening next to AT&T, Mattress Firm and Aspen Dental. Also Bluegrass Urgent Care right next to Buffalo Wild Wings.

1 comment:

  1. After seeing bike racks at Kroger, Target and Chick-fil-a, it's disappoint the Dick's and Panera don't have bike racks.

    Dicks sells bikes and cater to active lifestyles. And, you expect Panera to be bike friendly.