Coffman Realty opens Wilmington Plaza - designed by BKA Arch.
The new strip center developed by Coffman Realty and designed by BKA Architects has finished construction and started leasing the units.
The new strip center has a total of five buildings of which two are located on pad sites. The three buildings designed by BKA Architects total 62,000 s/f, and are able to accommodate a different number of tenants.
The first and largest building is 52,000 s/f and is sub-divided to house seven tenants. The anchor tenant for this building is Staples.
The second 6,700 s/f building has six units.
The third and last building, at 3,200 s/f, accommodates two units. One of the two units has been leased by Starbucks.
Aside from the national retailers who have staked a claim in the development, a number of local retailers are leasing spaces as well. The design of the strip center is fairly typical of this building type. The outer shells of the buildings are comprised of plaster-stucco with a stone veneer base at the primary facades and colored concrete masonry units at the service areas of the exterior.
The two pad sites were leased and developed separately by tenants; Danvers Bank and Ruby Tuesday.
Norwich, CT Tim Hines of Horvath & Tremblay has facilitated the sale of 200 multi-family units totaling $16.24 million. Hines arranged the sale of an 83 unit multi-family portfolio in Cromwell, Middletown and Norwich, Conn. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $9 million.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.