Northeast Retail Leasing and Management completes four leases totaling 60,000 s/f
According to Michael Sarasin and Richard Giveans of Windsor based Northeast Retail Leasing and Management Company, LLC, the firm has recently completed 4 leases totaling 60,000 s/f at School Street Square Shopping Center.
Sarasin said leases are signed with O'Reilly Auto Parts, Cardia Express, Grossman's Bargain Outlet and Dunkin' Donuts for the former unanchored and over 50% vacant community strip center built in the 1960s and renovated in the 1980s for the Big Y tenancy. Giveans noted that the tenants recognize the center offered excellent highway access and a densely populated trade area otherwise, underserved in the northern half of East Hartford.
In addition to leasing, Northeast managed the entitlement process, design and construction necessary to secure the new tenancy and to make the property competitive among retailers and attractive to the dense residential population surrounding the site.
With few remaining vacancies the Northeast team is working with potential grocery stores. Other national/regional tenants at School Street Square include Rainbow Apparel, Rent A Center, Family Dollar, Subway, First Choice Health, Superior Liquors, as well as other small retail tenants.
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
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.