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Jt1
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Username: Jt1

Post Number: 7636
Registered: 10-2003
Posted From: 198.208.159.19
Posted on Tuesday, August 01, 2006 - 5:35 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

In model d's most recent article there is some info about the new strip mall in HP.


quote:

The Highland Point Plaza, located at 12005 Woodward Ave., will have space for seven or eight tenants, including one or two larger retailers at 5,000 square feet. Rent in the retail units is expected to be around $23 per square foot. The general contractor for the shopping center is Jonna Management.




What is the term for the $23/square foot. I assume that is not monthly. Also is that an outrageous rate or is it in line with what is expected. I thought that I have seen rates much lower but I may be mistaken.
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Mudflap
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Username: Mudflap

Post Number: 165
Registered: 08-2005
Posted From: 75.10.4.241
Posted on Tuesday, August 01, 2006 - 6:36 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

$23 per square foot is annual, multiply that times the sq. ft. and divide by 12 for monthly rent. It is also probably triple-net, which means taxes, insurance, and utilities are extra. They might even hit you up for common area maintainence, but I doubt it at $23/sf...This is a steep price, but isn't outrageous for a new class A facility.
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The_fly
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Username: The_fly

Post Number: 77
Registered: 10-2003
Posted From: 69.214.191.127
Posted on Tuesday, August 01, 2006 - 7:03 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

$23 psf is a great price for a new class A building.
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Bvos
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Username: Bvos

Post Number: 1770
Registered: 10-2003
Posted From: 70.141.182.153
Posted on Tuesday, August 01, 2006 - 9:33 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That's a bit steep when compared to the average rents on retail space in the city, but a justifiable price considering it's new. They'd have big problems if they charged extra for common area maintenance.
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Jt1
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Username: Jt1

Post Number: 7639
Registered: 10-2003
Posted From: 216.203.223.109
Posted on Tuesday, August 01, 2006 - 9:43 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Does strip mall space have different classes. Not a tower - just the strip mall in HP.
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Chub
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Username: Chub

Post Number: 351
Registered: 11-2003
Posted From: 68.60.139.30
Posted on Tuesday, August 01, 2006 - 11:00 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Jt1, are you thinking of opening a beauty supply or dollar store there? Maybe an advance check cashing place would be good; HP needs more of this kind of retail.
No seriously, what do you have in mind?
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Jt1
Member
Username: Jt1

Post Number: 7640
Registered: 10-2003
Posted From: 4.229.99.161
Posted on Tuesday, August 01, 2006 - 11:19 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Just wondering if the rates are competitive since I always wonder if new developers price places out of the market because they think they can get rates that are out of whack with reality.
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Alexei289
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Username: Alexei289

Post Number: 1201
Registered: 11-2004
Posted From: 68.61.183.223
Posted on Tuesday, August 01, 2006 - 11:40 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

... try buying one of those office condos... many of these developers get upwards of 500+ for those...

mostly dental offices n such...
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Superduperman
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Username: Superduperman

Post Number: 109
Registered: 01-2005
Posted From: 69.242.221.36
Posted on Tuesday, August 01, 2006 - 11:54 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I heard that Southern Fires restaurant is opening another location there.
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Chub
Member
Username: Chub

Post Number: 352
Registered: 11-2003
Posted From: 68.60.139.30
Posted on Wednesday, August 02, 2006 - 1:15 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

How about a good bike shop that has regular business hours, or how about a good musical instrument store that also gives lessons? Just a few things I wish for this area and on Woodward in particular.

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