ST. Albans – The new owners of Highgate Commons Shopping Center have helped bring Ocean State Job Lots to St. Albans.
Now they look local.
“We’re new to this market. We’re different,” said Michael Levy, asset and real estate manager at Highgate Commons. “We are ready to make a deal with you.”
Through the limited partnership, Mr Levy’s mandate is to help lease the remaining vacant properties in St Albans’ busiest shopping centre, and he is working on “creative deals” to make that happen. I’m trying.
“The idea is to leave no stone unturned,” he said.
intersection with heavy traffic
As Levy explained, Highgate Commons Shopping Center has a lot going for it. Compared to other centers in Vermont, the center attracts approximately 1.5 million visitors annually and generates $70-75 million worth of sales.
But the spot could probably do more if it had more business, Levy said, adding that local businesses large and small could use it to see what could be done to improve Highgate Commons. He said he is calling on business owners to cooperate.
St. Albans Center LP appointed Mr. Levy to manage the property after investing $13 million in property purchases since last year. Ocean State Job Lots, a large outlet store based in Rhode Island, was formed as an investment partnership with Levy shortly thereafter. Helped the company secure 30,000 square feet for lease..
However, Highgate Commons still has about 60,000 square feet of open space, which could be a good opportunity for local business owners because of its location, Levy said.
The downtown Hannaford grocery store alone drives foot traffic and ranks as the fifth most-visited grocery store in Vermont, according to exclusive data compiled by placer.ai. Masu. Nationally, it ranks within the top 90th percentile.
Additionally, the location has access to St. Albans’ busiest thoroughfares and has ample parking to accommodate visitors. Levy said shoppers are likely to come from Franklin County and Montreal for better shopping options and cheaper deals at Walmart, Hannaford, TJ Maxx and Market 32, which contributes to the region’s overall performance. He said that it is pushing up.
“There’s a lot of money coming into this town,” he said.
At the same time, Levy acknowledged that Highgate Commons needs a little more attention and investment. The center was originally built in the 1970s as Woolworths and included an Ames discount department store.
In 1977, the shopping center’s first year open, you could buy a men’s long-sleeve printed sports shirt for $4.76 and motor oil for $3.79 per quart. (In 1977, $1 was equivalent to about $5 in today’s dollars.)
A lot has changed since then, Levy said. Highgate Commons Shopping Center is a bit more ‘hairy’ than it was 50 years ago, but the new owners are aware and proactive in elevating the place to what tenants want it to be. I’m here.
looking for renter
Moving forward, Mr Levy is inviting potential lenders to contact them to discuss what a move to Highgate Commons would mean for their business. Levy expects there will be a number of retailers and service businesses that could work well with the existing 18 businesses by leveraging creative deal-making.
He also emphasized that he is working with investors who know shopping centers well. One of the reasons the center attracted interest from investors in the first place was because they spent a lot of time shopping locally in Hannaford and recognized how much foot traffic passes through the plaza. Levy said.
Levy said he plans to be flexible with new tenants. He said this approach could be broadly applied to a variety of business variables, depending on the needs, such as reducing rents, improving turnkey tenancies, or attracting people to the space. Trade-offs include potential lease acquisitions, he said.
In that regard, they want to work closely with tenants to determine what combination of contracts will provide a “triple win” for businesses, shopping center owners and local communities.
Levy said the space will also be available to nonprofits and other community organizations if they need a larger space to host an event. For example, initial discussions with the Town of St. Albans resulted in last week’s public information session being held there to assist the town and residents. Consider information about transit-oriented development.
“If it benefits the community, we’ll do it as much as possible. We want to be part of the community,” he said.
Obtaining the key
While filling in Highgate Commons is the main focus for investors at the moment, Levy expects further improvements to the center will come in the future.
For example, shopping center parking lots may need more attention due to a combination of erosion and traffic over the years. He said there is also a strip of land nearby that could be incorporated into the center for some future expansion, and there are also questions about what to do with the walking space of the center’s unique sled walkway.
But for now, the focus is on connecting with local business owners. Levy wants to get total occupancy closer to 85% to 90% over the next few years, and to do that he hopes to help local and regional progressives looking for new space near high-traffic areas. We expect that there will be enough people.
He gave the example of craftsmen working professionally and artisans in professional services looking to expand their customer base. Specialty retailers and restaurants could also work well in this space.
That way, tenants not only have access to shoppers and ample parking, but also on-site maintenance personnel to handle additional needs. If you are interested, please contact Levy at 802-528-8552 or email mlevy@groupeshapiro.com.
“We’re open for business,” he said.