OLD BRIDGE, N.J., June 13, 2012 /PRNewswire/ -- With new big-box store closures negating the benefits of absorptions, the vacancy rate in retail properties along northern New Jersey's six major shopping corridors edged up to 8.2% in April from 8.1% a year ago and 8.0% in 2010, according to R.J. Brunelli & Co., LLC.The Route 10 and 46/3 corridors were the only highways to show improvement during the past 12 months.

The Old Bridge-based retail brokerage firm's 22nd annual study of the six-county northern New Jersey market uncovered 2.33 million square feet of vacancies in the 28.34 million square feet of space examined along the six corridors, with availabilities seen in 159 of the 818 properties evaluated. This compared with 2.33 million square feet of vacancies in 28.78 million square feet of space in the 2011 study, in which openings were seen in 173 of the 817 properties reviewed.

Traditionally one of the tightest retail real estate markets in the nation, the northern region has seen its vacancy factor increase for five consecutive years as big box closures began to take a toll. The region's vacancy rate escalated from just 2.9% in 2007 to 3.6% in 2008 before jumping to 6.6% in 2009 and 8%-plus in the last three years. Over the last 10 years, the region's rate was as low as 2.0% in 2003.

R.J. Brunelli's 2012 study reviewed shopping centers and freestanding buildings exceeding 2,000 square feet along State Highways 4, 10, 17, 22, 23 and 46/3, and certain intersecting arteries in Bergen, Essex, Morris, Passaic, Somerset and Union counties. Freestanding restaurants, auto service facilities and auto dealerships are also included, while enclosed regional malls and centers under construction or redevelopment are excluded.

Big-box spaces exceeding 20,000 square feet were once again a major driver of the region's vacancies, representing 1.09 million square feet, or 46.8% of the empty space along the six corridors, up from a 45.7% share in 2011. Notably, approximately 798,500 square feet, or 73%, of this year's empty big box space came from stores that remained vacant since the firm's 2011 survey and, in a number of cases, from 2010 and before. This represented an increase from the 62% ratio of held-over big-box inventory in 2011, but comfortably below the 84% ratio seen in the firm's 2010 survey.

"The Chapter 11 filing of The Great Atlantic & Pacific Tea Co., which has since emerged from bankruptcy protection, and the demise of Borders continued to have the biggest impact on the northern New Jersey market," said Richard J. Brunelli, president of the firm. "Of A&P's six Pathmark stores that went dark along the corridors in 2011 or 2010, only two--a 60,000-square-foot location on Route 46 that's been leased to Fairway and a 42,000-square-foot location on Route 10 that is reportedly leased to LA Fitnesshave been absorbed so far. Consequently, over 226,000 square feet of empty Pathmark space lingers on the corridors."

Borders, meanwhile, shuttered a trio of 25,000-square-foot locations on Routes 17, 22 and 23 in the past year, adding to the 28,000-square-foot store closed on Route 10 in the firm's 2011 survey. With that, approximately 103,000 square feet of former Borders locations remains on the market. Moreover, the bankruptcies of Sixth Ave. Electronics, Syms and Einstein Moomjy added four stores aggregating 120,000 square feet along Routes 10, 17 and 22 to the inventory this past year. An additional 30,000-square-foot Sixth Ave. location on Route 46 in Wayne, however, was snapped up by Planet Fitness.

"On a positive note, besides the aforementioned absorptions of the Pathmark and Sixth Ave. stores on Route 46 and Pathmark on Route 10, we continued to see some of the older big box vacancies take on new life," Mr. Brunelli continued. These included Conway Stores' lease for the former Linens 'n Things on Route 46 in Totowa; Dick's Sporting Goods lease for the former Circuit City on Route 22 in Union; Harbor Freight's lease for the former Office Max on Route 22 in Union; Sears Outlet & Appliance's lease of the former Office Depot on Route 22 in Watchung; and Lord & Taylor Home's lease of the former Loehmann's on Route 17 in Paramus.

Results for the individual northern New Jersey roadways are as follows:

Route 17. The vacancy rate along the 15-mile corridor extending from Paramus to Mahwah increased to 8.2% this year from 7.4% in 2011, but is still below the 10-year high of 8.7% reached in 2010. Over the last 10 years, the roadway's vacancy factor has been as low as 1.9% in 2003.

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Retail Vacancy Rate In Northern NJ Rises To 8.2% As More 'Big Box' Spaces Go Empty, R.J. Brunelli Survey Reports

Prince Georges County and National Childrens Museum officials celebrated Tuesday the commencement of construction of the museums transitional space at National Harbor, along with renewed hopes that the originally planned 150,000-square-foot facility will eventually move forward.

The transitional space a facility being constructed until a larger museum can be built was decided upon because museum officials said they were not able to secure enough funding for the larger $182 million facility due to the tough economy, but they said donations have ramped up recently and revenues from the transitional space will push them further toward their ultimate goal.

Museum CEO Kathy Dwyer Southern said the transitional facility will consist of a 15,000-square-foot indoor section, set to open this winter, along with a 60,000-square-foot outdoor play area across the street, set to open in May. The indoor exhibits will focus on tactile learning and coordination for children three years old and younger, along with Our World, an exhibit focusing on learning about various global cultures; the outdoor experience will teach children about health and fitness, Southern said.

Southern said that despite the fundraising setbacks of recent years, she was determined to open the museum in some form until the total for the new building could be raised.

We already serve 300,000 people annually, at the [retail space] launch zone in National Harbor, and other programs in the county, Southern said of the space currently being used to house the museum. The demand is there, so we need an interim step, and this is a great way to do it.

The outdoor experience will be on the site of the future 150,000-square-foot facility, officials said, and when it is eventually built, they will vacate the indoor transitional space.

Willard Whitson, the museums vice president for exhibits and programs, said since announcing the interim space, fundraising has picked up, although he said he could not go into details about the amount.

Were doing quite well, Whitson said. Were still in the quiet phase, meaning that until certain milestones are met, we cant talk about it. But were on that threshold now.

But Prince Georges County Councilman Obie Patterson (D-Dist. 8) of Fort Washington, whose district includes National Harbor, said that while hes anxious to see the project move forward, he wants to see a revised plan from the museum before committing any more county funds to the project. Prince Georges County has already provided the museum with $2 million in funding, and Southern said the state of Maryland is providing $3 million in 2017.

We have to make sure everything is in order before we continue to grant them resources and support other projects, Patterson said. At this point, I understand that given the reduction in scope of the program, National Childrens Museum officials will be coming back with a revised plan, so well take a look at that and see how to move forward.

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Gazette.Net: Officials break ground on National Childrens Museum transitional space

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Ten years ago, developer Peter Bell began work on a massive mixed-use development in Waukesha County. The plans included a significant retail development intended to make the project a regional destination.

Bell's grand vision was to develop the sprawling Pabst Farms site with one master plan, rather than piecemeal by parcel.

However, since the onset of the Great Recession five years ago, the Pabst Farms development has ground to a halt. Huge portions of the site remain vacant. Perhaps most noteworthy, the retail development planned for Pabst Farms has fallen far short of expectations.

A strip mall anchored by a Pick 'n Save store was completed prior to the recession. But the regional shopping center planned at Pabst Farms never materialized. Plans for the 1 million-square-foot regional shopping center at Pabst Farms have been altered to add a heavy emphasis on big-box stores, but even that redesigned plan has failed to move forward.

Through a spokesman, Pabst Farms executives declined to comment for this story.

"I don't know that we really have much to say," said Pabst Farms spokesman Thad Nation. "We're kind of in status quo."

With the Pabst Farms project stuck in neutral 10 years after it began, another major development is planned in Waukesha County in hopes of creating a regional shopping destination. But The Corners, planned by The Marcus Corp., is a very different project at a very different site than Pabst Farms.

The Corners is a $150 million retail and residential development planned for the former West Point Cinema site and the former Menard's store site at the intersection of I-94, Barker Road and Bluemound Road in the Town of Brookfield. The project will consist of a 140,000-square-foot Von Maur deparment store, another 200,000 square feet of retail space, 30,000 square feet of restaurant space and 120 apartment units. Office space that was originally planned for the project will likely be scrapped, said Katie Falvey, director of real estate for Marcus Corp. The Corners will be built in a town center format with a central park, similar to the outdoor portion of Bayshore Town Center in Glendale. Most of the 2,000 parking spaces will be located underneath the town center shopping area.

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Around The Corners

Manufacturing has been the star of the recovery, powering Michigan out of the Great Recession. But the outlook remains dim for another chief pillar of the nation's economy: construction.

The industry that builds everything from homes and offices to roads, bridges and power plants is a major economic weak spot.

Just last month, the nation lost 28,000 construction jobs. In Michigan, industry employment shrank by 3,000 jobs from April 2011 to April 2012.

The glut of homes, offices and retail space combined with fewer government-financed projects means things are not likely to significantly improve anytime soon.

"We keep waiting for an increase in volume, but unfortunately we don't see it for the next 18 months to two years," said Ken Lawless, executive vice president of Clark Construction, a Lansing general contractor, and chairman of the Associated General Contractors of Michigan.

Barton Malow, one of the state's biggest construction companies, doesn't expect a full industry recovery until 2015, said Alex Ivanikiw, the firm's senior vice president.

The grim outlook persists even as many subcontractors and other construction-related companies have quietly shut down their businesses because of too little work in recent years, with more failures expected. Even more worrisome for construction's long-term future, thousands of skilled workers have left the troubled industry.

Construction is a major economic driver, normally accounting for 4% to 5% of the nation's economic output, according to Kenneth Simonson, chief economist of the Associated General Contractors of America. Today, this percentage has dropped to 3%, a historic low.

In Michigan, some companies that have stuck it out through the tough times are seeing a slight increase in activity this year, but bids are so low that profit margins have never been tighter. And hundreds of carpenters, laborers, sheet metal workers and others are desperate for work.

"I've never felt so depressed," said Vincent DeMassa of Redford, a 36-year-old carpenter who used to work on commercial construction projects like hospitals but can now find only occasional repair jobs for homeowners.

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Construction Sheds Jobs Amid Manufacturing Recovery

DUBLIN--(BUSINESS WIRE)--

Research and Markets (http://www.researchandmarkets.com/research/m23w88/intellinews_bulg) has announced the addition of the "Intellinews - Bulgaria Construction And Real Estate Report - 2012" report to their offering.

The IntelliNews Bulgaria Construction and Real Estate Sector Report offers an extensive summary of the most recent topics related to the Bulgarian construction market, segmented into residential, office, industrial and retail space, as well as construction materials. It includes a complete coverage of the latest market developments and news, accompanied by thorough statistics and comments. The report pays particular attention to new development projects and investment inflows in the sector. This sector report is ideal to keep you abreast on recent company and industry news. Written by local professionals, it is a unique market and business intelligence analysis, tailored to save time by providing in-depth information, while helping you to make confident and informed business decisions.

The available data provide a mixed picture for the construction and real estate sectors in Bulgaria.

On macroeconomic level, IMF made a new downward revision of its forecast for the economic growth in the country in 2012. In addition, the data showed poor Jan-Feb performance of key economic variables such as retail trade turnover, exports, industrial production and unemployment. Construction output has not managed to return to sustained positive annual growth yet, and the business climate indicator in the sector deteriorated in February and March. The prices of dwellings monitored by the statistics office continued to fall last year.

On the other hand, annual growth of new building permits has been positive and accelerating throughout 2011, and the new buildings' construction starts have been rising as well. Notably, foreign direct investment in the real estate sector nearly doubled on the year in Jan-Feb, although it is still far below the pre-crisis levels. The sector stock index BG REIT has posted impressive growth ytd and the agricultural land market had very strong performance in 2011...

For more information visit http://www.researchandmarkets.com/research/m23w88/intellinews_bulg

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Research and Markets: Intellinews - Bulgaria Construction And Real Estate Report - 2012

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photo courtesy of city planning board Above is a rendering of the proposed development by the Dickinson Development Corp. at the old Fairhaven Mills site. The existing Market Basket is seen in the background, while the proposed retail building is shown in the foreground with a Taco Bell at right. The existing mill structure is shown at left.

By NATALIE SHERMAN

June 08, 2012 12:05 AM

NEW BEDFORD A Taco Bell and 1-story retail space has been proposed for several sites at Riverside Landing, a prime development spot near the Acushnet River that city officials have been trying to remake for more than half a decade.

The Dickinson Development Corp. plans for the old Fairhaven Mills block come after two years without construction in the plaza, where a popular Market Basket opened in 2010 after the controversial demolition of the historic mill.

The proposal, which goes before the Planning Board Wednesday, shows an 11,723-square-foot retail building on Coggeshall Street with space for six offices, including a Verizon. A smaller, 2,600-square-foot Taco Bell franchise situated slightly to the north would include a drive-through.

The plans, which would add buildings to a strip that already includes a McDonald's, a privately owned mill structure and a 7-Eleven, are in line with what Dickinson put forward in 2007 when the city agreed to sell its portion of the 14-acre property to the Quincy firm, said acting City Planner Jill Maclean.

"This is more or less what they proposed from the beginning," Maclean said. She said the design also reserves green space for the display of public art, likely a sculpture.

"That corner will be a very attractive gateway into what is a very, very highly visible development in the city," New Bedford Economic Development Council Director Matthew Morrissey said, adding that the new businesses should add at least 60 jobs to the area.

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Developer proposes Taco Bell, retail for Fairhaven Mills site

Beleaguered construction mogul Dan Catalfumo is fending off a fresh set of real estate woes: The company he heads defaulted on its mortgage at Ocean Mall, Riviera Beachs economic crown jewel. Catalfumos company, which rents Ocean Mall from the city, also missed its annual lease payment to Riviera Beach.

And the city doesnt just want its estimated $20,000 in lease money. Theres talk of dumping the highly contentious six-year-old lease and taking the property back.

The lease the city got into with Catalfumo is a very bad lease which did not favor the city, said Riviera Beach City Council member Dawn Pardo.

This is a great opportunity to get the lease back and do it right this time.

Catalfumo did not respond to requests for comment.

The mortgage and lease payment default are the latest in a series of multimillion-dollar setbacks for the builder, whose commercial construction empire is buckling under the weight of a string of lawsuits.

In total, Catalfumo has been hit with lender suits seeking $100 million-plus in the past 2 1/2 years, several of them naming the builder personally.

Its a sharp fall from grace for Catalfumo, easily the best-known - and most controversial - builder in Palm Beach County. The Port of Palm Beach and the West Palm Beach waterfront bear the Catalfumo imprint; so do several other landmark buildings. But along the way, he has left a trail of high-profile lawsuits against everyone from ex-fiancees to spurned business partners. As construction business has declined, his business interests have turned to specialty scooters and a boneless chicken wing operation.

Most recently, BankAtlantic won a $40.9 million judgment against Catalfumo companies. Prior to that, Seacoast National Bank secured a $32.6 million judgment against a Catalfumo company and foreclosed on its prime property at PGA Boulevard and Interstate 95.

The Ocean Mall mortgage default comes after Catalfumo borrowed millions to construct the ocean-side complex, which called for a hotel, retail outlets and community beach space. Lender Branch Banking & Trust last year transferred $11 million left on the loan to another company, GSF Trust. GSF contends it is owed a total $11.3 million for the defaulted loan.

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Construction king Catalfumo defaults on Ocean Mall mortgage

Thursday, June 7, 2012 9:43 PM EDT

By Steve Collins Staff Writer

BRISTOL The amount of retail space called for in the revitalization plan for the former mall site is only half of what a Long Island-based developer figured it would be last year.

Instead of having 150,000 square feet of retail space, the new plan before the citys Zoning Commission would create 73,000 square feet for shops and restaurants.

But Ryan Porter, the project manager for Renaissance Downtowns, said Thursday the change makes sense for Bristol.

He said the existing downtown regulations, which Renaissance helped create, require that all ground floor space in every building be dedicated to retail establishments.

If Renaissance were to follow the dictate to the letter, Porter said, it would have to build hundreds of thousands of square feet of retail space on the 17-acre former mall site, most of it with little commercial appeal.

Thats way too much, said city Councilor Henri Martin. It has to be cut back, he said, in order to work at all.

Porter said Renaissance is aiming to make sure all of the ground floor space facing Riverside Avenue, Main or North Main streets house retail shops and restaurants.

There would also be retail facing the piazza slated for construction as part of the first construction phase, which may begin next spring.

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Retail re-vision: Renaissance reduces plans for shops and restaurants by half

by KING 5 News

KING5.com

Posted on June 6, 2012 at 1:28 PM

Updated yesterday at 2:48 PM

SEATTLE -- Two of the SODO neighborhood's largest developers plan to build two new high-rise towers in the second phase of Stadium Place, the urban development project just north of CenturyLink Field, and hope to begin construction by summer of 2013.

Daniels Real Estate and American Life Inc. unveiled plans for Stadium Place East in the Pioneer Square neighborhood. The development will complement Stadium Place West, currently under construction, and will be located next to the regional transit hub at King Street Station.

The new development will include two towers with a 23-story 278-room conference hotel, ballroom, health club, 16,000-square feet of retail space, 14,000-square feet of restaurant space and 376 parking stalls. A 170,000-square-foot office tower will be added later. (more below)

When the King County Council approves the final agreements on parking and the affordable housing components later this summer, developers say construction can begin in summer of 2013; early phases of the project are expected to be complete by early 2015.

City and county officials, along with community members, have been working on redeveloping the site for years and say the ambitious urban development project was critical for revitalizing Pioneer Square.

"We heard the residents and business-owners of Pioneer Square when they told us that the Stadium Place project was crucial to the well-being of the neighborhood. This announcement brings the full development together, serving as an example of how neighborhood, government and a development team can work together to ensure that urban places are lively, livable and viable," King County Councilmember Joe McDermott said in a released statement.

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2 high-rises to take over parking lot near CenturyLink Field

TOLEDO, OH (Toledo News Now) Construction crews are putting the finishing touches on the University of Toledo's new Dorr Street Gateway Project. When completed, the development will feature student housing above retail stores including Barnes and Noble, Starbucks, Verizon Wireless, Gradkowski's Sports Grill, Great Clips, Jimmy John's, Yogurt U and a sushi/rice bowl restaurant called Rice Boulevard.

"[It is] very exciting, not only for the university, but for the rest of the community. What we're really trying to do here is not only transform the intersection of Dorr and Secor, but really transform how the university and the community interact," said Matt Schroeder of the UT Foundation.

All of the businesses at the Gateway development will be open to the public, which Schroeder says will encourage community members to mingle with students and other members of the UT community.

Barnes and Noble is expected to open in July, with the other businesses opening a few at a time after that.

Copyright 2012 Toledo News Now. All rights reserved.

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Construction nears completion on UT’s Gateway project