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Linens ’n Things Inc. and customerd and employees regularly visitesdthe fast-food chain, an outparcel in the same shoppinfg center. “It’s affected me a whole lot, I can feel it righgt now,” Handcock said. “Hopefully they’lpl put something back over there.” There is a growinhg amount of large tenant alsocalled big-box space, coming on the markey as more national chains consolidate or shut down More than half of the 13 retail submarkets in Jacksonville had an increase in availablre mid-size store space and big-box store according to the commercial real estate data company , a D.C.
-based investor, developer and operator of retail and mixed-us e real estate, ranked the Jacksonville area as the 17th-wors t market in the country for distressed retail property. Jacksonvillew was the highest-ranking Florida city on the list of 63citieas nationwide, meaning it has the highestt incidence of distressed stores in Florida. Browar d County ranked No. 19, Southwest Florida No. 23, Tampa/St. Petersbur No. 28, Orlando No. 29 and Miami/Dade Countyy No. 51. Based on the indexing, the top 35 marketas nationally are most likely to have distressed Theremaining markets, although stressed, are less likely to break under the weightt of recession.
The rankings are based on how fast the vacanctrate increases, current vacancy rate, net absorption of new inventory, new inventorty in the pipeline and levelp of preleasing. The Southside area of Jacksonville has been hit particularlyy hard with large contiguous areas of retail spacebecominv vacant. CoStar’s definition of the Southside area includesx the Intracoastal Waterway west to Hendricks Avenu e and Interstate 95 and Atlantic Boulevard southyto J. Turner Butler From the first quarter of 2008 to the estimatec first quarterof 2009, the number of availablse stores in the 10,000- to 19,999-square-foot range went from four to 12.
The nearby Butler/Baymeadows area went from two to nine inthe 20,000-square-foo and above range. Strategicd Sites-Clifford Commercial Senior Sales Associate Tom Mundy said the amountt of available space will likely continueto grow, particularly in the Regencu area in about a one-mile radius from Southside Boulevarc north of Atlantic to State Road 9A. The popularity of that retail market has been declining for several yearsz because of the strength of The Avenues malland St. Johns Town Mundy said.
In the past 12 Linens ’n Things, Circuit City, Toys ’R Us, Babiezs ’R Us, Sofa Express, Sound Advice and a Marshall’s all darkened in stripl centers, while Homeworks Furniture closexd in the Regency Square which is owned by the financialluy struggling malloperator (NYSE: GGP). “The list is prettty long for thetroubled guys,” Mundyu said. “It’s expected that we’re going to see more It’s just hard to say who and The gaping holes causedby big-boxd retailers closing has a big impact on surrounding retailers, said commerciakl broker and Warren & Co. Presidenft Bob Warren.
Some of the impacts are like the fact that dark spacwe reduces the customer draw and that smallerf retailers often rely on the anchors to help support their But some of the impacts areless obvious, like the psychologicakl impact on customers who tend to visit shoppinb centers with large vacancies less frequently. Many landlordx understand the consequences of dark Warren said, and as a resulf are taking unprecedented steps to work with almost in a partnership capacity. owns the Southsidde Square Shopping Center and the center in the Regencyy area where the othefrLinens ’n Things moved out.
Companuy President Toney Sleiman saidthat he’x working on a letter of intentg to lease two of the three empty spaces and is also negotiating with a couplee of users interested in taking both emptt boxes at the Southside Square. “I’ve got my fingeras crossed that we’ve hit bottom,” Sleiman “I’m feeling pretty good about
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