Retail Landlords Sigh in Relief as Leasing Activity Gains Momentum
Author: Elaine Misonzhnik
Publication: Retail Traffic Magazine
Reprint of article by Elaine Misonzhnik, Senior Associate Editor for Retail Traffic Magazine, May 21, 2012.
After several years of concentrating on portfolio consolidation, retailers are coming back to the negotiating table ready to talk new deals, according to leasing brokers, property managers and landlords. What’s more, growth is coming from a variety of sectors, including dining, specialty apparel and department stores, which means that the recovery that up till now has been occurring on a selective basis is starting to become market-wide.
Market Highlight: Maine Retail
Author: Matthew Cardente
Publication: Northeast Real Estate Business
The Southern Maine retail market is rebounding. According to Malone Commercial Broker’s retail survey, Greater Portland’s vacancy rate was at a 10-year high of 10.8 percent in 2009 but dropped down to 6.24 percent in 2011. We are seeing absorption of some empty big boxes, and new retailers are entering Maine’s marketplace.
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Best Western to be built at Auburn's Kittyhawk Park
April 2, 2012 in News
Author: Bob Mentzinger
Publication: Mainebiz
A Best Western hotel and restaurant will rise along the Maine Turnpike in Auburn this spring. The hotel development is part of an eight-lot, 35-acre development at the Kittyhawk Business Park.
The hotel will be owned and operated by Giri Hotel Management. The project is a joint venture of Building Solutions and Hartt Transportation, the Bangor-based trucking company that owns the site. Groundbreaking will happen in late spring or early summer, according to Joe Casalinova, president of Building Solutions, the Oxford-based commercial real estate company that's designing, building and managing the project.
Casalinova said he is working with the Baldacci Group to bring a biotechnology company to the site that would create up to 30 new permanent full-time jobs in addition to the site development work needed. Casalinova described initial negotiations as possibly leading to a build-to-suit project that would be leased back to the biomedical company, which he declined to name.
Giri Hotel Management was founded in 2004. Its Maine hotel properties include a Comfort Inn and the Best Western Plus Civic Center Inn in Augusta, an EconoLodge in Freeport, the Best Western Plus in Waterville and The Parkwood Inn in Brunswick.
January jobs report: Hiring ramps up, unemployment falls
February 3, 2012 in News
Author: Annalyn Censky
Publication: CNN Money
The U.S. economy added 243,000 jobs in January, marking the strongest job growth since April.
By Annalyn Censky @CNNMoney February 3, 2012: 10:27 AM ET
NEW YORK (CNNMoney) -- American employers substantially stepped up their hiring in January, bringing the unemployment rate down for the fifth month in a row. Employers added 243,000 jobs in January, the Labor Department reported Friday, marking a pick-up in hiring from December, when the economy added 203,000 jobs. Meanwhile, the
unemployment rate fell to 8.3%. That is the lowest since February 2009. Hiring was much stronger than expected, and once it was apparent the job gains were broad based across several sectors, economists and investors called it a "nice surprise," "fantastic," and even "a touchdown!"
Stocks climbed at the market open.
Poll: Mainers feel better about economy
February 2, 2012 in Articles
Author: Associated Press
Publication: Portland Press Herald
PORTLAND — A new poll shows Mainers are feeling better about the economy.
The poll released today by Market Decisions of Portland says Maine consumers turned optimistic about the economy in January, with consumer sentiment rising 12 percent from the previous quarter.
