Fleming Companies Inc. is selling off dozens of ABCO Foods locations throughout the Valley, and Kroger is expected to close a number of Fry's Food stores in the coming year. Kroger completed its purchase of Smith's, Smitty's and Fry's last year and plans to close duplication locations and smaller stores, which will result in large vacancies in about a dozen grocery-store-anchored retail centers in 2001.
"You are going to see a lot of unique ways to utilize older retail and some it won't be retail when it gets done," Butterworth says.
Even with the glut of space expected to hit the market next year, Butterworth believes that the vacancy rate might only drift up slightly. Most of the new space being built now, some six million sf, is significantly pre-leased and will have little available space to offer.
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