Conshohocken, PA-based Fameco Real Estate secured the leases. But pre-leasing the center is just one of several transactions Fameco negotiated in paving the way for Southampton Village.
The site of the center was occupied by a 40,000-sf Brunswick bowling alley that was bursting at the seams. Next to it was a vacant, 60,000-sf former Hechinger's store in a building owned jointly by Highland and Pineville. Hechinger's, a home improvement store chain, went out of business in 1999.
Jon Kushner, a Fameco senior partner, tells GlobeSt.com his company's involvement began when it represented Lake Forest, IL-based Brunswick in negotiating a lease for the former Hechinger's store. Brunswick was looking to expand to a new concept, dubbed Brunswick Zone. Before doing so, however, it had to sell its existing facility here.
Fameco negotiated the sale of that property to Pineville and Highland. The partnership acquired the land, demolished the old bowling alley and hired Fameco to market the proposed Southampton Village.
Terms of these various negotiations are undisclosed. On condition of anonymity, however, a broker familiar with components of these transactions tells GlobeSt.com the old bowling alley parcel probably sold for between $1.3 million and $1.5 million. The Brunswick lease in the former Hechinger's, he speculates, is between $6 per sf and $8 per sf, net.
As for the rental rates at Southampton Village, the brokers says rates for the larger, anchor units are probably about $25 per sf, while rates for the smaller units probably commanded an additional $10 per sf, or are renting for about $35 per sf.
The tenants include Starbucks, Pier One, Panera Bread, T-Mobile, Electronics Boutique, Great Clips, Sleepy's, Hair Color Express, and a Pennsylvania State Liquor Store.
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