Sofias Plaza Final Powerpoint Subject Site Overview Address: 122 - - PowerPoint PPT Presentation

Sofia’s Plaza Final Powerpoint

Subject Site Overview

Address: 122 Prospect Hill Rd/2 North Rd East Windsor, CT 06088 4 Separate Parcels:

Plaza 1 - Retail Built in: 1981 GLA: 16,290 SF Total Units: 17 Parking Ratio: 7.54/1,000 SF Total Land Area: 4.90 AC Plaza 2 - Retail Built in: 1984 GLA: 36,000 SF Total Units: 12 Parking Ratio: 5.62/1,000 SF Total Land Area: 1.66 AC Plaza 3 - Retail/Flex Built in: 1985 GLA: 45,000 SF Total Units: N/A Parking Ratio: 6.15/1,000 SF Total Land Area: 5.88 AC Friendly’s Built in: 1999 GLA: 3,786 SF Total Units: 1 Parking Ratio: 7.92/1,000 SF Total Land Area: 0.16 AC

Strengths

• ADT is very high around SS due to funneling effect of I-91

○ Good ingress/egress help with bringing drivers into the site

• Plenty of signage
• Diverse tenant mix
• Low vacancy rate

Weaknesses

• Lack of anchor tenants

○

Absence of stores that keep customers at the SS

• Connecticut river creates natural barrier from affluent population to the west
• Signage is plentiful, but has different stores listed on the signs at each

ingress

• Lack of accessible public transportation

Opportunities

• Potential casino being built across the street, will bring more people to the

area

• Can fill vacancies with tenants that can keep customers at SS longer
• Zoning regulations may enable vast redevelopment opportunities to the

property as well as signage; possibly highway signage

Threats:

• Nearby competitors with large anchors will steal away customers, especially

those with similar tenant mix

• Planned construction of casino may not make it through legislation
• Possibility for “Atlantic City Effect” - Most business exists inside the casino,

leaves the surrounding area out to dry

Maps and Aerial Views

Average Daily Traffic

• DOT: ADT

○ North Road ~18,900 ADT ○ Prospect Hill Rd ~9,600 ADT

• High traffic count because commuters

must pass Sofia’s to get to I-91

Linkages

• CT river is less than a mile west of the shopping center, this is a geographic

barrier

• Access from the more affluent west restricted a bit by CT river
• Commuters to East Windsor from surrounding towns make up the majority of

the linkages

Ingress and Egress Ingress and Egress

• 2 Entrances Off of Prospect Hill

Road, no stop lights or crosswalks in vicinity of entrances.

• One Entrance on route 140, not

accessible via stop light and does not have crosswalks

Signage - Prospect Hill Road (Route 5)

Signage - North Road (Route 140)

Signage

Pros

• Signage is very visible to drivers on both Prospect Hill Road (Route 5) and

Bridge St. / North Rd. (Route 140) Cons

• Because shopping center is located on a corner, some tenant signs are

most likely not able to be seen from the busier streets

• Each ingress has different tenants on each sign

Signage Zoning

• Unified retail/service centers with five or more tenants are permitted to have

a single identity sign, not exceeding 60 square feet in area.

• Tenants in a unified retail/service centers can not have freestanding signs
• Unified centers located on corner lots are permitted one additional sign, 32

square feet

• Because this property qualifies to be included in the Highway

Interchangeable Floating Zones, additional signage may be permitted

• Possible signage off the highway (bringing a larger customer base to the center)

Zoning Map

Zoning Map

Zoning

Business 2 Zone (B-2)

• Areas of commercial activity including community retail, business, service,

professional offices, and other automotive dependent uses

• Can host a great number of Retail, Service, and Office uses
• B-2 have tight bulk & area redevelopment guidelines, but because the property

qualifies to be under a Highway Interchangeable Floating Zone there are additional development opportunities available for the site

Zoning

Highway Interchangeable Floating Zones

• Flexible development opportunities for land having high visibility and

access to the major intersections of Route 5 with I-91 at Exit 44, and with Route 140

• Wide variety of development opportunities in this zone are available to

encourage the economic development and fiscal improvement of the community

• For parcels granted the (HIFZ) designation, the bulk and area requirements
• f the underlying zone shall not apply… e.g. height, lot area, ground floor

area requirements

Diverse Group of Companies

Over 35 Companies, ranging from:

• Restaurants
• Laundromats
• Smoke Shops
• Banks
• Attorneys
• Energy Companies
• Bakeries
• Nail Salons
• Insurance Companies
• Retail
• Etc.

Individual Sales in 2015 (Source: Loopnet)

Company Est Local Sales Paraco Gas $30,709,000 Sprint Store $4,816,000 Friendlys $4,100,000 Simply Wireless $3,440,000 Sanditz Travel Management $1,477,000 Dunkin' Donuts $1,413,000 Keylynx Technologies Inc $1,327,000 Great Expressions Dental Ctr $786,000 Smoker's Discount World $665,000 Adecco Staffing $626,000 Tartsinis Law Office LLC $568,000 State Farm $558,000 Dance Kraze Dance Studio $363,000 SUBWAY $346,000 Copy Shoppe $291,000 Polish Delicatessen $277,000 H&R Block $212,000 Curry Family Chiropractic $191,000 Hollyberry $103,000 American Kenpo Karate LLC $66,000

East Windsor Economic Overview

Median Household Income $51,092 $71,346 $57,616 Unemployment Rate 6.2% 4.2% 4.9% High School Graduates 72% 72% 82% Sales Tax 6.35% 6.35% 8.45% (avg) Pop/Sq Mile 432 742 94 Household size 2.44 2.52 2.58 East Windsor Connecticut United States

Demand Side

Market Defining Story

What is the product?

• 4 Separate parcels containing a large store mix. All small in line tenants, no

anchor tenants Who are the customers?

• Tenants: Businesses in need of retail space in a middle class town
• Consumers: More of a blue collar presence than the rest of CT, Middle class

buying power Where are the Customers?

• Commuters coming in and out of town through major roads such as route

140 and North Rd.

• Commuters from East Windsor, South Windsor, Enfield, Windsor Locks

What do Tenants care about in East Windsor?

Location

• Commuter traffic coming to and from I-91 brings a lot of daily traffic

through the area Visibility

• Want customers to see their store as they drive on major roads
• Quality locations for signage

What do Customers care about in East Windsor?

Store Mix

• Gives customers the ability to access multiple types of stores (restaurants,
• ffices and retail)

Ease of access

• Easy parking
• Multiple entrances and exits due to busy area

Affordability

• Stores are reasonable and customers can afford what they are buying

East Windsor Population Statistics

Population

• 2010: 11,162
• 2014: 11,353
• 2020: 12,542

1 mile 3 mile 5 Mile Population near SS: 1,571 26,891 64,230 Households: 642 10,703 25,288 Median HH Income: $67,775 $72,990 $74,746

East Windsor Labor Force

Statistics from Department of Labor as of December 2016

Commuters

Total commuters coming into town = 3854 Total residents commuting out of town = 2831

Area Employment

(Largest employment type per # of employees within 5 miles of center are highlighted in orange)

Top Employers in East Windsor

11 companies in the 100-249 employee range 2 companies in the 250-499 employee range

Employment Map

Almost all of the top employers with over 100 employees in the area fall are in close proximity to subject site

Casino?

Possibility of developing lot across from subject site; approved by town, waiting for state legislature New opportunity could increased traffic and customer base 200,000 SF in total 100,000 SF of gaming 100,000 DF of retail and entertainment 3,000 parking spaces

Subject Site

Retail Sales Per Household

Source: CoStar ( In Thousands)

Stores by Industry

Apparel N/A Entertainment/Hobbies

• Sprint, Simply Wireless, Sanditz Travel Mgmt, Smoker’s

Discount World, Dance Kraze Studio, American Kenpo Karate Food/Alcohol

• Sofia’s Package Store, Friendly’s, Subway, It’s a Grind

Coffee House, Polish Delicatessen Household Maintenance

• Carpet Gallery, Laundromat, Paraco Gas

Transportation N/A Health Care

• Great Expressions Dental, Curry Family Chiropractic

Education

• Copy Shoppe

Housing Breakdown

Housing Breakdown

• There are four apartment complexes within a 6

minute drive of the shopping center ○ One more within 9 minutes

• Rents range from $871-$1,705 per month
• Not practically accessible without a car
• Countryside Apartments and Crossroads of Enfield

do not provide Washer/Dryer on site

Housing Breakdown

• Two hotels within .4

miles of the shopping center

• One more within a 4

minute drive

• Despite being so

close, cars are needed to access the property because there are no crosswalks

Pedestrian Foot Traffic

• Very busy 4-way Intersection
• No sidewalks present on North Rd or

Prospect Hill Rd.

• No crosswalks present at intersection of

N rd and Prospect Hill Rd

• NOT AT ALL a pedestrian friendly area
• Comfort Inn diagonally across the

intersection from shopping centre, walking to shopping center not safe

• ption - would reccomend driving

Comfort Inn C

• Top right: View across intersection

to Comfort Inn

• Bottom right: View from intersection

down Prospect Hill Rd

• Bottom left: View from intersection

down N Rd

Public Transportation

• CT Transit bus stop connecting East Windsor to Hartford, Springfield and

Bradley International airport is a five minute drive from 122 Prospect Hill Rd.

• Not walking distance to shopping center
• Not safe to walk on surrounding roads
• Use of public transportation requires a car be in a commuter lot in order to

provide access to shopping center

Potential Future Public Transportation

• Plan to bring Casino ~500 yards from shopping center
• Potential new bus routes will pop up directly next to shopping center
• Hartford, Springfield, Bradley International Airport
• New sidewalks and crosswalks needed to get people from the casino to

the shopping center.

Sofia’s Plaza Supply Side

Trade Area Overview

• Our shopping center is in the center of 5 apartment complexes (each marked by a black star), several
• f which need to come to our center for the laundromat
• We feel that although the river is a physical boundary to our trade area, the lack of plaza’s to the west
• f the river and the ease of access to our plaza from the west makes the area relevant to our plaza

Competition in the Pipeline

• No retail centers within our trade area are being proposed, under construction
• r going to be renovated
• The only prospective retail competition that we know about is the possibility
• f the Casino if passed by local legislature

Sofia’s Plaza Existing Competition

• 4 Prospect Hill

Plaza

• Geissler’s

Shopping Center

• Dexter’s Plaza

4 Prospect Hill Plaza pl

Location

4 Prospect Hill Rd, East Windsor At intersection of Route 510 and Route 5 4 minutes south of subject site on Route 5

4 Prospect Hill Plaza Overview

16,741 SF Total Sq. ft. GLA, 9 total spots Built in 1990 0% vacancy rate Similar tenant mix to the subject site including

• Pool Table Magic
• Staffmark
• Sky Diner
• Mei-Tzu
• Express Cuts

4 Prospect Hill Plaza Tenants

• Sky Diner
• Mei-Tzu
• City Limits
• Staffmark
• Express Cuts
• Battle Standard LLC
• Pool Table Magic
• Riverview Sales

Sofia’s Plaza Competitors

• Cost Cutters
• Friendly’s
• Jimmy Chen’s Asian Cuisine
• Adecco Staffing
• Crazy 8 Billiards & Bar
• Broad Brook Brewery

Ingress/Egress

• 1 entrance and exit
• At intersection of Prospect

Hill Road and Main St (Route 510)

• Has its own stop light for

those turning in and exiting

Ingress/Egress Route 510

View of 4 Prospect Hill Plaza from Main Street

Signage

South on Prospect Hill Rd North on Prospect Hill Rd

• Overall poor signage, only 1 sign for entire plaza
• Signage not visible from Route 510, only Prospect Hill Rd

Traffic

• 4 Prospect Hill Plaza

○ 4 Prospect Hill Rd ADT: 17,400 ○ Main St (Route 510) ADT: 3,300

• Sophia’s Plaza

○ 2 North Rd. ADT: 17,100 ○ 122 Prospect Hill Rd. ADT: 9,600 4 Prospect Hill Plaza Sofia’s Plaza

Parking

• 154 free parking spaces
• 9.2 per 1,000 sq. ft. parking

ratio

• A lot of land to possibly build
• nto the site
• Parking lot is completely

isolated from other centers

4 Prospect Hill Plaza Advantages

Parking

• Much higher ratio than Sophia’s plaza
• Possibility to use parking to build up

the center, create more competition Retail Tenant

• Has City Limits clothes retailer
• One suggestion for Subject Site

Location

• Located near many corporate buildings and living communities
• For many purposes, will prevent drivers from driving up the road

4 Prospect Hill Plaza Disadvantages

Signage

• Sofia’s Plaza has several more signs than 4 Prospect Hill Plaza

Ingress/Egress

• Sofia’s Plaza has multiple easy entrances and exits on Route 5 and 140, only one

for Prospect Hill Plaza Store Mix

• Prospect Hill Plaza is much smaller and thus not able to provide a store mix as

large as Sofia’s Plaza ADT

• Higher at Sofia’s Plaza

Geissler's Shopping Center

Geissler’s shopping Center Location

• 74 Bridge Street, East Windsor, CT, 06088
• Intersection of Bridge Street and N Main Street
• North Road Street becomes Bridge Street
• On the same road as Sofia's Plaza

Map

Geissler’s Shopping Center Sofia’s Plaza

Aerial View

Geissler's Shopping Center General Info

Built in: 1954 / Renovated in: 1996 GLA: 57,356 SF Total Units: 11 Occupancy: 100% Leased Parking Ratio: 6.01/1,000 SF…349 free Surface Spaces Total Land Area: 7.71 AC

Traffic

• 74-100 Bridge Street

(Geissler’s Shopping Center)

○ ADT: 10,300

• Sophia’s Plaza

○ 2 North Rd. ADT: 17,100 ○ 122 Prospect Hill Rd. ADT: 9,600 Geissler’s Shopping Center Sofia’s Plaza

Geissler's Tenant Mix

• Geissler’s Supermarket
• Rite Aid Pharmacy
• United States Postal Service
• Classic Styles Hair Care
• Nationwide Insurance
• Glamorous Nail & Spa
• Nifty Laundromat
• East Windsor Star Hardware
• Kaman’s Fine Wine and Liquors
• Santander Bank
• Swede’s Jewelers

Anchor Tenants

Ingress/Egress

• 2 entrances on Bridge Street
• Very easy access into shopping

center

• 1 entrance on N main Street
• Easily accessible/visible from

Maine Fish Market and Restaurant

• Sidewalks present

Signage

• Overall very poor signage
• One small Rite Aid Pharmacy sign in parking lot, no other signs
• Anchor tenants have very large store names, easily visible from street
• Small, not easily visible signs from non anchor tenant stores

Signage (cont’d)

Advantages over Sofia's Plaza

• Clear anchor tenants
• Geissler’s, Rite Aid Pharmacy, United States Postal Service
• Better Ingress/Egress than Sofia’s Plaza
• Church, Bank of America, Maine Fish Market and Restaurant all across street
• Potential to draw people to the Plaza

Disadvantages to Sofia’s Plaza

• Poor Signage on the street
• ADT is much higher at Sophia’s

Dexter’s Plaza

Dexter’s Plaza

Location:

• 18-20 Main St Windsor Locks, CT (4 min drive from SS)
• Easy Access to Rt 140 and Main St

○ Main St ADT: 12,000

• Serves Windsor Locks, East Windsor, and other surrounding towns

Over 250 parking spots

Dexter’s Plaza

• 77,182 SF Shopping Center
• Vacancies: 11,675 SF available (4 Spaces)

○ 3,840 SF ○ 2,560 SF ○ 3,400 SF ○ 1,875 SF

• 84.87% Leased, 15.13% Vacant (Sofia’s has 8% vacancy)
• Anchor Tenants: Ocean State Job Lot, Family Dollar

Traffic

• 18-20 Main St (Dexter’s

Plaza)

○ ADT: 13,200

• Sophia’s Plaza

○ 2 North Rd. ADT: 17,100 ○ 122 Prospect Hill Rd. ADT: 9,600 Dexter’s Plaza Sofia’s Plaza

Signage - Dexters Plaza

Signage Sofia’s Plaza- (Route 5)

Signage Sofia’s Plaza -Route 140

Comparison to Subject Site

• Distance to Sofia’s Plaza - 1.4 Miles, 4 Minute Drive
• Both a few minutes off I-91
• Separated by Connecticut river

Advantages of Sofia’s

• Much larger plaza with 20+ more stores than Dexter’s
• Has variety of entrances
• More service based tenants
• Lower vacancy rate (8% vs 15%)
• Higher ADT then Dexter’s

Advantage of Dexter’s Plaza

• Much better signage
• Different set of stores that Sofia’s does not offer (clothing, furniture, vehicle

maintenance, tattoo services)

• Anchor tenants

Overall Effects on Sofia’s Plaza

• Obvious Concerns:

○ No strong anchor tenants in SS ○ No stores that keep people in SS plaza

• Dexter’s Plaza more convenient for consumers to the west of the Connecticut

River

• Tenant Mix

○ Lack of grocery store, retail center or other large anchor tenant sends customers to competing centers

• Foot Traffic:

○ Dexter’s Plaza benefits from the area around it having sidewalks, whereas Sofia’s does not

• Geissler’s draws the grocery store crowd away from Sofia’s Plaza
• 4 Prospect Plaza is located near a large residential area, taking customers

away from Sofia’s Plaza

• ADT better at SS then at all competitor properties

New Tenant Criteria

• We think Sofia’s would benefit

from having another large tenant

• Our ideal tenant would:

○ Serve as a destination to keep customers at the property for longer periods of time ○ Fill a missing niche to the area

• Independent Retailer: Marshalls
• Existing Apparel Retailers in the area is sparse, only

direct competition would be The Burlington Coat Factory, which is in a negative location compared to

• ur shopping center
• An 'off-price' retail chain like Marshalls would

support the demographics of East Windsor catering well to the lower than average HH income of East Windsor

• People going to Sofia’s Plaza to shop for clothing

might be apt to stop at the various service based tenants located at our property

Specific Tenant Choices

Marshalls vs. Burlington Coat Factory

Advantages

• Higher-end designer clothing at discounted prices (More

recognizable brands)

• Popular HomeGoods department
• Marshalls has an S&P credit rating of an A+, while

Burlington Coat Factory has been rated as a B Disadvantages

• Marshalls doesn’t have a website (lack of ecommerce

business)

How we would position a retailer on our site

Most of our vacancy is within the retail/flex building as scene below. We could reposition this property to host the Marshalls in addition to the billiards bar and

• ther successful tenants, while phazing less successful flex tenants out.
• Marshalls has an average floor

plate around 30,000 sq ft.

• We would need to renovate the

property to host either one of these retailers, but believe it would be feasible considering our zoning codes.

Works Cited

https://www.rosenbergre.com/dexter-plaza http://property.costar.com https://www.google.com/maps/ http://www.ct.gov/dot/site/default.asp http://www.eastwindsor-ct.gov/public_documents/ewindsorct_assessor/Demographics%202016.pdf http://www.bestplaces.net/city/connecticut/east_windsor http://ctmirror.org/2015/05/11/5-things-you-need-to-know-about-the-connecticut-sales-tax/

Works Cited

https://www.google.com/maps/@41.8066873,-72.2617887,14z http://www.eastwindsor-ct.gov/Public_Documents/EWindsorCT_Planning/index http://www.icsc.org/uploads/research/general/US_CENTER_CLASSIFICATION.pdf https://www.census.gov/quickfacts/ http://property.costar.com/ https://www.bls.gov/oes/current/oes_ct.htm http://www.eastwindsor-ct.gov/public_documents/ewindsorct_assessor/Demographics%202016.pdf