Situation

Originally known as Newington Mall, this regional center was de-malled in 1995 into a power center where it struggled to attract high volume, destination tenants with national recognition.

By 2000 Barnes & Noble, Old Navy and Best Buy had opened, but the service-oriented image of the center continued to effect sales which were averaging just $224 per s.f.

The mall’s prime location near major highways servicing the New Hampshire coast, Maine and the Boston area should have generated improved performance, particularly during the tourist season; however, by 2004, Decathlon, the center’s sporting goods store, had closed, and sales at the center remained mediocre.

Initiatives

Develop a plan to convert the center’s image to a regional lifestyle center by increasing the offerings of unique or upscale goods and services.

Target a potential sporting goods retailer that fits the outdoor lifestyle of the New England consumer to fill the void left by the bankruptcy of Decathlon.

Continue to improve the tenant mix and tenant productivity by replacing nonperforming anchor and pad sites.

Results

Filled the sporting goods void by securing Dick’s Sporting Goods, which opened one of its first New England locations in October 2004; expanded the center to accommodate its larger footprint.

Added Kohl’s, Staples, Jared’s and Longhorn Steakhouse which have successfully served to shift the property’s image to a lifestyle center.

Implementing an expansion of Regal Cinemas to 57,000 s.f.; the larger 15-screen stadium-seating theatre will better utilize the existing site plan while maintaining a 5.0 parking ratio.

NOI has grown by 40%, and sales productivity has increased to approximately $300 per s.f.

The $8.5 million redevelopment to be completed in 2006 will increase market value by $26 million.