I got a call back from Ron Cibotti, Director of Leasing, for F. X. Messina Enterprises yesterday morning and he updated me on Stockwell Drive. He was forthcoming in our conversation and recognized that there are issues in leasing the vacant space. We talked about overall market conditions and how they relate to the vacant retail space owned by F. X. Messina.
This post is an update on Wednesday’s post entitled “Disconcerting Retail Vacancies Along Stockwell Drive“.
Michael’s is a good example of some of the issues along Stockwell Drive. Michael’s has recently relocated from 15 Stockwell Drive, Avon to 1360 Park Street, Stoughton. Ron talked about the differences between the Town of Avon and the Town of Stoughton tax rates for commercial and industrial property being one factor in Michael’s relocation.
Here are the residential, commercial and industrial tax rates for Avon, Brockton, Randolph and Stoughton…
2017 Tax Rates
You will notice that Avon’s commercial tax rate is almost 23.75% higher than Stoughton’s commercial tax rate which makes Michael’s new landlord, RK Centers, able to be more competitive in attracting new retail tenants.
F. X. Messina charges about $18 to $20 per square foot, according to Ron, which seems competitive.
Ron acknowledged that more competition in the form of new retail centers, like the new University Station in Westwood, are pulling shoppers away from Stockwell Drive. F. X. Messina is in the process of improving the façade between Christmas Tree Shops and New Balance to make it more attractive for new tenants and, ultimately, shoppers. We’ll see how it goes…
The bankruptcy of Golfsmith International Holdings, Inc., the parent company of Golf Town, was admittedly a big hit for F. X. Messina because F. X. Messina invested heavily in Golf Town. Newbury Comics, another former tenant, was forced to close its location along Stockwell Drive due to decreased demand for CDs and its founder wrote about the company’s future in a note on Facebook entitled “Newbury Comics – No Future?! by CEO/Co-founder Mike Dreese“.
There is a new tenant located at 75 Stockwell Drive, called Altitude Trampoline Park, and it will be opening soon.
What are your thoughts?