Hamden Plaza | Hamden, Connecticut
Hamden Plaza in Hamden, Connecticut is a 257,000 square foot shopping center that in 1995 was afflicted with 40 percent vacancy, two out of four anchor tenants vacant and another threatening to leave.
The shopping center was originally constructed in 1955 and the physical plant was suffering from ten years of deferred maintenance.
With three years of hard work, the center is now 96 percent occupied with a new Shaw’s Supermarket open and operating. Concordia Realty not only leased the vacant space but also, replaced 45 percent of the existing tenants including the out parcel tenant and relocated five tenants. New tenants include Chili’s, Petco, Joey’s Shopping Spree, Dot’s, Sally Beauty, Panera, Starbucks, GNC, and Shaw’s Supermarket.
Additionally, the center has a new facade, electrical & lighting upgrades, new parking lot with landscaping upgrades, and ninety percent of its roofs replaced. In order to facilitate this work, Concordia Realty was able to combine standard financing from a life insurance company and a unique loan obtained from the supermarket anchor tenant for tenant relocations and related site work. The supermarket guaranteed a twenty year lease and then turned around and provided financing to the partnership!
Concordia Realty relocated or terminated nine tenants within the shopping center then demolished 25 percent of the gross leasable area in order to build the 65,000 square foot Shaw’s Supermarket.
Concordia Realty then added 14,550 square feet of leasable area in the next phase of redevelopment by completing the replacement of a gas station with a 5200 square foot out parcel leased to Starbucks, Sprint and Dry Cleaning Station. In addition, Panera Bread and Strawberries will anchor another 9,350 square foot expansion to the existing in-line stores at an end cap next to a Petco.
The shopping center is currently 99 percent leased and Concordia Realty is investigating the addition of an Automatic Teller Machine out-parcel to fully develop the shopping center. All of the work was completed with no additional equity from the partnership. The shopping center that was once an eyesore and embarrassment to the community is now a beautiful, thriving retail environment.