The office of Prudential Douglas Elliman Real Estate has been tapped to fill the many vacant stores at the Waldbaum’s shopping center at Long Beach Plaza on East Park Avenue.
While some might look at the center as indicative of the commercial vacancy landscape in the city, brokers at Prudential Douglas said Long Beach is not nearly as bleak compared to some surrounding communities.
Waldbaum’s A&P, the landlord at Long Beach Plaza, made Prudential Douglas the exclusive listing agent about six months ago, according to Bob Stark, the contact broker for the center. Stark indicated that in today’s real estate climate, Waldbaum’s A&P has had to compromise on its asking price in order to draw serious interest from prospective renters.
“The rent has been reduced first from $27.50 per square foot, to $25 per square foot,” Stark said. “Now this week, we just got approval to lower it to $24 per square. We are trying to be very competitive.”
Starks said the agency is negotiating with one local and one national outfit to fill some of the vacancies, but he who declined to comment on the specific businesses or spaces, which range in size from 950 to 3,500 square feet.
The reduced price-per-square creates a range in rent from $22,000 to $84,000 per month, not including taxes and common area maintenance fees.According to Joe Ponte, another broker at Prudential Douglas, these fixed prices and the price-per-square range can present a stumbling block to mom and pop retailers.
“Most shopping centers have more restrictions than independent stores,” Ponte said. “Sometimes a mom and pop doesn’t meet the criteria. [Renting in a center] requires more security, greater insurance for underwriters, and maintenance of the shopping mall. Whereas in an independent store you usually shovel your own space.”
Ponte noted that due to these restrictions, developers often target national franchises to fill the space. And Stark did reveal that the agency is trying to lure franchises such as Denny’s, IHOP, Friendly’s, or Panera Bread, especially considering the center can accommodate parking for those businesses.
One critic of the shopping center, resident Richard Boodman, said the area is somewhat blighted by loiterers who create the appearance of an unsafe place to shop.
“There’s a lot of low-lifes there,” Boodman said. “You got drunks, you got gamblers. It should be the Times Square of Long Beach, but it’s a matter of people not being comfortable shopping because they’re concerned about their safety.”
A spokesperson for the Long Beach Police Department said they haven’t gotten any recent complaints from residents about the center, and Stark said the area has been spruced up a bit, including a new paving and stripe job in the parking lot and increased security.
Ponte points to the coming months as a time of hope for the center to rejuvenate, stating that April is often a buzzing time to rent.
“Some people who were thinking about opening a store, come March or April, they’ll say ‘I’m gonna go with the business in April, because we got the whole summer,” Ponte said. “I’ve been doing Long Beach real estate since 1971. It’s another cycle, just like the housing market.”
Stark said the agency is open to offers from retailers of all sizes, and will entertain suggestions and leads from the community.
When King Kullen opens and the Waldbaums shopping center is still considered undesirable by many shoppers and potential store renters, then it will empty out and the City and County will take over with Social service agencies and rehab centers that cater to the very people who scare away the shoppers now.
Prediction: last stores to pull the plug liquor store, chase, social security, waldgreens.
Just think.of all the cushy govt jobs that our politicians can then give away to their friends and family. Jimmy and Margaret will have a field day on Patch lodging their complaints. In the meantime....shop there and keep the stores in business.
In the meantime, the Waldbaum's shopping center looks and feels unkempt.....it needs a shower and good scrubbing...better lighting and consistent police presence would also help. Again.....here is another opportunity for 'US' to be creative. Let's get to work!!!
This is incorrect. Commercial real estate rents are expressed in a price per square foot per year. So the vacent Waldbaums' stores would rent for $22,000 to $84,000 per year, not per month.
You should write to the Patch reporter and demand a correction.
This is what happens when people's unwarranted fears take over their common senses. Im glad you pointed out the error.
Lloyd, people are not afraid, they just find it an unpleasant experience and have voted with their feet... they don't frequent the place, businesses fail. You are welcome to go as much as you want and will not be criticized for it, but don't suggest others should frequent that shopping center until it has what they want and is cleansed of what they don't want. Shame the landlord hasn't seen fit to improve it in many ways, because the result is a new King Kullen over the bridge. Many already travel into Oceanside to shop as our Waldbaums doesn't read their market well... the King Kullen may put the Waldbaum's center out of its misery.
being a good rental agent in the commercial area, has little to do with sales. Two different specialties, being skilled at one does not mean you are good at the other. The avg prudential agent earns $23,000 per year. not everyone is a top agent. King Kullen will put the final nail in waldbaums coffin. Are less than 50% of the stores now occupied ? That is attractive .....
That's $4,200 per day. You're kidding, right?
I may not be an expert on real estate rentals, but I am an expert on Chinese take out, and I know that theres no way they could sell enough egg rolls and fried rice to cover an $84,000 aa mo nth rent bill.
See my post way before that on Jan 27 at 10:14 AM. I caught that mistake right away and questioned its validity. I may not be an expert on real estate rentals, but I am an expert on Chinese take out, and I know that theres no way they could sell enough egg rolls and fried rice to cover an $84,000 a month rent bill.
I'd be there every night.
Meagain, repeating again, if Stark is so good, how come he has more empty stores to rent now, than he had one year ago if his sales pitch is so good ? The results don't bear out what you are saying about Stark/Prudential.