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Old 07-18-2017, 10:57 AM
 
224 posts, read 164,248 times
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My guess is that Class rating has no consideration of location...seems like a false comparison for Montgomery Mall to be an A grade mall, but MPG an A grade mall. Even A+ to A. They seem like they need more separation on the scale. Similar to Tysons, Springfield, Pentagon City, etc.
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Old 07-18-2017, 11:20 AM
 
Location: It's in the name!
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Quote:
Originally Posted by DoughLow805 View Post
My guess is that Class rating has no consideration of location...seems like a false comparison for Montgomery Mall to be an A grade mall, but MPG an A grade mall. Even A+ to A. They seem like they need more separation on the scale. Similar to Tysons, Springfield, Pentagon City, etc.
Why would it be a false comparison? If you're an investor and a mall is making $500+ per sqft and is stabilized at that level, would you care where it is located? Money is money no matter where it's made. MPG has 98% occupancy. I know most mall owners would dream of such high occupancy. And not all of MPG retail is discount retail or low quality like Beltway Plaza or Iverson Mall.

I think you may be referring to more of a real-estate value which encompasses local demographics and property values than pure retail classification.

There was disbelief about Whole Foods locating in Riverdale Park. There's a 4-star hotel opening in COllege Park, the city of dive motels. These are Class A retail projects that are located in moderate income locations.

I mean what's the point in classifying a mall A++++ or A++? I don't think it needs to be that complicated.
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Old 07-18-2017, 04:45 PM
 
224 posts, read 164,248 times
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Quote:
Originally Posted by adelphi_sky View Post
Why would it be a false comparison? If you're an investor and a mall is making $500+ per sqft and is stabilized at that level, would you care where it is located? Money is money no matter where it's made. MPG has 98% occupancy. I know most mall owners would dream of such high occupancy. And not all of MPG retail is discount retail or low quality like Beltway Plaza or Iverson Mall.

I think you may be referring to more of a real-estate value which encompasses local demographics and property values than pure retail classification.

There was disbelief about Whole Foods locating in Riverdale Park. There's a 4-star hotel opening in COllege Park, the city of dive motels. These are Class A retail projects that are located in moderate income locations.

I mean what's the point in classifying a mall A++++ or A++? I don't think it needs to be that complicated.
I think that all has to come into play right? I might not understand retail classification, but I do know that if the metric is just $/sqft it's not a very solid metric. It has very little consideration for profit. Profit is profit, but rent doesn't provide the same % profit in every location.

Then it's also a nice advantage for MPG to cap the scale at A+, but to malls like Tyson's or Pentagon City this is a disservice. We're talking about multiple times the number of stores, vertical expansion, and weathier clientele. Increments of $75-$125 to move up a grade and they are likely making multiple more grades up in additional $/sqft. Using your scale as what's considered to be realistic and knowing they want $500/mo out of MPG, would anybody be surprised if Tyson's or Pentagon City got $1000/sqft?

Trust me, my house is within a mile of all of this development so I'm hoping everything breaks right for the area, but we aren't fooling anybody here by making MPG A class and Pentagon City A or A+ class...it's a laughable comparison.
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Old 07-18-2017, 07:03 PM
 
Location: It's in the name!
5,586 posts, read 6,368,524 times
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Quote:
Originally Posted by DoughLow805 View Post
I think that all has to come into play right? I might not understand retail classification, but I do know that if the metric is just $/sqft it's not a very solid metric. It has very little consideration for profit. Profit is profit, but rent doesn't provide the same % profit in every location.

Then it's also a nice advantage for MPG to cap the scale at A+, but to malls like Tyson's or Pentagon City this is a disservice. We're talking about multiple times the number of stores, vertical expansion, and weathier clientele. Increments of $75-$125 to move up a grade and they are likely making multiple more grades up in additional $/sqft. Using your scale as what's considered to be realistic and knowing they want $500/mo out of MPG, would anybody be surprised if Tyson's or Pentagon City got $1000/sqft?

Trust me, my house is within a mile of all of this development so I'm hoping everything breaks right for the area, but we aren't fooling anybody here by making MPG A class and Pentagon City A or A+ class...it's a laughable comparison.
I get what you're saying. And perhaps there is the classification of luxury, high-end, upscale, and premium in regards to retail. BUt I don't think Tyson's Galleria is concerned with being classified as a Class A mall. When investors look at malls, I'm pretty sure they look at location too. And they would guess that Tyson's Galleria should be pulling in at least $800/sqft even as a Class A mall. As well they should as the property values in that area suggest the high spending power of the residents.

IN contrast, the property values and similarily the commercial property taxes in Hyattsville would be much lower. Which would translate to lower spending power and thus even though MPG is CLass A, it is understood that the market area can only support $500/sqft. Which is still in the Class A category.

But again, I guess one could use this scale:

Class A
1. Luxury (Tyson's Galleria)
2. High End (Tyson's Corner Center)
3. Premium (Montgomery Mall)
4. Market (Springfeild TOwn Center)

How would you then classify Class B?

Class B
1. Market (MPG)
2. Discount (Iverson Mall)
3. Low-end (Beltway Plaza)


Class C
1. Discount
2. Low-End
3. A hot mess

and so on.
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Old 07-18-2017, 10:13 PM
 
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Went to Pizza Paradaiso. There was a good crowd but it was more expensive than I expected. Mainly bc I am used to the cheap pizza places in College Park. This place was way more high end. It's a good get for the neighborhood. The location is just a bit weird to me.
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Old 07-19-2017, 07:43 AM
 
224 posts, read 164,248 times
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Originally Posted by lookingbutnotlost View Post
Went to Pizza Paradaiso. There was a good crowd but it was more expensive than I expected. Mainly bc I am used to the cheap pizza places in College Park. This place was way more high end. It's a good get for the neighborhood. The location is just a bit weird to me.
I went on opening day...I agree it's a good get. It's an awkward space for sure, but I won't complain about it bc I'm happy to have it.

My son also has been going to Art Works Toddler Time every week, it's been great.

Although it belongs in another thread, College Park has added another cheap pizza spot for you that opened last week. Lotsa.
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Old 07-19-2017, 08:01 AM
 
Location: It's in the name!
5,586 posts, read 6,368,524 times
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Quote:
Originally Posted by lookingbutnotlost View Post
Went to Pizza Paradaiso. There was a good crowd but it was more expensive than I expected. Mainly bc I am used to the cheap pizza places in College Park. This place was way more high end. It's a good get for the neighborhood. The location is just a bit weird to me.
I think it fits perfectly with the quirkiness of Arts District Hyattsville. It adds character to the neighborhood. It's like a secret watering hole for the locals because the building from the road looks unassuming. I think some of the most loved places in this country can be found in alleys, side streets, warehouse districts, and other nooks off the beaten path.

The prices are what they are. THis is not some average pizza joint. The owner goes out of her way to acquire beers not normally sold in your local store. Also, her pizzas are more artisan than run of the mill. People pay extra for that experience.
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Old 07-19-2017, 08:06 AM
 
Location: It's in the name!
5,586 posts, read 6,368,524 times
Reputation: 2164
Quote:
Originally Posted by DoughLow805 View Post
I went on opening day...I agree it's a good get. It's an awkward space for sure, but I won't complain about it bc I'm happy to have it.

My son also has been going to Art Works Toddler Time every week, it's been great.

Although it belongs in another thread, College Park has added another cheap pizza spot for you that opened last week. Lotsa.
Kids under 5 eat free on certain days at Lotsa. That won my wife over.
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Old 07-19-2017, 08:19 AM
 
517 posts, read 388,421 times
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Quote:
Originally Posted by DoughLow805 View Post
I went on opening day...I agree it's a good get. It's an awkward space for sure, but I won't complain about it bc I'm happy to have it.

My son also has been going to Art Works Toddler Time every week, it's been great.

Although it belongs in another thread, College Park has added another cheap pizza spot for you that opened last week. Lotsa.
Yeah I read about that one. I will stick to Blaze. I wonder how PP will do since it's not very metro accessible but it is bus accessible. My DH did enjoy their beer selection. Now I have to try to go to the beer place in Riverdale, Park.
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Old 07-19-2017, 08:54 AM
 
224 posts, read 164,248 times
Reputation: 62
Quote:
Originally Posted by lookingbutnotlost View Post
Yeah I read about that one. I will stick to Blaze. I wonder how PP will do since it's not very metro accessible but it is bus accessible. My DH did enjoy their beer selection. Now I have to try to go to the beer place in Riverdale, Park.
Oh the Town Center beer garden is one of my favorite places in the area...it is exactly what Adelphi described to me...very neighborhood, almost back alley place...I love the entire area of the town center.
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