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I know that Trader Joe's will only open a store if the rent is reasonable. Afew years ago I heard a customer complain to the manager in the Plainview branch that he wanted one in Great Neck rather than traveling a half hour. The manager explained that TJ's likes the LI market, but cannot pay the rent that most landlords are charging, or they would have to pass the cost on to the customers, which they are not willing to do.
As someone who works in the real estate world I had to set a few things straight.
$9.75 is the cost for the NNN which is just the price of the taxes, maintenance and insurance which tenants traditionally pay in shopping centers.
$9.75 per square foot for a 30,000 sf. store is $292,500 that any tenant would have to pay just in taxes, maintenance and insurance to fill the 30k sf. box.
In addition that that the tenant would pay a base rent. I don't know what the owner is asking but it is probably in the mid-teens range. Say its $15 per square foot. That means the new tenants rent would be $15x30,000 = $450k + $292,500 for the NNN's or roughly $750k.
That is not an obscene amount of money for a supermarket.
Also Trader Joe's only takes about 15,000 square feet. They would not do a 30,000 sf. store. The store is probably too deep to make sense to split up to do a Trader Joe's and/or another junior anchor tenant.
Your best bet would be to fill it with another grocer for that size like an Uncle Giuseppes or Best Yet.
Hello All...new here. I am happy to report a brand new market has signed in to the old Waldbaums in East Islip. I am sure it will be well into 2014 before it is opened, but I know the owner/operators.
They intend to build a gorgeous new market with an emphasis on prepared foods, huge deli and catering, great meats and fresh produce. Also on tap is a large variety of organics, and a big "gluten free" section, along with your typical "conventional grocery" items. I AM VERY EXCITED! WE NEED THIS IN OUR COMMUNITY DESPERATELY!
I will try and keep everyone updated as I get more information!
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