Wednesday, June 24, 2009

MVP Series - Concord, NH Edition #1

What are the Most Valuable Properties in the cities and towns near you?

Just like in Manchester, the property with the highest assessed value in the city of Concord, NH is a shopping center.  The Steeplegate Mall, at 270 Loudon Road in Concord, is assessed at over $83.5 million and paid over $1.7 million in property taxes in 2008, making it the most valuable property in Concord.

Also on the 2008 list of top taxpayers in Concord are Wheelabrator Concord, a trash to energy facility, Unitil, an electric utility, and Capital Region Healthcare, the parent company of Concord Hospital.

Google Map satellite view of Steeplegate Mall Property
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Here are some quick facts about the Steeplegate Mall
> Type: single level enclosed regional center
> Opened in 1990, renovated in 2001
> 470,000 sq ft of gross leasable area
> 80 stores 
> 2,500 parking spaces
> Anchor tenants: The Bon-Ton (& Home Store), JCPenney, Sears, Old Navy
You may recall from my earlier post that the Mall of New Hampshire in Manchester is owned by Simon Properties and was recently able to close on a new mortgage on the property at a pretty attractive interest rate.  The owner of the Steeplegate Mall, General Growth Properties (GGP),  has not been so fortunate.  

In fact, in April of this year, GGP filed the largest real-estate bankruptcy in U.S. history.  It was initially reported that the bankruptcy would not affect the individual properties owned by GGP.  However recently,  some legal maneuvering by GGP surfaced that could result in the cash flows from the Steeplegate Mall being used to help restructure the parent company, rather than keep the property's own debts current.


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