Thursday, June 11, 2009

MVP Series - Manchester, NH Edition #1

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

According to the City of Manchester, NH's 2008 Comprehensive Annual Financial Report, The Mall of New Hampshire, a regional shopping center at 1500 S. Willow Street, is the most valuable property in Manchester.  

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Here are some quick facts about the Mall of New Hampshire:
  • 811,000 total square feet of retail space
  • Stores include Macy's, JCPenney, Sears, Best Buy, Old Navy, A.C. Moore
  • 125 retail stores, 4 full service restaurants (including Bertucci's) and a 550 seat food court
  • Assessed at $155 million with annual property taxes over $2.5 million
  • Built in 1977 with a major expansion in 1999
  • Managed and 49.1% owned by Simon Property Group which recently secured $136.7m in financing at 6.23% on the property

According to demographics information supplied by Simon Properties, over one quarter of the NH population lives within 30 miles of the mall.  That's around 320,000 people or 120,000 households that may shop at this mall.

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Details on total employment at the mall were tough to find, but with 4 anchors, 4 restaurants, and 125 stores, it's a safe bet that several hundred people, perhaps even a thousand, work at this shopping center.  That would make the Mall of New Hampshire a major source of jobs in the region.

In case you haven't heard of Simon Property Group, they're the largest mall REIT in the country, with 336 shopping centers nationwide, and around 20 just in New England.  They also own the Mall at Rockingham Park, the Pheasant Lane Mall, and the Kittery Premium Outlets.

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