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Demand for space in shopping centers and other types of retail buildings boosted 2013 to the best year for retail real estate in the Albuquerque metro area since the 2000s, according to the latest Retail Marketview report from commercial real estate services firm CBRE.

The vacancy rate for the broad retail market dropped from 11.5 percent at the end of 2012 to 11.1 percent at the end of last year, despite 2013 ending with the closing of a 84,000-square-foot Kmart store and another roughly 100,000 square feet going empty from seasonal store closings.

Strong space demand led the market to an annual net absorption of 378,330 square feet (of retail space), which is the highest since 2007, the CBRE report says. Construction completions exceeded 300,000 square feet, which is the highest since 2009.

For comparison, the average retail vacancy rate nationwide was 12 percent in the fourth quarter of 2013, according to CBRE Econometric Advisors.

Locally, more than a third of last years gross retail activity was concentrated in the Uptown submarket off the Louisiana NE and Interstate 40 interchange. The free-standing 155,481-square-foot Target store opened in 2013, as did Gordmans and Dicks Sporting Goods stores at Coronado Mall.

While retail real estate is continuing to recover, it does not appear to be generating much in the way of jobs, according to state labor data. The metros retail employment sector gained 100 jobs year over year as of December but at 41,800 workers, retail employment was still 11 percent below the peak of 47,000 jobs in December 2007.

From a bricks-and-mortar perspective, the retail market is expected to continue to improve in 2014 as national retail chains expand their existing presence or enter the metro.

Redevelopments of older centers will house new anchor tenants and the activity level is expected to remain steady, creating downward pressures on vacancy rates, the CBRE report says.

Asking lease rates varied at the end of 2013 from $8.50 a square foot to $29.50 a square foot, depending on the type and quality of the retail property, CBRE reports. The range was tighter at both the low and high ends compared to the end of 2012.

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ABQ retail market did well in 2013

BANGOR, Maine A Bangor commercial real estate developer hopes to build a restaurant and retail space near Bangor Mall Cinemas 10.

Carol Epstein, a partner in ERG Realty, LLC, which owns the property including the theater and its surrounding land, said Tuesday that ERG wants to build a 2,200-square-foot restaurant space and a 6,000-square-foot retail building in an underused parking lot near the theater.

What businesses would move in remains to be seen.

Weve had a lot of interest, Epstein said in a phone interview. We havent even announced the project or done a lot of marketing on it yet.

She declined to say who the interested companies were.

The pair of buildings would be built between Stillwater Avenue and the movie theater, according to Epstein. The projected cost of the construction project wasnt immediately available, she said.

The area has seen a boom in growth in recent years, with new businesses from Buffalo Wild Wings and Hobby Lobby to Sweet Frog and Kobe hibachi grill popping up in nearby developments.

Theres a real strength in the retail market again, which we havent seen since before the Recession, Epstein said.

The ERG-proposed buildings would be built near Stillwater on an underused parking lot extension for the cinema.

In an ideal world, Epstein said, construction should begin in May and wrap up in October or November, making way for the tenants. Epstein Commercial Real Estate will be the brokerage for the new development.

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More new retail, restaurant space proposed on Stillwater Avenue

Article updated: 2/19/2014 5:34 AM

Lisle has approved a letter of intent with Naperville-based Marquette Companies for the sale and development of the old village hall site at Main Street and Burlington Avenue in downtown. The property has been vacant since 2003.

Mark Black | Staff Photographer

More than a decade after Lisle demolished its old village hall, officials are hoping to sell the downtown property to a company that would construct a mix of apartments and retail space.

Village board members this week approved a "letter of intent" with Naperville-based Marquette Companies for the sale and development of the former village hall site at Main Street and Burlington Avenue. The village-owned property has been vacant since the previous municipal building was razed in 2003.

Lisle Mayor Joe Broda said the proposed development could help rejuvenate downtown.

"I want to see people downtown and I want to see businesses come to the downtown area," Broda said.

Village officials say the letter of intent isn't a binding agreement. Instead, it sets the parameters in which Marquette and Lisle will work to complete a formal redevelopment agreement.

Marquette, which is developing the Water Street District in downtown Naperville, became interested in the Lisle site because it's a downtown location near the train station.

"It (Lisle) has a charming downtown," said Jeff Prosapio, Marquette's director of development. "We think the development of this site will add to it, enhance it and help it grow to its natural vibrancy."

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Developer has plans for vacant downtown Lisle site

Amber Alert canceled for Orange Co. girl Amber Alert canceled for Orange Co. girl

Updated: Wednesday, February 19 2014 1:03 PM EST2014-02-19 18:03:10 GMT

An AMBER alert has been issued for a girl in Orange County, Virginia. The Orange County Sheriff's Office says five-year-old Amiyah Monet Dallas was last seen at 15239 Mountain Track Rd. in Orange, Virginia.

The Orange County Sheriff's Office says five-year-old Amiyah Monet Dallas was last seen at 15239 Mountain Track Rd. in Orange, Virginia.

Updated: Tuesday, February 18 2014 5:56 PM EST2014-02-18 22:56:34 GMT

BLACKSBURG - Search warrants provide new details into the investigation of Virginia Tech student Samanata Shrestha's murder. According to the documents filed in Montgomery County Circuit Court,investigators searched a hotel room for items such as Mercedes keys, Shrestha's identification card and other belongings reported missing by Shrestha's roommate. The warrants also show Shrestha's last phone ping was traced back to Jessica Ewing's apartment, the woman charged with Shrestha's murder. Phon...

BLACKSBURG - Search warrants provide new details into the investigation of Virginia Tech student Samanata Shrestha's murder. According to the documents filed in Montgomery County Circuit Court,investigators searched a hotel room for items such as Mercedes keys, Shrestha's identification card and other belongings reported missing by Shrestha's roommate. The warrants also show Shrestha's last phone ping was traced back to Jessica Ewing's apartment, the woman charged with Shrestha's murder. Phon...

Updated: Wednesday, February 19 2014 1:55 PM EST2014-02-19 18:55:40 GMT

Carilion Clinic announced plans Wednesday for the old Ukrop's property in Roanoke. Carilion has been a growing part of southwest Virginia for more than a century. First starting because railroad workers

Updated: Wednesday, February 19 2014 11:11 AM EST2014-02-19 16:11:46 GMT

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Roanoke City gives thumbs up for Carilion to purchase old Ukrop's site

Wednesday, February 19, 10:59 AM EST

By Karen Brune Mathis, Managing Editor

Developers intend to break ground by late summer.

East San Marco LLC, in care of managing partner Tom Fleming, is the property owner. Fleming is vice president of investments with Jacksonville-based Regency Centers Corp.

While project documents indicate a full project build-out by 2017, Regency Centers Corp. Vice President Paul Maxwell said in January construction could start this year for completion of the Publix by early 2015.

The structure of the deal has changed over the years and Jacksonville-based Whitehall Realty Partners LLC now is a major player.

John Carey, managing member of Whitehall Realty Partners, explained Tuesday that East San Marco is a joint venture between The St. Joe Co. and Regency Centers.Regency remains more active in the partnership because it will own the 44,000-square-foot retail component of the project, including a 30,000-square-foot Publix.

Carey said Regency originally was planning to own the retail and St Joe would develop and sell the condominiums.

As currently structured, Whitehall Realty Partners will buy all the land at closing and develop the entire project. Regency then will buy the retail component about a year after construction begins, when the stores are built and available for build-out, and begin tenant improvements for Publix and other retail tenants.

He said Whitehall will complete the residential component about 18 months after construction begins.

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East San Marco construction expected to begin by late summer

Investing $56 million for recently approved projects in Boston neighborhoods, the Boston Redevelopment Authority Board of Directors approved a new project in Allston that will be used for residential and commercial space.

Waypoint Companies Manager Ed Champy said the new housing units will be at 61-83 Braintree St. and are designed for young professionals who are looking to live in a modern building, but are not ready to pay the rent of a downtown Boston apartment.

We believe that the clientele would like to no longer be sharing a three-bedroom and would like to live in a well acquainted new building, he said Thats our target audience. Late 20s, early 30s, have their finances in order but at the same time, arent ready to move into downtown Boston and pay the rent that a downtown Boston facility would require.

The 93,000 square foot project, which was approvedThursdayand developed by Waypoint Companies, will include 80 rental units, a 67 space underground garage, three community rooms and 2,277 square feet of commercial and retail space. A total of $17,000 will be spent on the construction of the mixed-use building, and 90-95 construction jobs will be created.

Weve made the commercial space very small and weve made the community space or the amenity space for the building larger than the retail space, said Champy. Activity is very important. We dont want the building to be sterile, and we dont want the environment to be sterile. We want people to meet each other and say hi. Activity creates that.

The developers also worked to create a common area in the front of the building that would promote a community-atmosphere, not only for the residents of the building, but for the entire neighborhood, he said.

With the construction of the three community rooms, Champy said he hopes to attract local artists and encourage them to use the building for recreational and residential purposes.

Were doing our best to engage the art community, and theyve responded quite well so we think our relationship will be excellent, he said. We are going to take the amenity space and allow the art community, as well as civic associations, to use the amenity space for their meetings or a gallery or a showing or something like that.

Several residents said the construction of the multi-use building in Allston would provide the neighborhood with an improved sense of community, especially for young professionals and college students.

Jeremy Fraga, 25, of Allston, said it is important for the BRA to invest money in improving Bostons neighborhoods, but there must also be a focus on keeping the cost of living low, especially for students and young professionals living in the city.

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New apartment project approved in Allston

Hot Properties highlights recently sold or leased commercial properties in the Charleston region. Submissions should be sent to dailyjournal@scbiznews.com.

Peter Harper with Lee & Associates Charleston represented the landlord, Six Ensign Group LLC, in the lease of 3,712 square feet of office space at 1941 Savage Road, Suite 200-B and -D, in Charleston to tenant Stoebich Fire Protection Systems L.P. Carl Michael Harrison of The Beach Co. Beach Commercial represented the tenant.

Edward Robinson of The Beach Co. Beach Commercial represented the landlord, John Gibson Co. Inc., in the lease of 5,000 square feet of warehouse space at 16 Conroy St. in Charleston to the tenant, Xercise Teacher Inc., represented by John Elliott with Howell & Associates.

Leslie Fellabom with Avison Young represented the seller, Island Construction Co. Inc., in the $875,000 sale of an 11,500-square-foot office building at 808 Wappoo Road in Charleston to the buyer, Wappoo Road Ventures LLC. Edward Robinson of The Beach Co. Beach Commercial represented the buyer.

Edward Robinson of The Beach Co. Beach Commercial represented the landlord, John Gibson Co. Inc., in the lease of 2,000 square feet of retail space on the first floor of 183 King St. in Charleston to tenant Vestique LLC. Mills Armstrong with Centennial American Real Estate Ltd represented the tenant.

Chris Fraser and Leslie Fellabom of Avison Young represented seller Island Construction Co. Inc. in the sale of a 12,800-square-foot office building at 808Wappoo Road in Charleston to Wappoo Road Ventures LLC for $875,000. Edward Robinson of The Beach Co. represented the buyer.

Jeremy Willits of Avison Young represented the landlord, 5900 Core Ave. LLC, in the lease of a 3,964-square-foot office at 5900 Core Ave. in North Charleston to tenant D.J. Powers Co. Inc. William Martin of Holcombe, Fair & Lane represented the tenant.

Jeremy Willits of Avison Young represented the landlord, 654 Coleman Blvd. LLC, in the lease renewal of a 1,443-square-foot retail space at 652 Coleman Blvd. in Mount Pleasant to London Hair.

Pete Harper of Lee & Associates Charleston represented the landlord, Six Ensign Group LLC, in the lease of 3,712 square feet of office space at West Charleston Business Center, 1941 Savage Road in Charleston, to tenant Stoebich Fire Protection Systems L.P. Carl Michael Harrison of The Beach Co. represented the tenant.

Will Sherrod of Lee & Associates Charleston represented the seller, Corbett-Highway 17 LLC, in the sale of the retail strip center at 1533 Highway 17 in Mount Pleasant to buyer Buck Investments. Benjy Cooke of Oswald Cooke & Associates represented the buyer. Terms were not disclosed.

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Hot Properties for Feb. 17, 2014

HORRY COUNTY, SC (WMBF) The Myrtle Beach Center is set to begin construction on February 24, and completion is expected to be one year later, on February 24.

The indoor tournament facility is being built adjacent to the existing Myrtle Beach Convention Center. When construction is completed it will include hardwood floors for 16 volleyball courts or eight full-sized basketball courts that can be configured for a variety of other indoor sport activities.

The Myrtle Beach Sports Center will also feature a retail area, a caf, a 1,500-seat telescopic bleacher system and an entertainment zone, for visiting teams and players.

The City of Myrtle Beach will sign a contract with Dargan Construction of Myrtle Beach this week, to build the 100,000 square foot facility. This will include a sports center that is valued at approximately $13 million dollars, and 500 additional parking spaces.

"We are excited to get vertical construction underway on this indoor tournament venue," Myrtle Beach Mayor John Rhodes said. "In fact, we are already accepting events for 2015.

Having the sports center next to the convention center nearly doubles the available floor space at that location. And we're especially pleased at how well it complements our outdoor sports venues at Grand Park and elsewhere."

According to officials with the City of Myrtle Beach, several events are already scheduled for March 2015 at the Sports Center. Also, from April 4 through August 1, 2015, 17 additional tournaments are already booked at the Myrtle Beach Sports Center, states officials with the City of Myrtle Beach.

They include:

- A 48-to-64 team volleyball tournament the weekend of March 7, 2015

- A 128-team volleyball tournament the weekend of March 21, 2015

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Construction for the Myrtle Beach Sports Center will start soon, officials say

EAST LYME As the residential portion of the long-stalled Gateway Commons development moves forward, First Selectman Paul Formica has confirmed that the commercial anchor for the project will be a Costco wholesale retail store.

Simon Konover Development Corp. and KGI Properties have planned for years to build a residential and retail development on about 200 acres near I-95 exits 73 and 74.

The project stalled during the economic downturn but appears now to be moving forward. The developers recently began clearing land for 280 residential rental units near Exit 73 and will begin construction in earnest in the spring, said Newton Brainard, vice president of Simon Konover.

The residential component calls for 10 buildings, each with 28 market-rate units, interspersed over 38 acres, he said. Construction is expected to take about a year and a half.

"It will be a luxury, multi-family community," said Brainard, with studios, one- and two-bedroom units, a central clubhouse and a resort-style pool. The developers will also improve East Society Road, which will serve as the entrance for the residences, he said.

Meanwhile, planning continues for the commercial phase on a large tract of commercial land in town. The village allows for up to 425,000 square feet of retail space, including one 140,000-square-foot anchor store and up to five smaller "junior anchor" stores. Costco is slated to be the anchor store, Formica told The Day's editorial board last week.

The commercial and residential village has been in the works for more than a decade. The zoning commission approved a master development plan for Gateway five years ago, after previously rezoning a light-industrial and commercial swath of land into the Gateway Planned Development District years earlier, said Zoning Official Bill Mulholland.

The development stalled during the economic downturn. But last year the developers approached the commission and in June received final site plan approval for 275 residential units. Last fall, the commission granted the developers permission to build five additional units.

Formica said the overall development is anticipated to bring in about $1.7 million to $2 million in property taxes.

Formica said he hopes the development will benefit the community and draw more visitors to the town. "We're the gateway to Mystic coast and country," he said. As people travel up the highway and see the commercial development, he added, they might find their way to downtown Niantic, the boardwalk, shops and the village of Flanders.

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Costco To Anchor East Lyme Complex

Mississippis tourism tax development incentives failed to gain enough legislative support for renewal this week and will expire July 1, ending the states practice of awarding tens of millions of dollars as incentives for development of shopping malls and retail plazas.

Pearls Outlets of Mississippi stands to gain up to $24 million in sales tax rebates from the state.

The Mississippi Development Authority so far has awarded up to $155 million in potential subsidies for three shopping malls since legislators widened the sales tax rebate program last year to include cultural retail attractions, or what are more commonly known as retail centers and shopping malls.

Under the terms of the law, the state returns 80 percent of sales taxes collected at a development over 10 years, until the total collected reaches 30 percent of the construction price.

Lawmakers this week declined to extend the tax credits, thus letting them run out on July 1. House Bill 1233, sponsored by Rep. Rita Martinson, R-Madison, would have extended the program by three more years. After a lawmaker questioned the bill last week, it was moved to the bottom of the House calendar, where it remained without a call up.

Martinson said in an interview with The Associated Press she thinks incentives have been helpful, but conceded there was some sentiment to let the lures run out.

We might even think about letting it go, she told AP. It might be at the point to sit back and see what weve done.

State Sen. David Blount, who does commercial leasing for retail space, said he is glad to see the state cease creating an unlevel playing field for retail businesses. Its favoritism of one business over another, the Jackson Democrat said.

Many economists voice doubts about subsidizing retail development as well. Good Jobs First, a nonprofit group that is skeptical of business subsidies, is particularly critical of giving money to retailers, saying they dont pay well or create spinoff jobs, the AP reported.

Building new retail space doesnt grow the economy, it just moves sales and lousy jobs around, the group writes.

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Bills demise ends state pot sweeteners for retail development