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I've never before signed 2 leases in one day

Friday, Jul 02, 2010

Posted By Larry Adlerstein

Today was the exception. We’re opening in Saugus, Mass, just north of Boston and the south loop of Chicago.

We hope to open both mid August, just in time for Back to School. So look for us when you’re cruising South Wabash or Rt 1 heading south to Bean Town.

More info coming.

- Larry Adlerstein

0 Comments | Posted in News

A Tale of Three Cities

Monday, Apr 05, 2010

Posted By Larry Adlerstein

I’m flying home from Miami, the third city I have looked at in about a month. By coincidence, my travels have taken me from depressed, to more depressed to most depressed. You might say my trip has been depressing.

The reason for my journey is to open more Artist & Craftsman Supply stores. I started in Los Angeles and even though the city is on the verge of bankruptcy and Los Angeles says it’s depressed, I didn’t see it, especially after visiting Chicago and Miami.

Chicago’s decline is focused in the loop and downtown and that is where a lot of art students buy & use supplies. Downtown Chicago has already lost a major art supply & to my eye another is in trouble. An easy walk from the Symphony & the Art Institute are dozens of “For Lease” signs.

Miami’s problem is a result of their building bubble. Whereas Chicago is an old city renovated & Los Angeles is appears to have balance of old & new, Miami appears all new, heavily leveraged & vacant.

The Florida broker I was working with told me that recently, the commercial realtors¬ had started doing financial background checks of both potential landlords and tenants, especially if the building was a condo. First time he had seen that in his 35 year professional career, i.e. checking the financial health of landlords.

Well, I am almost back down to Portland Maine & Maine is always depressed. And that’s not depressing at all.
- Larry Adlerstein

0 Comments | Posted in Notes From Larry

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