Alahakoon, who owns Liberty Square in Powell and Crosswoods Plaza in Worthington, as well as apartment buildings in Chicago and Miami and a large residential portfolio in Columbus and its suburbs, said Hamilton Crossings appealed to him because of its “solid” tenants, ample size, plentiful parking, structural integrity and convenient, high-profile location.
“(South Erie Boulevard has) slow-moving traffic, but is a busy road,” he said. “That’s what you want when you look for retail. If they see something interesting, they can just make the turn and drop by the plaza to check it out. You don’t want a highway with traffic at 65 miles per hour.”
Among the neighborhood shopping center’s available space is 43,435 square feet for a big-box-type tenant in a space formerly occupied by Marsh Hometown Market and Jay’s Furniture Direct. There’s also an additional 14,000 square feet of space available in storefronts ranging from 1,600 square feet to 3,000 square feet.
He said he’s looking to sign one or more restaurants to the plaza, as well as a paint store or hardware store to complement Pease Warehouse & Kitchen Showroom.
Alahakoon also is planning to develop a restaurant or retail store on a vacant out-parcel fronting South Erie Boulevard.
The shopping center is already in the midst of business expansion and addition. Youthland Academy and SELF (Supports to Encourage Low-Income Families) are planning expansions in the plaza and Cloth Rack opened several weeks ago.
Alahakoon discussed improvements and additions to Hamilton Crossings when he visited last week, said Steve Pease, president of Pease Warehouse & Kitchen Showroom, which signed a 5-year lease for its 88,000-square-foot store in 2012.
“We feel good that we’ve got an owner from Columbus rather than an owner from California,” Pease said. “Good things are going to happen here and with a new owner he’s got a vested interest in trying to get it full again. I think we’ll have a much more active ownership, rather than an absentee ownership.”
Jeffrey Diver, executive director for SELF, said he’s excited about new ownership.
“I would love to see more businesses in here, especially retail businesses that can help both our employees and our clients,” Diver said.
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TIA Real Estate Holdings plans to “add some pop to the plaza” by replacing worn-out signage, adding lighting and installing new landscaping elements, Alahakoon said.
“I know there a lot of other retail plazas along (South Erie Boulevard) but … we want Hamilton Crossings to be the number one retail space down that corridor,” he said.
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