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Verizon center retail rents

Posted by Capital Retail on September 3, 2007
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Shimba HillsShimba HillsLess than fourteen months after opening, Shimba Hills closed in early August at the Verizon center due to poor sales in relation to economics. The approximately 1,050 square foot store located in the 600 block of 7th Street near the metro elevators commands an asking price of $75.00 per square foot plus a required $75,000 annual marketing development fund contribution. The owners invested over $300,000 in initial capital to fund the store but could not drive enough traffic forcing the recent closure. To be successful, the next tenant will need lower rent and better signage for more visibility.