[FSPA] Mighty Mikes - Tomorrow, Future, Etc?

[ethan at 757.org]

> Check out Mighty Mike's Facebook page.  There has been a discussion 
> regarding their sudden closing and it seems like it might have to do 
> with the public library next door wanting to expand.  Everyone there is 
> very upset but it seems like they are all healthy and ok.

Did the shopping center switch hands / get sold? It's a trend lately where 
CRE is flipped and the new owners now need to try to make more money to 
cover their higher purchase price, so up goes the rents.

Meanwhile, on the residential side there is less consumer spending because 
house purchase prices have been pushed up by people paying huge amounts 
for houses and rents are high because the government gives easy loans to 
build huge luxury apartment buildings which are being flipped after 
construction.

So places like MM get hit both ways -- high rent for their commercial 
lease and less customers because people have less for discrestionary 
spending.

The only reason this comes to mind is on Facebook the sudden change from 
we're good to we're closing. There must of been some sort of out in the 
lease or it was renewal time and negotiations failed for renewall.


tl;dr: The rent is too damn high



--
Ethan O'Toole