SCOTTSDALE, AZ (June 2, 2014) – A former Walmart store in Newport, AR is undergoing a transformation from an abandoned space into five new retail stores. Commercial real estate developer SimonCRE is purchasing the 85,000 square foot building and surrounding property, turning it into a dynamic shopping center. The space will be home to new retail outlets for the Newport community including Tractor Supply, Dollar Tree, Goodwill and other retail stores along with a newly constructed outparcel which will be a national fast food restaurant. Construction will begin immediately and is slated for completion by the end of the year.
Commercial redevelopment projects, like the one in Newport, are becoming more prevalent throughout the United States as locations of former big box stores become available. There are a handful of national development groups that specialize in this type of project as they accurately and fully evaluate an existing structure for future opportunities. Joshua Simon, president of SimonCRE, is one of the experts in this field that is adept at working with vacant assets, then proficiently directing the project to on-time delivery.
From sourcing the potential project to acquiring prospective tenants, SimonCRE’s main goal is to fulfill a need for the Newport area. Simon fully evaluates every aspect of the building including the foundation, electrical wiring, plumbing, overall maintenance and parking conditions to ensure that the space will deliver a fantastic shopping experience for the tenants and their customers while simultaneously providing residents with employment opportunities.
Located on the main thoroughfare in central Newport, SimonCRE has significant improvements planned for the existing structure including subdividing the building into separate retail stores, repairs and maintenance to the facility as well as landscape and parking lot updates. After a multi-million dollar investment, the new retail spaces will vary in size from approximately 2,500 square feet to more than 24,000 square feet.
“Established as the Jackson County seat and the home of a remote campus of Arkansas State University, Newport is a thriving community,” says Simon on the new addition to the area. “Instead of leaving a building empty or tearing it down, we’re proud to be able to repurpose the existing structure and renovate it. We are confident that the new shopping center will give residents some valuable retail options.”