Thornton, Colo.-based Ultimate Electronics appears to be laying the groundwork for entry into the Springfield market.
A job ad posted to Monster.com and
www.ultimateelectronics.com on Aug. 4 seeks a general manager for the electronics retailer in Springfield. However, an Ultimate Electronics representative contacted about the ad said it’s too early in the process to comment.
“That information is so new it hasn’t even been released to me yet,” said Jennifer Brauer Sandberg, company spokeswoman. “We just need a few more weeks.”
The company has exhibited a recent trend of snapping up buildings left vacant by Circuit City. In July, Ultimate Electronics leased former Circuit City sites in Burnstown, Minn., and Syracuse and Albany, N.Y., according to business journal reports in those markets.
Springfield’s Circuit City, 3600 S. Glenstone Ave., closed in November 2008, and Davis Properties acquired the property in May 2009.
Davis Properties co-owner Patrick Harringon, whose company is seeking a tenant for the building, was surprised to learn of the job posting.
“They are running an ad on Monster for a general manager in Springfield?” Harrington said.
“I don’t have any comment on them. I would love to have that building leased, I will tell you that.”
If the company is to move into the Springfield market and lease a vacant box store, there are only four retail buildings fitting that description currently available, according to a second-quarter retail market report released July 30 by Xceligent Inc.
The total retail inventory in the Springfield area comprises 648 properties, or 17.6 million square feet, Xceligent’s Market Trends report said. There is 1 million square feet available, creating a vacancy rate of 5.9 percent.
Xceligent’s report indicates Springfield’s former Circuit City building is in the mix of 25,000- to 49,999-square-foot buildings on the market. The others are the Woolworth building, 134 Park Central Square, and two in southwest Springfield, Sheid’s Plaza, 3322 S. Campbell Ave., and Sunshine Corners, 220 W. Sunshine St.
Davis Properties has sought a tenant for the former Circuit City property for more than a year.
“We’ve been contacted by several retailers, but that’s just the way this business works,” Harrington added. “I can’t comment on any kind of tenants right now. I got nothing.”
Harrington indicated that the year of inactivity finding a tenant is less due to the economy and more due to finding the right client. Accessibility to the building, he added, hasn’t been a factor.
“I think it’s just finding the right tenant that’s looking for Springfield and that price range,” he said.
The 4.81 acres and 39,204-square-foot building has an assessed value of $2.7 million and an appraised value of $867,840, according to the Greene County assessor’s office. It’s advertised for lease at
www.warrendavisproperties.com for $12.50 per square foot.
Ultimate Electronics operates three stores in Missouri – Fenton, Manchester and St. Peters – and 52 stores in 16 states, according to its Web site. The privately held consumer electronics company employs 2,000 and was founded in 1968.[[In-content Ad]]
