Waldman Brings Walpole Mall to 100% Occupancy

| May 19, 2017

by  Stanley Hurwitz

Walpole Mall

Walpole, MAIn the world of commercial real estate, Dan Waldman may be among the most modest of his industry peers.

So it’s not surprising that he didn’t seek fanfare when he brought the 400,000sf Walpole Mall to 100% occupancy for the first time in 30 years. If you ask, he’ll tell you he added about $10 million to the mall’s value. And he only got the exclusive broker listing in 2015.

When Waldman & Associates assumed  leasing for Walpole Mall, there was a seemingly insurmountable vacancy totaling 80,000sf ,” says Dan Waldman.  But the regional power mall on busy Rte. 1 / Providence, owned by RP Realty Partners of Los Angeles, is now home to many national credit tenants including Kohl’ s, LA Fitness, Office Max, Barnes & Noble, Old Navy, PetSmart, and many others.

Waldman used his creativity, tenacity, and market knowledge to fill the mall. When Broderick Gymnastics said they needed 11,000sf, the high ceiling requirement didn’t deter him: “I brought in an architect who showed how we could economically obtain added height by digging down, adding several five-foot gulleys. The deal was done.”

For a local liquor store owner who for years had wanted space at Walpole Mall, Waldman helped him secure a scarce liquor licenses. Today, the 17,500sf  Wines & More is a first-class beverage destination offering hundreds of brands plus space for a Taste Station and events.

Today’s tenant mix includes 14 in-line ‘power mall’ big box tenants, 14 interior tenants such as GNC and Keystone Jewelry, and 13 pad tenants including Panera, Five Guys, Aspen Dental, and Great Clips. “This variety helps to maintain a day-long parade of customers,” says Waldman.

“Turnover is the nature of the large mall ‘beast,’” smiles Waldman, “so it’s not surprising that a retail unit of 1,340 sf became available shortly after we attained the 100% milestone.  The owners now hope to add a 4,900sf pad site.

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