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2017 Downtown Northampton Economic Indicators Report
End of year Downtown Economic Indicators for 2017, prepared by the city’s Economic Development Director Terry Masterson, are available on the tabs below. View a copy of the full press release (PDF) along with a copy of the news article (PDF) from the Hampshire Gazette.
- Stores by Category
- Retail Activity Totals
- Attendance Data
- Key Local Revenues
- Retail Rents
- Building Sales and Values
- List of Development Projects
Inventory by Business Category | ||
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Overview: There are 232 retail businesses within Downtown Northampton compared with approximately 74 stores in Amherst and 82 in Easthampton. The estimates for Amherst and Easthampton are based on a walk through of their downtowns. The boundaries of Downtown Northampton are: Downtown Boundaries: North: King Street and Trumbull Road West: State Street and Main Street East: Hawley Street and Market Street South: Pleasant Street and Hockanum Road Inventory Adjustments The 2017 inventory total of 232 represents an adjustment from 220 stores in 2016. The addition of 12 stores includes 2 new stores, 3 Pleasant Street stores and 7 second floor retailers. | ||
TOTAL | 232 | 100% |
Eating Establishments | 46 | 20% |
Tea and Coffee | 11 | 4.7% |
Dessert and Sweet Shop | 10 | 4.4% |
Bars | 13 | 5.6% |
Liquor | 4 | 1.7% |
Food Markets | 2 | 0.8% |
TOTAL Food and Beverage: | 86 | 37.2% |
Music/Entertainment Venues | 5 | 2.1% |
Art Galleries | 5 | 2.1% |
TOTAL Venues: | 10 | 4.2% |
Clothing | 21 | 9.1% |
Specialty/Unique/Gift | 19 | 8.2% |
Guitars/Music | 3 | 1.3% |
Hair Salons/Barbers | 17 | 7.4% |
Jewelry | 7 | 3% |
Bookstores | 6 | 2.6% |
Banks | 7 | 3% |
Fitness or Yoga | 6 | 2.6% |
Health/Wellness | 3 | 1.3% |
Antique | 2 | 0.8% |
Body Art | 5 | 2.1% |
Shoes | 4 | 1.7% |
Flowers | 2 | 0.8% |
Furniture | 3 | 1.3% |
Vapor/Tobacco | 2 | 0.8% |
Phones | 3 | 1.3% |
Miscellaneous | 26 | 11.3% |
Total | 136 | 58.6% |
Retail Activity:
|
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Retail Activity Totals: 2015-2017 |
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Category | 2017 | 2016 |
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Total Stores | 232 | 220 |
Vacancy Rate | 6.0% | 6.4% |
Vacancies | 14 | 14 |
New Arrivals | 17 | 11 |
Vacant to Re-Occupied | 14 | 12 |
Transfers | 2 | 8 |
Departures | 7 | 14 |
Retentions | 0 | 4 |
Retail, Arrivals, Departures and Transfers: |
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New Arrivals: 17 | ||
Business Name | Address | Product/Service |
Patisserie Lenox | 48 Main Street | Coffee, Tea, Pastries |
Penny Lane | 141 Main Street | Clothing, T Shirts Unique Items |
Belly of the Beast | 159 Main Street | Farm to Table Food |
Castle Architectural Salvage | 7 Pearl Street | Antique/Ephemera Furnishings/House Items |
Absolute Zero | 229 Main Street | Frozen Rolled Ice Cream |
Shelburne Falls Coffee Roaster | 273 Main Street | Coffee |
THELo | 153 Main Street | Home Products and Sauna |
Assemble: Made & Curated by J. Brown | 150 Main Street | Antique and Specialty Items |
Le BonNton | 5 Old South Street | International Handmade Products |
Footbeats | 150 Main Street | Footwear |
Grow Haus | 26 Strong Avenue | Vape Products |
Cricket Wireless | 90 King Street | Cell Phones |
Iconica Social Club | 2 Amber Lane | Coffee, Tea Networking |
Mill River Music & Guitar | 16 Armory Street | Guitars |
Greenfield Savings Bank | 207 Main Street | Finance Bank |
Asian Taste | 84 Pleasant Street | Restaurant |
Northampton Olive Oil | 150 Main Street | Olive Oil |
Departures: 7 | ||
CiCI Boutique | 108 Main Street | Clothing |
Ben and Bill's Chocolate Emporium | 141 Main Street | Sweets/Desserts |
J. Rich | 153 Main Street | Clothing |
Serios Market | 65 State Street | Food Market |
Lhasa Cafe | 159 Main Street | Tibetan Food |
Casa Del Sol | 207 Main Street | Clothing |
Siam Square | 84 Pleasant Street | Restaurant |
Transfers: 2 | ||
Strada from 150 Main Street to | 108 Main Street | Footwear |
Essentials from 88 Main Street to | 108 Main Street | Specialty Items/Paper Products |
List of Re-Occupied Storefronts 2016-2017 |
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Storefront | YE 2017 | YE 2016 | 2016-July | 2016-Jan. |
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Storefron | YE 2017 | YE 2016 | 2016-July | 2016-Jan. |
2017: 14 | ||||
48 Main Street | Patisserie Lenox | Vacant | Vacant | Hinge Closed 11/2015 |
108 Main Street | Strada/Essentials | Antiquarian | Antiquarian | Antiquarian |
112 Main Street | Coldwell RE Jan. '18 | CICi Boutique | CICi Boutique | CiCi Boutique |
141 Main Street | Penny Lane | Ben/Bills Chocolate | Ben/Bills Chocolate | Ben/Bills Chocolate |
150 Main Street | Assemble | Vacant | Left Click | Left Click |
150 Main Street | Footbeats | Strada | Strada | Strada |
153 Main Street | THELo | J Rich | J Rich | J Rich |
159 Main Street | Belly of the Beast | Lhasa Cafe | Lhasa Cafe | Lhasa Cafe |
207 Main Street | Greenfield Savings | Casa Del Sol | Casa Del Sol | Casa Del Sol |
229 Main Street | Sub Zero | Vacant | Vacant | Happy Valley |
273 Main Street | Shelburne Coffee | Vacant | Vacant | Dunkin Donuts |
7 Pearl Street | Castle Arch Salvage | Deals N Steals | Deals N Steals | Deals N Steals |
90 King Street | Cricket Wireless | Vacant | Vacant | Hampshire Frame/Art |
84 Pleasant St. | Asian Taste | Siam Square | Siam Square | Siam Square |
2016: 7 | ||||
114 Main Street | Grateful Hound | Grateful Hound | Deals N Steals | Deals N Steals |
1 Pearl | Deals N Steals | Deals N Steals | Vacant | One Bar |
10 Bridge | Nourish Cafe | Nourish Cafe | Berkshire Yogurt | Berkshire Yogurt |
28 Pleasant St. | NHT Running | NHT Running | Vacant | Vacant |
55 Pleasant St. | Bacon Wilson | Bacon Wilson | Vacant | Vacant |
8 Crafts Ave. | Glazed Donuts | Glazed Donuts | SIP | SIP |
16 Armory St. | Brits R Us | Brits R Us | Theory Skateboard | Theory Skateboard |
2016 July: 5 | ||||
32 Main Street | Theory Skateboard | Theory Skateboard | Theory Skateboard | Western Village Ski |
41 Main Street | Oriental Flavor | Oriental Flavor | Oriental Flavor | Zen |
164 Main Street | Birdhouse Music | Birdhouse Music | Birdhouse Music | Iris Photo |
177 Main Street | Happy Valley | Happy Valley | Happy Valley | Hempest |
180 Main Street | Verizon Wireless | Verizon Wireless | Verizon Wireless | Vacant |
List of Vacant Storefronts and Buildings |
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Vacant Storefronts (14) | Vacant Buildings (5) |
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6 Strong Avenue | 6 Strong Avenue (Fmr. Kathy's Diner) (1) |
30 Strong Avenue | 8 Pearl Street (Fmr. Service Station) |
8 Pearl Street | 298 Main Street (Fmr. First Baptist Church) |
9 Pearl Street | 47 Center Street (Fmr. Masonic Building) |
50 Main Street | 236 Pleasant Street (Fmr. Brake King ) (2) |
88 Main Street | |
90 King Street | |
34 Pleasant Street | Notes: |
58 Pleasant Street | (1) This building is being prepared for opening in 2018 |
76 Pleasant Street | (2) This property recently sold to new ownership with development plans |
88 Pleasant Street | |
21 Center Street | |
24 Center Street | |
65 State Street |
Northampton Attendance and Visitorship FiguresOne Time and Return VisitorshipThis list is designed to detail the high volume of visitors to Northampton. These figures comprise either one time or return visitors. For example, the total visitorship number for Thornes', the retail emporium, reflects total visitors who could be one time and/or frequent patrons. How Attendance is Calculated Attendance is based either on direct data from the venues listed below or conservative estimates have been made. For example, Northampton's major hotels attract thousands of visitors who stay for more than one day and will generate more local consumer spending than a day visitor. Hotel data is proprietary so a conservative estimate of 50% occupancy with 1.5 guests per room has been calculated. |
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Attendance Grand Totals: 1.6 Million | |
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Venues | Attendance |
3 County Fairgrounds | 130,000 |
Entertainment Venues | 80,000 |
Museums | 47,000 |
Thorne's Marketplace | 700,000 |
Downtown Street Events | 57,000 |
Hotels | 92,000 |
Look Park | 500,000 |
Attendance and Visitorship Figures | |||
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Venue | Attendance | Frequency | Reference Notes |
Exhibition Center | |||
3 County Fairgrounds | 100,000 | Multiple Events | |
Paradise City Arts Festival | 30,000 | May & Oct. | Located at 3CF |
Entertainment Venues | |||
Academy of Music | 55,000 | 148 Shows | Based on Academy Data |
The Calvin | 18,000 | 36 Shows | Estimated |
Iron Horse | 5,000 | 100 Shows | Estimated |
Signature Sounds | 2,000 | 40 Shows | Estimated |
Museums | |||
Smith College Museum of Art | 41,000 | Open Daily | Based on Museum Figures |
Historic Northampton | 4,000 - 6,000 | Open Daily | Based on Museum Figures |
Retail Destinations | |||
Thorne's Marketplace | 700,000 | Open Daily | Based on Thorne's Figures |
Public Transportation | |||
Amtrak Northampton Station | 19,974 | Daily Service | Amtrak Vermonter Ridership |
Single Day Downtown Street Events | |||
Bag Day (November) | 2,000 | Mid -November | |
Holiday Downtown Stroll (December) | 4,000 | December | |
First Night (December) | 7,000 | Dec. 31st | |
Ice Art Festival (February) | 1,500 | February | |
NoHo Pride March | 15,000 | May | |
Summer Stroll (July) | 4,000 | July | |
Hot Chocolate Run (October) | 10,000 | December | |
Multi-Day Events | |||
Chalk Art Festival | 1,500 | September | |
Summer Concert Series | 6,000 | July-August | |
Sidewalk Sales | 6,000 | August 4 days | |
Hotels (4) | |||
Hotel Northampton | 29,000 | 106 Rooms | Hotel estimates noted above |
Fairfield Inn | 29,000 | 106 Rooms | |
Quality Inn | 24,890 | 88 Rooms | |
Autumn Inn | 8,760 | 32 Rooms | |
Public Parks | |||
Look Park | 500,000 | Daily | 150 Acre Park, Zoo, Events |
Hotel Occupancy Tax Revenues
Note: Analyzing Hotel and Meals tax revenues can be a good barometer of consumer spending and offer a view of spending food and beverages year to year.
Hotel Tax Definition: The Commonwealth of Massachusetts imposes a room occupancy excise tax of 5.7%. The law allows cities and towns the option to levy an additional 6%, which Northampton does. For example, a hotel room rate of $100.00 per night would yield $6.00 to the City and $5.70 to the State.
Hotel Revenue Analysis: Tax revenue collections show that hotel revenues have been consistent since 2012 averaging $530,000. Since 2015, revenues have averaged $660,000, an increase of nearly 26%. The 2015 increase may be attributable to the Autumn 2014 opening of the new Fairfield Inn. Alternatively, in November of 2015, the Clarion Inn closed but despite this decline in 122 hotel rooms, revenues for 2016 decreased slightly.
Hotels Generate Visitorship and Consumer Spending
At 50% occupancy with 1.5 persons per room, Northampton's 340 hotel rooms will generate at least 93,000 visitors who at 50.00 per day could generate $4.8 million in consumer spending. Although the closing of the Clarion reduced Northampton's hotel inventory by 122 rooms, the new construction of the Fairfield Inn added 108 rooms closer to the Downtown. Since its opening in 2014, the Fairfield Inn has been operating with positive occupancy rates and revenues.
Hotel Room Inventory - 340 Rooms
Northampton possesses (3) hotels and (1) Inn with 32 rooms including (2) smaller Inns with under 5 rooms. These are:
- Hotel Northampton - 106 Rooms
- Quality Inn and Suites - 88 Rooms
- Autumn Inn - 32 Rooms
- Fairfield Inn - 108 Rooms
- Sugar Maple Trailside Inn - 2 Rooms
- Historic College Inn of Northampton - 4 Rooms
The Clarion Hotel Conference Center with 122 rooms closed in December, 2015.
Calendar Year | Revenue | Change | Percent | Total Hotel Rooms |
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2017 | $674,971 | +38,076 | +6% | 340 |
2016 | $636,895 | -$30,000 | -4% | 340 |
2015 | $667,090 | +$140,000 | +26% | 462 |
2014 | $527,762 | -$1,700 | ----- | 340 |
2013 | $529,434 | -$1,000 | ---- | 340 |
2012 | $530,359 | +$38,600 | +8% | 340 |
2011 | $491,732 |
Meals Tax Revenues
Meals Tax Definitions: The Commonwealth of Massachusetts imposes a sales tax on meals (6.25%)
purchased from restaurants. Locals towns and cities have the option to add an additional 0.75% to the Meals Tax (Total 7.0%) with the revenues from the 0.75% remitted back to the city. Northampton exercised this "local option" in 2009. Please note that the meals tax revenues represent city wide revenues although the downtown would contribute a major share to these figures.
Meals Tax Analysis:
Meals tax revenues for Northampton yield the largest totals in Hampshire but have trended on a consistent plateau level. Since 2015 revenues have averaged $715,000 annually and $653,000 annually from 2011 to 2014.
Calendar Year | Revenues | Total Meal Sales |
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2017 | $735,567 | $97.7 million |
2016 | $709,901 | $94.6 million |
2015 | $703,172 | $93.7 million |
2014 | $662,739 | $88.3 million |
2013 | $671,626 | $89.5 million |
2012 | $654,950 | $87.3 million |
2011 | $626,347 | $83.5 million |
Parking Revenues
Parking Revenue Defintion:City of Northampton revenue for garage, parking lot, and on-street parking
Analysis: Parking revenues have trended on a stable plateau level since 2013.
Fiscal Year (July 1 - June 30) | Revenue |
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2017 | $2.0 million |
2016 | $1.9 million |
2015 | $1.9 million |
2014 | $1.884 million |
2013 | $1.875 million |
*parking revenue does not include parking tickets |
Retail Rents
Sources for Retail Rents and Vacancies
The table below provides a sample of retail rents for Northampton and other communities taken in 2016. The sources used to gather this information are:
- Loop Net: www.loopnet.com Loop Net offers listings for retail and office availabilities with asking rents listed for some vacancies. Asking rents are not listed for every vacancy.
- Commercial and Investment Properties: www.commremagazine.com -- Commre is a seasonal print magazine as well as a web site with retail, office and commercial listings.
Retail Rent Analysis:
Northampton's retail rents lead the market locally, regionally and even compare to major retail markets in Connecticut and New York. All rental amounts are per square foot.
Retail Asking Rent Comparison | ||||
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City or Town | Section | Rent | Average Rent | |
Northampton | Center Downtown | $27-$40 | $33.50 | |
Main Street | $33-$42 | $37.50 | ||
Pleasant Street | $23-$29 | $26 | ||
Pearl to Holyoke Sts | $14-$23 | $18 | ||
Amherst | Downtown Center | $26-$32 | $29 | |
Chicopee | Overall | $9-$12 | $10.50 | |
Holyoke | Downtown | $9.50-$12 | $10.50 | |
Middletown, CT | Downtown | $12-$25 | $18.50 | |
Hartford | Downtown Center | $18-$35 | $26.50 | |
Stamford | Downtown Center | $25-$50 | $37.50 | |
White Plains | Downtown Center | $29-$50 | $39.50 | |
Greenwich | Downtown Center | $85-$125 | $107.50 | |
Lists of: 1-Downtown Building Sales: 2013-2017 2-List of Comparative Building Values |
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Address | Sq. Ft. | Prior Sale or TRV* | Sale | PPSF* |
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2017: (3) Sales | ||||
193 Main Street Brick Retail/Residential | 5,000 | $730,000 | $750,000 | $150.00 |
256 Pleasant Street Northampton Lumber Yard | 1.2 Acres | N/A | $1.0M | Land/Bldg |
76 Gothic Street Office/Former Residence | 2,400 | $363,000 TRV | $500,000 | $208.00 |
2016: (8) Sales | ||||
25 Market Street Brick Mixed Use | 7,200 | $975,000 (2006) | $1.0M | $138.88 |
236 Pleasant Street Fmr. Brake King | 2,400 | $249,000 (2014) | $370,000 | $154.16 |
263 - 287 Pleasant Street Retail/Apartment Bldg | 22,000 | N/A | $2.4M | $109.00 |
273 Main Street Retail/ Apartment Bldg | 3,200 | $689,000 TRV | $910,000 | $284.00 |
79 Masonic Street Fmr. 2 Story Residential Building | 2,600 | $509,000 TRV | $750,000 | Land/Bldg |
32 Main Street 3 Story Retail & Apartment Bldg | 5,000 | $1.2M TRV | $865,000 | $173.00 |
40 Center Street Residential to Office Bldg | 2,300 | $378,000 TRV | $479,000 | $208.00 |
4 Main Street Moshi Moshi Restaurant | 1,100 | $339,000 TRV | $500,000 | $450.00 |
2015: (1) | ||||
9.5 Market Street Click Workspace | 9,000 | $1.2M TRV | $780,000 | $89.00 |
2014: (2) | ||||
196 Main Street Harlow Luggage Bldg | 4,700 | $325,000 (2003) | $1.05M | $223.00 |
236 Pleasant Street Former Brake King | 2,300 | $225,000 (1990) | $249,000 | Land/Bldg |
2013 (2) | ||||
189 Main Street Shop Therapy | 6,400 | $950,000 (2004) | $1.3M | $203.00 |
125 Pleasant Street Union Station Restaurant | 30,000 | $1.4M (1999) | $2.6M | Land/Bldg |
Glossary: PPSF = Price Per Square Foot TRV = Tax Roll Value or Assessed Value |
List of Comparative Building Values |
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Summary:
| |||
Building | Assessed Value | Square Footage | Price per Square Foot |
Northampton, MA | |||
Pleasant Street | $527,000 | 3300 | $160.00 |
Main Street | $4.3 Million | 50,000 | $86.00 |
Main Street | $1.4 Million | 7500 | $186.00 |
Pleasant Street | $1.4 Million | 11,000 | $127.00 |
Main Street | $515,000 | 5,000 | $103.00 |
Main Street | $1.3 Million | 6500 | $200.00 |
Pleasant Street | $1.4 Million | 10,000 | $140.00 |
Average Price: $143.00 | |||
Middletown, CT | |||
Main Street | $870,000 | 12,000 | $72.00 |
Main Street | $665,000 | 15,000 | $44.00 |
Main Street | $1.9 Million | 13,000 | $146.00 |
Main Street | $1.2 Million | 31,000 | $38.70 |
Main Street | $1.6 Million | 20,000 | $80.00 |
Main Street | $517,000 | 21,000 | $25.00 |
Average Price: $81.14 | |||
Amherst, MA | |||
Main Street | $370,000 | 3200 | $112.00 |
Main Street | $1.1 Million | 5500 | $200.00 |
South Pleasant | $1.9 Million | 28,000 | $68.00 |
Main Street | $525,000 | 4500 | $116.00 |
North Pleasant | $650,000 | 4200 | $154.76 |
Main Street | $800,000 | 6000 | $133.00 |
South Pleasant | $1.3 Million | 12,000 | $166.66 |
Main Street | $450,000 | 4,000 | $75.00 |
Average Price: $128.00 | |||
Reference Notes: + Properties are listed by street only. + Depending on each city, assessed value or appraised value is cited. + Recent sales are rare but are cited if they happened. + Basement space is not included in the square footage category or in the Price Per Square Foot calculation. +Middletown, Ct. was chosen as a comparable city because it has similar population, slightly lower median incomes and is home to Wesleyan University and Middlesex Community College. + The buildings selected for this list are all mixed use buildings with retail and residential and some Class B office. + No Class A office buildings are on this list. |
List of Development Projects
Project | Value | Size Square Feet (FT) | Description |
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Totals: 19 Projects | $138.3M | 740,000 | |
Year: 2018 ( As of 2-18) | |||
1 Atwood Drive | $14M | 60,000 SF | Class A Office |
Check Writers HQ | $4M | 46,000 SF | Class A Office - Fmr. Clark School Campus |
33 Hawley Street | $6.7M | 25,000 SF | Arts/Culture Center |
"Live 155" Pleasant St. | $14M | 58,000 SF | 70 Apartments - 47 Afford 23 Market |
Lumber Yard Pleasant St. | $19.4M | 69,000 SF | 55 Units - Affordable. 5400 s/f Commercial Sp |
Service Net HQ | $4.1M | 17,600 SF | Centralized Offices - HQ Human Service Agency |
Year: 2017 | |||
Round Hill Summit | $4.8M | 45,000 SF | 41 Apartments - Fmr. Clark School Buildings |
Columns @ Rockwell Place | $6.5M | 26,000 SF | 25 Condo Units - Fmr. State Hospital Campus |
Year: 2016 | |||
Christopher Heights | $8M | 56,000 SF | 83 Units Sr. Assisted Living |
Upper Ridge Fords Crossing | $10M | 60,000 SF | 28 Condo Units - Fmr. State Hospital Campus |
Violette's Crossing | $7.5M | 34,000 SF | 25 Units Sr. Independent Living |
ClickSpace 9.5 Market St. | $1.6M | 9,000 SF | Micro and Shared Work Space -Downtown NHT |
100 Main Street | $1.2M | 7,000 SF | Office 2 Story Downtown Florence MA |
U Mass Credit Union | $2M | 4,000 SF | Client Service Center |
Year: 2013-2015 | |||
Atwood Drive Business Park | $12M | 80,000 SF | (2) Class A Office Buildings 40,000 each |
Fairfield Inn | $9M | 55,000 SF | Marriott Hotel - 108 Rooms |
Northampton Crossing | $5M | 45,000 | Medical Office - Former Supermarket |
Cosenzi Auto Group | $6M | 40,000 | Former R&D Facility to Auto Dealership 4 Acres |
Kia Dealership | $2.5M | 25,000 | Auto Retail - 2 Acres |