As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. According to Center City District’s 2018 State of Center City Philadelphia report, millennials make up 40 percent of Philadelphia’s downtown population, one of the highest percentages in all U.S. cities. With millennials moving into the peak spending years of their lives, Philadelphia is experiencing a multitude of development with most of the focus being on mixed-use. Mixed-use development, which combines retail and residential, and sometimes office, is attractive to the millennial generation who are driven by convenience and want the ease of living, working, dining, and shopping all in one place. The largest retail development projects Center City is seeing right now are happening in the Midtown Village neighborhood, which had been largely neglected until recently when it comes to large mixed-use developments. A few notable projects here are The Collins, a residential community that features 90,000 square feet of retail …
When the Philadelphia Eagles were headed to the Super Bowl in 2018, they were the underdogs. The odds — and subsequently media headlines — were against them. But the team proved those predictions wrong, and went on to clinch its first championship. The retail market in Philadelphia, and nationwide, tackled similar challenges last year. As mature department stores shuttered and retailers filed for bankruptcy, the industry faced ongoing uncertainty. However, the rapidly changing dynamics represent vital opportunities for retail real estate owners to reimagine the mall experience. In Philadelphia, the high density of residents, workers, college students and visitors create a more than $1 billion retail demand annually, according to the Philadelphia Retail Report 2018 compiled by the Central Philadelphia Development Corp. In order to capture consumer interest, industry leaders need to evolve alongside the community’s changing needs and landlords and brands today have been transforming the conventional retail real estate model, carving a new path to success. Looking ahead, the future looks bright. Here’s a look at key trends driving the next level of retail real estate in Philadelphia. Innovative Concepts As habits of shoppers continue to evolve, brick-and-mortar space today can offer opportunities beyond traditional retail whereby real …
CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday. On March 6, Dollar Tree …
The beauty of creative office is in the eye of the leaseholder. In today’s world, phrases like “coworking” and “flexible workspace” often arise in conversation, but what do these terms really mean? The definition varies depending on who you ask, where they are and what they do for a living. As these factors are often in flux, so is the meaning of creative office. However, there are four core elements that comprise the essence of creative office regardless of market or mindset: collaboration, engagement, technology and flexibility. These four tenets ultimately comprise a framework that drives profitability and increases employee engagement in an increasingly competitive environment. At the end of the day, these environments must not only enhance business goals, but also be specifically tailored to the culture and needs of the organizations they serve. Changing Workforce From a city’s urban core to prime business centers in the suburbs, the trends emerging in modern office spaces are in response to the rapidly changing needs of today’s workforce. Though it comes with an extra premium on rent, many startups and new employers are choosing to save capital on the front-end by moving into tech-equipped spec suites that enable them to hit …
CHARLOTTE, N.C. — Black Creek Group has acquired 56.4 acres of land in southwest Charlotte to develop Creekside Commerce Center, a four-building, 621,000-square-foot distribution center campus. The Denver-based real estate and development firm anticipates construction to start in the second quarter of this year with delivery scheduled by the end of the year. The four buildings will range in size from 58,000 square feet to 223,000 square feet.
NASHVILLE, TENN. — The Dilweg Cos. has sold Vantage Place, a 171,523-square-foot office building in Nashville. Innovatus Capital Partners LLC acquired the asset, which spans five stories and was built in 1981. Vantage Place is situated about three miles north of downtown Nashville in the city’s Metrocenter district. The building was 99 percent leased at the time of sale to tenants including AO Smith, Centerstone Research Institute, CGS and Young Williams. Dilweg, which purchased the property in April 2017, modernized the elevators and upgraded the building management systems. The sales price was not disclosed.
NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.
FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers organic pet supplies. Randy and Francy Williams founded The Common Market in 1974 and it has grown to have more than 6,600 owners. The company expects to hire 110 people at the new location and will move its corporate headquarters to the site.
CLARKSVILLE, TENN. — Rise Partners has purchased a vacant 95,000-square-foot retail property in Clarksville that formerly housed Kmart. The investment firm said construction will begin immediately on Clarksville Commons so that five national retailers can move in by late fall. Gary Shanks of The Shopping Center Group is handling leasing of the center. The names of the retailers have not yet been announced. The asset, which also has a vacant fuel center, is situated at 2300 Madison St., about 43 miles northwest of downtown Nashville. The fuel center will be replaced with restaurant and retail space. The seller and sales price were not disclosed.
BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed.