What area is your expertise? Phoenix and Tucson What trends do you see presently in retail development in your area? Infill, redevelopment and lifestyle type centers. What type of retail product is doing well in your area? Grocery anchored, New Power Centers with added lifestyle hybrid, and Lifestyle Centers. What retailers are new to your area? Fresh N Easy, Cabellas, Bass Pro Shops, CineMark, Bloomingdales and IKEA. Who are the active retail developers in your area? Vestar, Macarich, General Growth, Kimco, DeRito Partners, and Pederson Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? City North is a 5.5 million-square-foot, mixed-use development by Thomas J. Klutznick Co. and Related Urban. The retail center is anchored by Bloomingdale’s and Nordstrom. The site will draw shoppers from all over the city, while initially hurting other successful retail development sales, but in the long term it will be a great addition to the Phoenix area. Where is the majority of development taking place? Why is this area doing well? Southeast Valley and West Valley. The new retail development is following the housing growth. What area do you expect to be the …
Retail
What area is your expertise? Retail leasing, sales, and development in Michigan. What trends do you see presently in retail development in your area? Retail development is stagnant at this time. However, there are several planned developments that will certainly become more viable when the local economy improves. What type of retail product is doing well in your area? Neighborhood Strip Centers. What retailers are new to your area? Tim Horton’s and several independent restaurants. Since the earlier part of the decade, we haven’t had much in the way of “new” traditional retail to the market. Who are the active retail developers in your area? Mostly local developers. The Gillespie Group, Strathmore Development and The Eyde Company. Please name one or two significant retail developments in your area. What impact will these projects have on the market? East Village near the MSU Campus in East Lansing. Currently in planning stages only and no tenants named at this point. Will encompass 250,000 square feet of retail, with a movie theater, a hotel, 100,000 square feet of office and both for lease and for sale residential units. Encompasses over 20 acres. Numerous planned projects around the Eastwood Towne Center but nothing definite …
Submitted by Barry Wolfe, VP Investments and Michael Zimmerman, senior associate with the Fort Lauderdale, Florida, office of Marcus & Millichap Real Estate Investment Services. Posted Online 5-28-08. What area is your expertise? Broward County (Fort Lauderdale)/Miami-Dade County (Miami), Florida What trends do you see presently in retail development in your area? The housing market downturn and credit market shake up have caused retail development in South Florida to slow. Developers are having difficulty getting as much leverage as they had grown accustomed and lenders are now requiring either total or partial recourse. Another reason for the decrease in construction is simply that there is not a lot of available land for new development. What we are seeing in the pipeline is discount retail centers, such as Super Wal-Mart and Super Target, adding locations throughout both counties. What type of retail product is doing well in your area? Class A assets, such as grocery anchored (and in particular Publix-anchored centers) are always viable whereas un-anchored Class B/C shopping centers are struggling with vacancies, in part due to increasing expense pass-throughs. What retailers are new to your area? One of the largest new South Florida retailers is Ikea, which recently opened …
What area is your expertise? The CBRE Retail team represents landlords and brokers in central Indiana. What trends do you see presently in retail development in your area? Increase in Mixed-Use Developments Development of Lifestyle Center and/or redevelopment, which includes a lifestyle center-like addition What type of retail product is doing well in your area? Grocery anchored centers; Town Centers/Lifestyle Centers and Malls What retailers are new to your area? Squeeze; Moochie & Co; Garden Ridge; Harlem Furniture; Fogo de Chao: Embarq; Taste of Tango; Ridemakerz; Stir Crazy; Adobo Grill; Golfsmith; Jared Jewelers; Marmi; Strasburg Children; Z’s Oyster Grill; Granite City Brewery; Grand Traverse City Pie Company and BJ’s Brewhouse Who are the active retail developers in your area? Kite Realty; Mann Properties; Welbourne Development; Pine Tree; Buckingham Please name one or two significant retail developments in your area. What impact will these projects have on the market? Redevelopment of Glendale Town Center: Kite Realty has re-developed this mid-town retail enclosed mall to become a Target and Macy’s anchored, power center (with a town feel). B-shop buildings have been added to surround the existing Macy’s — new retailers include Squeeze, Lenscrafters, AT&T and Catherine’s. Target will open in late July. …
What area is your expertise? Generally speaking, my expertise is in multi-tenant retail centers with a mixed-use component as well as traditional grocery anchored centers. The areas that I cover are Los Angeles and Orange County, Calif. What trends do you see presently in retail development in your area? Since land costs have risen so dramatically, the general trend that we have seen is for more vertical development with a mixed-use component. What type of retail product is doing well in your area? Urban infill projects are doing very well. The tenants are not being aggressive like they were over the last few years so the focus has moved back to the urban infill locations. What retailers are new to your area? Clearly Tesco has made a big splash in our market, which has affected the plans of many of their competitors with regards to expansion. While we hear their expansion has stalled, we still believe that it is too early to tell how their entrance in the market will affect the grocery business. Who are the active retail developers in your area? There are many, but it’s very fragmented. Caruso, and CIM are some of the bigger players but …
What area is your expertise? Sacramento Valley What trends do you see presently in retail development in your area? The retail market is experiencing declining rental rates for the first time in years. Mom and Pop retailers have virtually disappeared and national credit tenants are pulling back on expansion plans, while closing underperforming stores. The strip centers in many areas have been hit the hardest. What type of retail product is doing well in your area? Urban redevelopment projects have been the bright spot in the marketplace, particularly those that have located in underserved markets and filled by quality retail tenants. What retailers are new to your area? Boudin Bakery, The Counter Burger, Chico’s, Cold Water Creek, Orvis, New Balance, Smith & Hawkin, Sur La Table, White House|Black Market, Fresh N Easy, and CVS Pharmacy. Who are the active retail developers in your area? Donohue Schriber, Panattoni Development Co., Capital and Counties Development Group, Granite Bay Ventures, The Evergreen Company, Opus West, Peter Bollinger Investment Group, and Stonehenge Property Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Florin Towne Centre — Florin Mall Redevelopment project. NWC of …
What area is your expertise? Yorkville, Illinois/Kendall County. In March, Kendall County was named the fastest growing county in the nation, according to the U.S. Census, growing 77.5 percent from 2000 to 2007. What trends do you see presently in retail development in your area? Because of the unprecedented growth of Kendall County since the late 1990s, there are many national retailers who have found their way to the area, and while there has been a recent slow down in the acquisition of retail land sites in the Chicagoland area, production has not stopped on existing sites. The trend in Yorkville is going to be smaller projects with lesser known tenants over the next three to five years. Aside from the current economic woes and tightened lending restrictions, housing demographics are the key factor of this trend. Housing has slowed from one year ago, but there are signs that it’s picking up again. There have been more sales and builders have begun to create new incentives. I expect developers to move in toward the larger population centers and seek infill and/or redevelopment projects to combat inflationary land prices and continuing lender issues. The larger population bases and smaller risk projects …
Submitted by Ron Anderson, VP of Research and Technology, NAI Avant LLC in Columbia, S.C. Posted 02-22-08. What area is your expertise? Columbia, S.C. What trends do you see presently in retail development in your area? Currently, there are several active types of development: Wal-Mart and Target anchored community centers ranging from 200,000 to 300,000 square feet Unanchored retail strips from 6,000 to 20,000 square feet Auto dealerships relocated from in town to suburban locations Additional home improvement locations Bank locations Fast food locations What type of retail product is doing well in your area? All retail seems to be quite strong at this point Who are the active retail developers in your area? Active retail developers are Fletcher Bright, WRS, Edens & Avant, Kahn Development, and Owen Development. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • Village at Sandhill is a 1 million-square-foot lifestyle center in Northeast Richland County. It is being developed by Kahn Development of Columbia. This project has introduced the lifestyle center to the region and created a retail anchor in Columbia’s fastest growing suburb. • The Shoppes at White Knoll is a …
What trends do you see presently in retail development in your area? Developers continue to move forward on projects in which they have an anchor tenant and financing. Land and construction costs have risen to a point where the rents developers need aren’t feasible to tenants, thus putting the project on hold. What type of retail product is doing well in your area? Regional malls and our two lifestyle centers continue to perform very well. What retailers are new to your area? Dick’s Sporting Goods, Famous Dave’s, LA Boxing, and over a dozen new tenants to our area that are currently in negotiations with landlords. Who are the active retail developers in your area? Center Cal, CE John and Company, Gramor Development and Opus NW are the most prominent players right now. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Cascade Station was recently completed located next to Portland International Airport, on the east side of Portland near the border of Oregon and Washington. This project’s success was banked on the fact that customers who don’t want to pay a Washington State sales tax will cross the Columbia …
What area is your expertise? My specialty is retail investment sales in Oklahoma. What trends do you see presently in retail development in your area? The Oklahoma City metropolitan area has experienced minimal local tenant turnover, but for the most part, leasing has stabilized. With the construction of new life style centers, mall tenants and even mall anchors are moving to the new open air developments. What type of retail product is doing well in your area? Recently developed shopping centers occupied with national tenants remain the front runner for solid retail investments and, as in most markets, well-located neighborhood centers continue to be successful. Free standing retail is still solid with very few vacancies; however, the verdict is still out as to what fallout the Metropolitan area will have from nationwide store closings. What retailers are new to your area? Conn s is the most recent retailer to the Oklahoma City area opening one store with three more planned. Who are the active retail developers in your area? Jackson Development, Sooner Investment Group, Blanton Property Co., Burk Collins & Co. and Larry Owsley. Please name one or two significant retail developments in your area. What impact will these projects …