Brian Jue’s Post

So Costco Wholesale is getting into #apartments. I gotta wonder: will these Costco apartments come with extra large refrigerators to handle all of those huge purchases of dairy and meat? And will the pantry be able to hold cases of paper towels? They've got some hurdles, but they will likely do it and do it well. #apartmentindustry #multifamilyindustry #multifamilyhousing #housingshortage #housingcrisis #california #bayarea #apartmentmarketing #apartmentleasing #apartmentoperations

It won’t be long before a select few Costco Wholesale fans in Los Angeles will be able to live just a few flights above their favorite retailer. Thrive Living, a California-based developer, is converting a vacant lot in the Baldwin Village neighborhood of the city into an amenity-rich apartment building, complete with 800 rentable units, a rooftop pool, gym, and basketball court. The most appealing amenity, however, might just be the Costco warehouse that is slated to take up the ground floor, complete with a pharmacy and optical services. That alone makes the mixed-use building—a term used to describe a real estate project that blends residential and commercial spaces—unique. It is the first time Costco is leasing a space in a residential development like this one. Long-term, however, the biggest upside may be for Costco—and its shareholders. The retailer’s move could set a new precedent for its urban expansion strategies, giving Costco more flexibility to tap into densely populated areas and position itself closer to where shoppers live. https://lnkd.in/g5GPk7e7

It won’t be long before a select few Costco Wholesale fans in Los Angeles will be able to live just a few flights above their favorite retailer. Thrive Living, a California-based developer, is converting a vacant lot in the Baldwin Village neighborhood of the city into an amenity-rich apartment building, complete with 800 rentable units, a rooftop pool, gym, and basketball court. The most appealing amenity, however, might just be the Costco warehouse that is slated to take up the ground floor, complete with a pharmacy and optical services. That alone makes the mixed-use building—a term used to describe a real estate project that blends residential and commercial spaces—unique. It is the first time Costco is leasing a space in a residential development like this one. Long-term, however, the biggest upside may be for Costco—and its shareholders. The retailer’s move could set a new precedent for its urban expansion strategies, giving Costco more flexibility to tap into densely populated areas and position itself closer to where shoppers live. https://lnkd.in/gN4quMAf

Would you live in housing developed by Costco Wholesale? This is quite a concept & one I think many will be watching to see if it can be successfully replicated - some highlights: - A TOD mixed-use project with 800 small units above a big-box store with 184 set aside for low-income tenants (decent %) - modular construction, which uses prefabricated units built off site, should reduce building costs - Costco’s ties to the residential development aren’t much more than a shared building and underground parking garage, but the retail chain needs the housing in order to get permits to open at this location (this aspect is interesting!) - some South Central community leaders have expressed concern that, despite the need for family- and senior-friendly housing, the majority of these units will likely go to young singles. (bcuz of the small 350-605 sq/ft floor plans)

Cold Spring's Kroger on Martha Layne Collins Boulevard is set for a $35M expansion, doubling its size to a 122,912-square-foot store with a fuel center, pharmacy drive-through, and more. The project, which would add 527 parking spaces and 16 online shopping pickup spaces, awaits approval from the Planning and Zoning Commission. The new development promises 100 jobs and a mix of retail, home goods, and a sushi station.  https://lnkd.in/gQmPS5u4

JUST LISTED - Panera Bread 4-Tenant Strip | Mansfield (Ontario), OH We are excited to be brining to market a 4-tenant strip center located in Mansfield (Ontario, OH). This site benefits from strong retail synergy, local positioning, and high traffic counts. About one month ago I toured the site and was not only surprised by how much retail development is going on in the nearby trade area, but also by the number of cars and consumers in the nearby parking lots. There is a lot to be excited about in the Mansfield (Ontario) market; providing below some brief investment highlights as a sneak peek. - List price of $2,601,487 yielding a 7.50% Cap Rate - Main Retail Corridor: Strong retail synergy with numerous national brand tenants including but not limited to Menards, Meijer, Target, Best Buy, Starbucks, IHOP, Sunbelt Rentals, Sam’s Club, Lowe’s, ALDI, Applebee’s, Taco Bell, AT&T, Panda Express, Five Guys, Mattress Firm, Outback, & more. - Long Term Occupancy: Panera Bread has been at this location since 2006 and recently installed a drive-thru to be up to the tenants current real estate plans and development standards. The tenant signed a brand new, 10 year extension in 2020 showing their long-term commitment to the location. - Extensive Retail Development in Trade Area: National tenant’s are developing in the local trade area given low vacancy within the Ontario retail hub. Recently completed and current developments include but are not limited to Caliber Collision, Culver’s, Ferguson, Holiday Inn Express, & more. Healthy WALT: The property’s Weighted Average Lease Term (WALT) exceeds 5 years. Reach out to me directly with any questions or interest - edward.desimone@matthews.com

Dees Stribling at Bisnow shares information on the record-low vacancy rate of retail, 4.1% as of Q1 2024. With vacancy rates so low, creating opportunity for space is at the forefront. Landlords have the opportunity to improve the quality of their tenants while increasing NOI and the value of their asset. Not all tenants Occupancy Cost are the same. I'm a restaurant guy; a restaurant tenant with an AUV of $450,000 vs a restaurant tenant with same use with an AUV of $850,000 has the ability to pay higher rents while still operating successfully. With competition fierce for space and many retailers focused on continued growth, there is an opportunity for best in class retailers to win space as it comes available because they have the ability to support a higher occupancy cost. For Landlord's always looking to add value, this is a strategy worth pursuing given the current market conditions. #retail #restaurants #VIP

A major redevelopment project is proposed for the Kroger on Martha Layne Collins Boulevard in Cold Spring. The plans include a significant expansion of the store from a 60,662-square-foot store to a 122,912-square-foot store, doubling its size. The new development would feature a fuel center, a pharmacy drive-through window, and a wine and spirit shop, among other amenities. The expansion is expected to create 100 full-time and part-time jobs and take 14-16 months to complete. However, the plans have yet to receive approval from the Cold Spring Planning and Zoning Commission after three meetings have been canceled. The proposed development has sparked concerns about the impact on property values and noise levels, with residents requesting a sound barrier wall to mitigate the effects of the new development.   Read more about the Kroger expansion plans here: https://lnkd.in/gWsVFZH8

Friday Tenant Spotlight: Why Barbershops Make Great Tenants This Friday, we’re shining the spotlight on one of our favorite types of tenants—barbershops! These businesses not only provide essential grooming services to the community, but they also bring a unique energy and character to any property. Here’s why barbershops make fantastic tenants: 1. Steady Foot Traffic: Barbershops are neighborhood staples, attracting a steady stream of customers throughout the week. This consistent foot traffic benefits not just the barbershop, but also the surrounding businesses. 2. Community Connection: Barbershops often become gathering places where people of all backgrounds come together. They foster a sense of community, which enhances the overall vibe of a shopping center or street. 3. Long-Term Customers: The relationship between barbers and clients is often long-lasting. Customers return regularly, providing predictable business for the shop and stability for property owners. 4. Reliable Operations: Barbershops tend to have a straightforward business model with low overhead and clear operational hours. This makes them reliable tenants who contribute to a consistent and steady environment. 5. Creative, Custom Spaces: Barbershops are known for creating inviting, stylish spaces that reflect the personality of their business. Their investment in the design of their shop helps elevate the overall appearance and appeal of a property. Barbershops are more than just great tenants—they’re key players in the fabric of local communities. We’re proud to have them as part of our tenant family! #TenantSpotlight #Barbershops #CommunityConnection #SmallBusiness #ReliableTenants Link Here to my Barber. I have to mention I get my cut weekly. https://lnkd.in/eQ_ZDgpk

The garment care market is substantial, with an annual value of approximately $60B. Despite this large addressable market, the industry has seen limited vertical integration among service providers. Cents is addressing this gap by offering an operating system for garment care and repair businesses. This comprehensive platform integrates hardware, payments, and software, providing business owners with a single solution that offers unprecedented control over their operations. The platform is versatile working with businesses large and small with a wide array of garment care businesses including traditional laundromats, dry cleaners, laundry centers in shared spaces like colleges, hotels, and apartment buildings, tailors, and cobblers.  Cent’s unified all-in-one solution handles point of sale including embedded payments, business operations, machine integration, and even pickup for over 2700 retail laundry locations across the country and 3500 shared laundry rooms. AlleyWatch caught up with Cents CEO and Cofounder Alexander Jekowsky to learn more about the business, the company's strategic plans, latest round of funding, and much, much more...