CRE MarketBeat’s Post

Aspen Acquires Distressed LV Shopping Center Read the full article below..

Aspen Acquires Distressed LV Shopping Center Read the full article below..

Providing easy access to all levels of a multi-storey shopping centre is challenging, as it’s the lifeline to bringing feet to all parts of the development. One of three trade offs is that it blocks visibility of some of the shops. There’s no easy compromise. This centre also needs no introduction - if you’ve been here, you’ll recognise the escalators. This is in itself quite powerful. Let me know what you think of this example. #retaildesign #retailarchitect #revitalisationarchitecture

Don't miss out on the latest issue of Shopping Center Business – Mixed-Use Remains Hot Despite Construction Challenges Though construction headwinds persist, the potential of mixed-use projects motivates many developers to keep going. By Nellie Day; insights from: Keisha Virtue, JLL; Terry Todd, RDC.; Merouane El Karoussi, Bohler; Christopher Hake, Thompson Thrift. Inside this Issue: New Attraction The Port of San Diego has plans for an entertainment district on East Harbor Island, opening a new hub of activity. By Randall Shearin; insights from – Shaun Sumner, Port of San Diego. Beyond Transactions Creating destination stores for lasting connections. By Jaime Bettencourt, Mood Media Cultivating the Loyalist Experience Creating an experience involves tapping into community and brand identity. By Michelle Collins, A\N/A A Non-Agency® Putting the Wonder in Retailtainment Sony draws on its wealth of IP to create customer experiences at its flagship Wonderverse destination in metro Chicago. By Hayden Spies; insights from – Jeffrey Godsick, Sony Pictures Entertainment. Smalls Sliders Joins the Big Time In its innovative small spaces, the young slider brand is going big places — with 200 modular “Cans” open or under development in 16 states. Maria Rivera, Smalls Sliders interviewed by Katie Lee. Cooperative Growth With a retail cooperative model similar to franchising, Ace Hardware is uniquely able to continue its historic expansion with more than 200 new stores planned in 2024. Jason Hipskind, ACE Hardware interviewed by Katie Lee. Read the issue: https://lnkd.in/ddsXU_x4 #CRE #ShoppingCenters #Retail #Retailtainment

In our latest alert, Travis Jeffries discusses the challenges and opportunities in reletting space vacated by major tenants. With major brick-and-mortar retailers like 99 Cents Only, Bed Bath & Beyond, and Party City all filing for bankruptcy since the beginning of 2023, and potentially more on the horizon, here are some important things to consider. #retail #cre #brickandmortar

It's a fascinating read that delves into how economic shifts and consumer behaviors are influencing property values and investments. At Price Brothers, we pride ourselves on offering premier commercial and retail spaces throughout the KC metro area. Staying updated on these market developments is crucial for continuing to provide top-notch locations and services to our clients. I highly recommend checking out this article for a deeper understanding of the industry’s current landscape. https://lnkd.in/gdGWya7S #RealEstate #MarketTrends #InvestmentInsights #PriceBrothers #KCMetro

If you have found yourself opting for curbside pickup rather than going into a store to shop, you are not alone. As the demand for curbside pickup rises, business owners should be attuned to potential land use implications and consult with counsel accordingly. Please check out this article Andrea Gomes and I drafted to learn more!

Consumers’ preference for more convenient shopping options and those that can’t be easily replicated online is likely to rise, according to a new report from Marcus & Millichap. Unanchored strip centers are delivering on that demand today – a trend that is likely to continue. These shopping areas are “in a position of strength amid a period of household budget tightening,” according to the report. Part of the attraction is that they are typically located closer to consumers than larger centers and feature a diverse mix of tenants, said Marcus & Millichap. The firm reported that during the past three years, demand in the subsector more than quadrupled new space delivery, compressing vacancy to 4.7 percent — the lowest recording since 2003.   An average of 10,000 new leases were executed annually for 1,000- to 5,000-square-foot spaces at strip centers during this same period. Higher gas prices and ongoing hybrid work schedules are other reasons consumers will prefer unanchored strip centers. Recent consumer spending trends that showed rising spending across the restaurants and bars, electronics and appliance, and apparel categories are another plus for the sector. “Should this momentum continue, competition for strip center space should remain robust, with most retailers required to comb existing properties amid a pullback in development,” according to the report. New delivery in this space hasn’t been lower since 2000, Marcus & Millichap reported. As of March, the active national construction pipeline comprised less than 1 million square feet, with half of this space located in Texas and Florida. Among the retailers leaving mall space in favor of unanchored strip malls are Bath & Body Works and Foot Locker. Marcus & Millichap said the property type is also becoming more attractive to certain institutions, REITs, and investment funds with a handful having recently sold their larger shopping center holdings or recapitalized a sizable portfolio with plans to reinvest funds into collections of strip centers. Imminent interest rate cuts are expected to lead regional/local banks to actively finance unanchored strip center acquisitions. Marcus & Millichap sees lending rates from these sources likely to start at 6.5 percent, with leverage ranging from 50 percent to a maximum of 65 percent. It added that some investors might instead execute all cash transactions, potentially with proceeds from 1031 exchanges, the report said.

Tenants need to be care when falling behind schedule on construction and their opening date. Often times retail leases have penalties for opening late, so it is important to negotiate situations that can give tenants additional time to open (like construction delays).

The Future of the American Mall The American mall is in a quandary. Stores are papered over and echos bounce around mostly empty halls. In the past decade, online shopping has taken a considerable bite out of in-person retail, leaving empty, palatial wastelands in its wake. Gone are the days of happy shoppers gliding across glossy floors with wide, stiff paper shopping bags in hand, while the smell of buttery pretzels wafts tantalizingly by. The “dead mall” (also known as a ghost mall or a zombie mall) has even become a sort of local fascination. When Unibail-Rodamco-Westfield — one of the country’s most recognizable mall operators thanks to the word “Westfield” emblazoned on dozens of mall exteriors — announced in an earnings report in 2021 that it was effectively shutting down operations in the U.S., these institutions hit yet another tipping point. So what comes next for these giant mausoleums of the American dream? Development companies are gobbling up beleaguered retail complexes across California, rethinking the very blueprint of what a mall should look like. Their ideas are lofty, from towering new structures that include housing, elevated dining and even hotels to more subtle shifts like added entertainment offerings and offices. Some are pushing for more radical changes, adding senior housing, pickleball courts and trampoline parks, and even local library branches. What do you think the future holds for Malls in America, and around the World? #wearelynn #scripps #malls #nbcuniversal #forbes #wsj #newyorktimes #retail #foxnews #yahoo #applenews #DBTV