The complex projects encompass many moving parts and players. Keeping them all on the same page is crucial to success. If the whole mall redevelopment thing doesn’t work out, you can always become a marriage counselor. Perhaps some additional training and education would be needed for such a career transition to actually take place. But mall and shopping center owners who undertake high-risk redevelopments undoubtedly have firsthand appreciation of the importance of providing clear and courteous communication to the many different groups they deal with, from municipal leaders to longstanding …
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No matter the economic climate, the formula for creating value in properties will always be a retail property owner’s best friend. That’s why Broad Reach Retail Partners uses a multi-faceted approach that includes data-driven key performance indicators (KPIs) to drive their plans of action, strategic redevelopment and ongoing budget updates that optimize net operating income (NOI). “Through focused management, leasing and discipline, we create value, and we are able to return those dividends to our partners, properties and people,” says COO Mike Castellitto. “We have seen time and time again …
Faris Lee: Sales Success Strategies in a Challenging Market
Don MacLellan, managing principal at Faris Lee Investments in Irvine, Calif., knows it’s a challenging market. “Deal volume is off 40-60 percent from two years ago,” he says. “Back then, there was so much deal momentum because demand was so much higher than supply. Now, it’s the opposite, and due to lower transaction volume, 1031 demand is off significantly. So, the question becomes, how do you create strong demand with fewer 1031 exchange requirements?” It’s a question MacLellan and his fellow Faris Lee managing principals Jeff Conover and Shaun Riley …
Though construction headwinds persist, the potential of mixed-use projects motivates many developers to keep going. Some of today’s most successful projects can be described as a melting pot of sorts. That’s because they internalize the three Fs: flexible, financeable and functional — or, should we say, multi-functional. “Mixed-use concepts, in particular, seem to be the 401(k) of real estate development,” says Matt Silvers, vice president of Project Management Advisors in Austin, Texas. “They provide a bit of everything for everyone, including investors, and the mix of uses nicely hedges market …
From the outside, the story of the Kansas City Power & Light District seems like a familiar one: an urban revitalization fueled by a succession of development milestones. Looking closer — and talking with people who have been a part of the journey — reveals something much more interesting — even remarkable. Today, as the project celebrates its 15-year anniversary, the $1 billion mixed-use district that received the Urban Land Institute Award of Excellence in 2009 isn’t just going strong, it’s reaching new heights. In the process, the Power & …
The Feb. 27 Shopping Center Business webinar “Inside the Restructuring of a Retailer” detailed early warning signs for retailers in distress, as well as decision-making processes and strategies to restructure inside or outside of Chapter 11. What is needed for a successful restructuring? What kind of roles do firms retained in bankruptcy cases play in arranging prep work, navigating competing stakeholder agendas and arranging critical payment dates and short-term liquidity management? Learn more from this brief one-hour discussion that covers both the headlines and the behind-the-scenes process of restructuring for retailers. Click …
Los Angeles — With interest rates and inflation being what they have been, it’s no surprise that money was one of the top concerns – and topics of conversation – among panelists at InterFace Conference Group’s Entertainment Evolution Experience (EEE), which was held at the J.W. Marriott at L.A. Live in Downtown Los Angeles on February 6 and 7. “The commonality is we’re all here to make money,” said Paul Kurzawa, COO of CenterCal Properties and moderator of the “Converting Experience to ROI — Making Sense of Sensory in Real …
Brick-and-mortar spaces aren’t the only areas where consumers exist nowadays. There’s the omnichannel approach that includes online shopping, yes, but today’s forward-thinking landlords and tenants know that the digital sphere is the next great conquest. This was one of the primary arguments made at InterFace Conference Group’s Entertainment Evolution Experience (EEE), which was held at the J.W. Marriott at L.A. Live in Downtown Los Angeles on February 6 and 7. “Consumers are back and looking for experiences, but it really has to mean something to leave the sofa and comfort …
Amid population and job growth, retailers see the Lone Star State an ideal territory for expansion. But tight conditions and high construction costs are creating challenges. The economic growth engine that is Texas continues to drive retail demand. With many major markets near full occupancy in urban and mature suburban neighborhoods, developers who launched grocery-anchored and other projects in the Dallas-Fort Worth (DFW) Metroplex as well as in and around Austin and Houston are well-positioned to take advantage of the fast-growing regions. That’s especially true as the increasing cost of …
Food-and-beverage operators compete for coveted real estate in the Southeast. Chicken and coffee are a somewhat unlikely, if alliterative, pair. In the Southeast though, they are currently linked by virtue of the so-called “Chicken and Coffee Wars.” Previously, a similarly martial and poultry-centric moniker — The Chicken Sandwich Wars — described the fierce competition and marketing trends among fast food brands as they battled to create the best chicken sandwich — or at least the one with the best performance among consumers. Now, amongst brokers in the Southeast region, Chicken …