Retail Insight

NewMark Merrill AI quote

Automation is not only here to stay — it’s here to make the tasks of owning, operating, marketing and leasing a shopping center easier. That is the view of Sandy Sigal, chairman, CEO and president of Calabasas, Calif.-based NewMark Merrill Companies. “I see automation as a net positive,” he explains. “The efficiency level inside shopping centers is going to go way up. Customer satisfaction levels are going to go way up too.” Sigal envisions a future where personalization, driven by artificial intelligence (AI), transforms the shopping experience, offering tailored recommendations and …

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Broad Reach Retail Mike Castellitto quote from article + headshot

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 …

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A strategic location and concierge business services have created robust growth in Moreno Valley, Calif.

Thriving enterprises seeking to broaden their reach recognize a prime destination in Southern California that consistently outperforms others: Moreno Valley. Companies such as Sprouts Farmers Market, Texas Roadhouse, 85°C Bakery, Raising Cane’s, Hilton, Capriotti’s Sandwich Shop and WoodSpring Suites are extending their presence in the city for good reason. They benefit from Moreno Valley’s unparalleled business-friendly atmosphere, a driven workforce, strategic positioning and competitive leasing rates. Fortune 500 and global corporations are flourishing in Moreno Valley, and below are some of the reasons why. Strategic Positioning Situated at the junction …

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Jeff Conover Faris Lee Retail quote from article

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 …

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  Leasing activity, occupancy and capital markets demand for multi-tenant retail remain strong, but interest rate hikes have brought transactions to a halt. “On the supply side, we just aren’t seeing a lot of listings out there,” says Patrick Kelley, associate vice president with Northmarq. “There is not a lot of activity in terms of sales,” explains Ernest DesRochers, senior vice president and managing director with Northmarq. “Buyers are looking for shorter-term financing, being able to prepay with little or no penalty, and hoping to take advantage of lower rates in …

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  “Retailers are doing well, but growth is challenging as there isn’t much space to be had,” says Greg Eisenman, managing director of retail tenant services at Franklin Street. There is a major appetite for deals, but interest rates and construction costs have made development difficult, so it is taking longer for retailers to find space and close deals. The challenges are part of the overall historical retail cycle, explains Eisenman. “As brokers, we have to get a lot more creative, and just continue to dig deeper and harder. Nothing’s coming …

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  Sandy Sigal believes in a holistic approach to the properties he’s acquired. He pairs tech-savvy data gathering to understand trends and opportunities with a focus on creating shopping experiences consumers crave and connection with their communities. This strategy is essential to making NewMark Merrill’s projects into successes, including the company’s latest California projects: the Rialto Village shopping center in the Inland Empire, which just completed preleasing, and the Corbin & Parthenia shopping center in the San Fernando Valley area, which is slated for renovations. Knowing your customers allows you to account for their retail needs and desires …

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If the conventional wisdom is that the worst loans are made in the best of times, then a return to fundamentals and positive risk/return dynamics seems likely in the near future, according to Michael Klein, founding principal and CEO of Freedom Financial Funds. Today’s market is not unprecedented, says Klein. “It is a moment that we’ve lived through in the past, where buyers and sellers are just not on the same page.” Currently, the rising cost of capital means a lack of transactions, but Klein notes that historical trends indicate activity will pick up, …

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The retail growth of the City of Moreno Valley, in Southern California’s Inland Empire submarket, has been fueled by jobs and residential development in the area. One of the fastest growing cities in Southern California, Moreno Valley’s population has increased by 3.3 percent over last year, in part because of companies moving into the area, which is already home to two electric vehicle manufacturers alongside ALDI, SKECHERS, Amazon and more. Nearby State Route 60 and Interstate 215 consistently advertise Moreno Valley to the 56.2 million people who pass through the area by car each year. Moreno Valley …

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  Thinking ahead, WHLR proactively managed its exposure to volatile capital markets and an inflationary environment. In 2021, the company refinanced all its loans that were set to mature within seven years, garnering the REIT low cost, fixed-rate debt set for the next 10 years. In addition, WHLR’s focus on the service, convenience and necessity retail tenant categories in secondary and tertiary markets has helped shield the company from the impacts of inflation risk, explains Andy Franklin, CEO of WHLR. The company’s 2022 merger with Cedar Realty Trust also helped …

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