Yashar Shayan on LinkedIn: Seattle’s ‘premier shopping center’ sells at steep discount (2024)

What's Happening in #Tampa / #StPete:South Tampa shopping center Britton Plaza is about to be listed for sale! Will this open up the possibility of redeveloping the property?The sale of Britton Plaza will be a generational transaction for Tampa, attracting institutional investors who will pay a market-high price. It sits on roughly 30 acres adjacent to some of Tampa's wealthiest neighborhoods. It has significant big-box vacancies, making it primed for redevelopment: Stein Mart, Big Lots and Tuesday Morning have closed locations there. Bealls Outlet is expected to close in April.But redeveloping the property won't be easy; it will be a yearslong endeavor, as the new owner will be limited by existing leases and their stipulations.I’d love to hear your thoughts: What could Britton Plaza become? How can we develop the site thoughtfully while paying tribute to its history, aiming to restore its vibrancy in South Tampa?https://lnkd.in/eTGeJcs8 Tampa Bay Business Journal RIPCO Ari Ravi Hybridge Commercial Real Estate Scott Dobbins Bruce Strumpf, Inc. #redevelopment #SouthTampa #tamparealestate #realestate #construction #forsale #valuation #mixeduse #opportunity #townhomes #multifamily #retail #office #cre

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It will be interesting to see who steps out and starts redeveloping, after years of minimal to no new retail development, as occupancies are up, real estate brokers lament their isn’t enough space available today vs high interest rates and high construction costs. At some juncture, the nexus point will dictate it is time to build again. When will that be?

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At the place where two of the country’s most prominent thoroughfares meet lies an intersection in disarray. Empty storefronts, scaffolding and construction, and over it all, the looming half-built luxury condo development The One, recentlyput into receivershipwith pre-construction buyersfighting to pull out, reported the Toronto Star."The convergence of Toronto’s Yonge and Bloor streets has been a gateway to the luxury shopping strip along Bloor between Yonge and Avenue Road called the Mink Mile, with the intersection featuring prominent department stores including Hudson’s Bay and Nordstrom Rack.""But in the wake of growing online retailers and the pandemic, manyformer landmark shopshaveclosedtheir doors—leaving construction and empty storefronts in their place. With The One luxury condo development, which once held the promise of a new future for this area, now the centre of ongoing controversy, the current state of the intersection is in flux.""Although retail analysts and locals say Yonge and Bloor may never be the central cultural heart of Toronto — a local answer to London’s Piccadilly Circus or New York’s Washington Square Park — due to the lack of gathering space and visually appealing community landmarks, they have high hopes for a resurgence of retail and vibrancy over the next two years."https://lnkd.in/dMgCnVdy#toronto #development

Asking rents for Miami Design District retail have risen 200% since 2019, according to a JLL report. The run-up is by far the steepest increase of any North American prime retail corridor over that time period — second place was M Street in Washington, D.C.'s Georgetown neighborhood, where asking rents rose 37.1% between 2019 and 2023.

🏢 Exciting News in Carmel's Commercial Real Estate Landscape! 🌐The recent development in Carmel involves Charlotte, North Carolina-based Big V Property Group acquiring the Merchants' Square shopping center. The sale, completed on February 5, 2024, marks Big V's entry into the Indiana market and reflects their strategic commitment to growth and investment in areas with robust economic potential.🛍️ About Merchants' Square:Located northwest of the intersection of East 116th Street and Keystone Parkway, Merchants' Square spans 232,000 square feet and is home to an array of businesses, including Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco, and Dollar Tree. The open-air shopping center, originally built in 1970 as the Target-anchored Keystone Square Mall, underwent redevelopment in the mid-1990s to become the vibrant Merchants' Square we know today.🤝 The Deal Details:The undisclosed transaction saw Big V Property Group partnering with San Diego-based Equity Street Capital on the acquisition. Notably, the sale excluded the 76,000-square-foot location earmarked for Quincy, Illinois-based Niemann Foods Inc.'s Harvest Market grocery store, set to open later this year.📈 Big V's Strategic Move:Big V President Jeff Rosenberg expressed enthusiasm about expanding their portfolio into Indiana, emphasizing Merchants' Square's significance in their strategic growth plan. The property, with its longstanding history and prime location, aligns with Big V's commitment to investing in areas showcasing strong economic potential.🔄 A Glimpse into the Past and Future:Originally known as Keystone Square Mall, the shopping center underwent transformation in the mid-1990s, evolving into an open-air hub. Over the years, Merchants' Square faced challenges, including vacancies and the closure of the Marsh store along 116th Street. Urban planner Jeff Speck proposed a mixed-use redevelopment plan in 2013, but it never materialized.🌐 Share Your Thoughts:As Big V Property Group makes its mark in Indiana with the acquisition of Merchants' Square, we invite you to share your thoughts on this significant development. What impact do you foresee on Carmel's commercial landscape? How might this acquisition influence the future of the shopping center and the surrounding community? Let's engage in a thoughtful discussion on the evolving dynamics of commercial real estate in the region.Your insights and perspectives are valuable, so feel free to comment and join the conversation. Together, let's explore the exciting possibilities ahead for Merchants' Square and the thriving Carmel community! 👥💬 #CommercialRealEstate #CarmelBusiness #InvestmentOpportunity #IndyDevelopment #CRE #SVNNC #IndyCREhttps://lnkd.in/gmni2bxh

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More property investors are putting retail on their shopping list. While sales of some offices and other commercial buildings have slowed to a trickle, the number of North Texas’ shopping centers changing hands has accelerated. By Steve Brown#dfwbusiness #business #realestate

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🏢 Empty Stores Are Hot Real Estate - Here's Who's Moving InEmpty retail spaces are getting a fresh lease on life! According to this insightful article from The Mercury News, vacant Bed Bath & Beyond stores are becoming sought-after real estate, with a wave of new businesses eyeing these prime locations.From fitness centers to innovative co-working spaces, the adaptive reuse of these storefronts is sparking a new era of community hubs. Check out the article to dive into the details of who's making moves and the exciting new ventures that are revitalizing these once-empty locations. It's a testament to the dynamic evolution of our urban landscapes and the resilience of commercial spaces.🔗 https://lnkd.in/greVaVaS#VHGCREGroup #CRE #CommercialRealEstate #RealEstate #CommercialSpaces #BusinessTransformation #CommunityRevitalization #RetailTrends

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MIDLOTHIAN, VA - Sauer Properties, Inc., after losing the namesake retailer at one of its local shopping centers, is turning to residential redevelopment as a means to inject new life into the property.The Richmond-based landlord and developer is seeking zoning approval to add up to 350 apartments to the shopping center formerly called Stein Mart Festival, which is near the intersection of Midlothian Turnpike and Robious Road.The project also would include new greenspace and improvements to retail storefronts at the roughly 183,000-square-foot center. Also proposed are new walkways for pedestrians.The project is intended to revitalize the center by transitioning it into a mixed-use development. While the center’s small retailers have done well, stores with larger footprints haven’t fared as well, said Marshall French, director of real estate development and construction for Sauer. He added that finding replacement tenants also has been a challenge.“Big-box retail is moving away from that area and we’ve been struggling to fill the big-box spaces,” he said.The apartments would take the form of three, 4-story buildings.One would rise where a mostly empty 90,000-square-foot strip stands. That section at the back of the center had once been home to a Stein Mart at 9746 Midlothian Turnpike thatclosed in 2020, as well as craft store A.C. Moore. The only current long-term tenant in that strip is the Marshalls store.The site of another apartment building will be carved out of the parking lot in front of the former Stein Mart.A third apartment building would be built on the site of the retail shops near the center’s T-Mobile store. A portion of that retail strip would be revamped to house a leasing center for the apartments.The proposed redevelopment project would ultimately leave the center with about 67,500 square feet of commercial space, based on its leasing flyer. #escrowcredirt #newmarktitle

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Across Manhattan’s major retail corridors, leasing agents, operators and owners are gaining greater clarity on what levels of rent various submarkets can bear and how much spaces are truly worth. After three years of disruptions, including a public health and financial crises, a market reset is instilling stability into the largest retail hub in the U.S. RIPCO's Vice Chairman, Andrew Mandell, shares his perspective on the current state of Manhattan's retail landscape, and the opportunities he has seen in recent years:“Overall, the market is in a healthier place, but there’s still a fair amount of space available in certain areas like Midtown. Tenants have options now, and a major variable is quality of space — high ceilings, frontage, signage potential. Those spaces are winning the day.”

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With so many Shopping Center #REITs having a presence in Dallas, Steve Brown of The Dallas Morning News published a story looking at investor demand for local shopping centers.According to the story, "While vacancy rates in Dallas-Fort Worth office buildings have soared to the highest in decades, at the end of the third quarter only 4.3% of Dallas-Fort Worth retail space was vacant, according to the latest estimates from commercial property firm JLL. More than 1.2 million square feet of net retail leasing was recorded in the area in the quarter, outpacing the 915,600 square feet of new supply, according to JLL. Most of the new construction is for grocers, restaurants and other food- and beverage-oriented space users. The lack of new retail space in the area has pushed asking shopping center rents up by an average of 8% year over year, JLL estimates."https://lnkd.in/gyEk2nu6

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