Development/Redevelopment

Every business magazine sports an “X Under 40” list celebrating precocious professionals. But, really, isn’t it almost always youthful drive and optimism that feeds the engine of progress?

The stories of Chain Store Age’s 2017 list of over-achievers under 40 abound with examples of young people from different disciplines who all discovered retail real estate as the perfect channel for their passions.

Cumberland Farms, a convenience store fixture in New England and central Florida for half a century, once fielded more than 1,000 stores. But, it has slimmed down to 600 locations as it transforms itself from a strip-center and gas station dairy store to a chain of freestanding, modern C-stores providing an array of food service options and gasoline.

Given the success of this year’s Fastest-Growing Acquirers, it’s understandable to think the process seems simple. Well, it’s not as easy as it looks, warned G. Joseph Cosenza, president of Oak Brook, Ill.-based Inland Real Estate Acquisitions. Quality must meet opportunity and yield, he said.

The grocery-anchored center remains as strong an investment as ever, Cosenza said. An Inland fund that’s dominated by grocery-anchored projects (approximately 80%) has 95% occupancy. Supermarket renewals are resulting in rent increases of 10% and higher.

It’s a big show and there’s a lot to see, but if you have time to check out just a dozen properties, these may be the ones. From a $700-million upgrade to an already successful mall in San Jose, to the erection of an elegant town center on a historic site in Gainesville, to the continued development of a retail icon in Columbus, these properties are the ones moving physical retail forward. Booth numbers are included for your convenience.

Lake Nona Town Center Booth C1124

Five dynamic retail and restaurant brands — Altar’d State, Bentley’s Pet Stuff, MOD Pizza, Sugarfina and Warby Parker — took home the honors as the winners of Chain Store Age’s annual Breakout Retailer Awards.

The awards, selected by CSA’s editorial board and sponsored by Paint Folks, recognize innovative retail and restaurant concepts that are on their way up —brands that have crossed the “newbie” line, and are well positioned for growth, in store, online, or both.

How many American moms would love to see their sons grow up to become accountants or lawyers? Nick Over is both, but he decided to apply his skills and knowledge to the challenging world of real estate. After just two years at RPAI, the 36-year-old Over is steering the company into new avenues as its director of development. Chain Store Age spoke with him recently about his current pet project.

The best thing to do about asbestos? Leave it alone — if the structure is safe.

That was one of the takeaways from the SPECS session, “Hazardous Building Materials Among Us.”

Asbestos was a mainstay in both commercial and residential buildings for decades because, simply put, it was a cheap and readily available lifesaver, explained speaker Michael Ebel, VP and principal scientist at Amec Foster Wheeler.

“It was known as the ‘Miracle Mineral,’ heat-resistant, chemical-resistant, corrosion-resistant, and a poor electrical conductor,” Ebel said.