Development/Redevelopment

Retail real estate developers and management companies are coming away from this week’s New York Deal Making show more optimistic than they’ve been in years.   “There’s some uncertainty following the election, but the stock market is up, the holiday’s been strong, and consumer confidence is high,” said CBL CEO Stephen Lebovitz at the International Council of Shopping Centers show, whose aisles were crammed with some 10,000 attendees.  

When the nation’s retail industry recently congregated in New York City for ICSC’s National Deal Making conference, much of the discussion centered on the evolving mindset of consumers throughout the country. For retail real estate professionals in the Northeast, this conversation is vital.   

Heidenberg Properties has received planning board approval to build a new 54,000-sq.-ft. Stop & Shop prototype at its Lake Plaza Shopping Center in Mahopac, New York. The store will replace a Key Food supermarket and increase total square footage at the center to 165,000 sq. ft.   “This was a complicated process involving multiple municipal agencies,” said Heidenberg VP of Operations Jason Lazar.” We are excited to deliver the new prototype for Stop & Shop."  

For landlords and tenants alike, co-tenancy provisions are among the most important pieces of the retail-leasing puzzle. The right mix of tenants can create powerful synergies. For a retail tenant, the stakes are high: the right neighbors can mean the difference between success and failure. Consequently, understanding the different types of co-tenancy clauses, becoming familiar with the nuances and negotiations that accompany their inclusion in a standard lease, and appreciating the concerns and considerations that make them so important should be a priority for any retailer.

Walmart has opened a 4,000-sq.-ft. format that offers pick-up of online grocery orders and a convenience store that also sells snacks, beverages and more.        The 4,000-sq.-ft. location, in Thornton, Colorado, also has on-site gaso-line station, the Denver Business Journal reported.  

There is one trend from the past couple of years shows no signs of stopping anytime soon: the movement of online-only retailers to the physical space. If anything, it’s gaining more momentum.      According to JLL’s Screens to Stores report, even more online retailers will experiment with physical locations in the next five years.    

Luxury jewelry brand John Hardy evokes its Balinese roots at its new, multi-sensory flagship in Manhattan’s SoHo.   

Adam Cummings, an 18-year veteran of retail leasing, has been named senior VP and retail occupier practice leader at CBRE. Cummings will direct retail representation in the mall sector.   The company also announced the return of Matt Kircher as managing director and executive VP of its San Francisco office. Kircher began his real estate caeer at CBRE in the 1990s.