Tenant Update

CBRE has acquired Cleveland-based Skye Group, a provider of project management, development, and tenant coordination services.    Skye is led by Bradley Sanders, who founded the firm in 2000. Its client list consists of prominent retail real estate investors including Simon, Howard Hughes, Westfield, LaSalle Investment Management, Vornado Realty Trust, New England Development, Ivanhoe Cambridge and Steiner & Associates, as well as brands such as Barneys New York.  

The City of Brotherly Love is having a love affair with retail.    A new report from Philadelphia’s City Center District reveals that 45 national retailers have helped fuel a $1 billion investment in city real estate during the last five years.  

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.

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.  

Kimco Realty Corp. takes the top spot in Chain Store Age’s 12th annual Top Redevelopers survey, with 2,669,999 sq. ft. redeveloped. Kimco’s redevelopment reach in 2015-2016 spanned 19 states and Canada, as the company touched 39 projects in all. (The survey analyzed redevelopment work from mid-year to mid-year in the 12-month period from June 2015 to June 2016.)

The ICSC New York Conference is one of the larger gatherings of retail real estate professional’s on the calendar – and is an important touch point for professionals in the NYC market. Ahead of the show, Bob Gibson, retail vice chairman of JLL, based in New York, shared his take on this expansive and important retail market.  

The District at Green Valley Ranch outside of Las Vegas gave a shot in the arm to its healthy lifestyle credentials with the signing of three new tenants — CycleBar, Drip Doctors, and Pressed for Juice.   Owned by Vestar, the 385,000-sq.-ft. open-air center is the largest retail component of Green Valley Ranch, a master-planned community in Henderson whose centerpiece is a hotel-casino resort of the same name run by Station Casinos.  

Tiffany & Co.’s sterling jewel — its flagship on Manhattan’s Fifth Avenue — is feeling the impact of beefed up security and protests at Trump Tower, which is located next door to the store.     Since the election, Tiffany said its flagship, the retailer’s largest location and a tourist magnet, has seen an “adverse effect” and sales softness” compared with the year before and relative to the company’s other U.S. stores. And it sees no quick fix of the problem.