REAL ESTATE

Will West Coast Retailer Migration Continue as Northeast Rents Rise?
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.
Three-grocer center is sold for $42 million
A subsidiary of NewMark Merrill Companies has acquired Southgate Plaza in Sacramento five years after it was hired by the owner to re-tenant and reposition the center. The 339,369-sq.-ft. Southgate has the distinction of being anchored by three grocery stores — Walmart Neighborhood Market, 99 Ranch Market, and 99 Cents Only. Other tenants include Ross Dress for Less, Skechers, Payless Shoe Source, Farmer & Merchants Bank, and Taco Bell.

Co-tenancy 101

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.
New Stop & Shop format to debut at New York Center

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."
Trademark taps digital ace Keeton as marketing chief

Fort Worth-based Trademark Property Co. is making a move to more data-driven marketing efforts with the hiring of Jency Keeton as director of corporate marketing. As digital brand manager for global marketing at Fossil, Keeton doubled the retailer’s social media audience and directed its website, email, blogging, and influencer programs. Her digital promotions, contests, and user-generated content programs were deployed in stores and all other customer touch-points.
CBRE announces two key hires

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.
Olshan to Trump competition at ICSC-New York

Olshan Properties will pay tribute to the new president-elect and fellow developer Donald Trump at the International Council of Shopping Centers New York Deal Making show, which kicks off at the Javits Center on Monday. Staffers at the Olshan booth will be sporting blue “Make Retail Great Again” baseball caps as they promote a message, said a release, of elevating retail to bring local communities together by connecting with their hometown shopping centers.
New York Retailer Market Update: Too Hot, or Not?

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.
Natural pet food retailer on expansion track

Bentley’s Pet Stuff is on the move. The family-owned retailer, which specializes in the fast-growing segment of natural pet food, will open nine stores in December, with locations in Milwaukee, Colorado, Minneapolis and Chicago. The new locations include Bayview, Racine, Menomonee Falls, New Berlin, Delafield and Fox Point (all in the Milwaukee area); Stillwater in the Minneapolis area; Greenwood, Colorado; and one in Chicago.
Home furnishings giant continues U.S. expansion

Ikea is hoping to build its fifth store in the state of Texas. The retailer is submitting plans to the City of Live Oak, Texas, for a San Antonio-area store. Pending approvals, construction could begin in spring 2018, with an opening in summer 2019. Located approximately 15 miles northeast of downtown San Antonio, the 289,000-sq.-ft. proposed Ikea would be built on 31 acres.