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Events
Wednesday April 30th
Bisnow: NYC Retail Real Estate Summit
New York, NY

With the unforgiving polar vortex behind us, and consistent upticks in consumer demand dispelling market anxieties stemming from the Fed’s tapering policies, there is only one direction retail is heading. Up! The consumer is back, and retail is king. Come hear about it from the industry leaders themselves at Bisnow’s 4th Annual NY Retail Summit.

Get 20% off by using this discount code at checkout: retailmls2014

Click here to register!

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May 18-20, 2014
ICSC RECon Las Vegas
Las Vegas Convention Center

RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 34,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year’s worth of business in just three days! If you are looking to meet retailers to discuss new or existing leases in your centers, view the latest industry products and services that are critical to your business, attend educational sessions or find the next deal, then you need to attend RECon.

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Wednesday June 11th
ICSC: New York Program and Networking Breakfast
New York, NY

Join us and gain valuable insight into the dynamic retail environment in the outer boroughs of New York City.

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Thursday July 17th, 3-9pm
Social Retail Summit #7
Dumbo Spot, New York

Social retail is the new approach to customer relations developed by next generation omnichannel retail brands, from online community to offline sales.

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Featured Article
Aldi Plans Major Expansion
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Supermarket chain Aldi has announced plans to invest $3 billion in opening 650 new stores in the U.S. in the next five years, as well as building a regional headquarters and a distribution center in Monero Valley, California. The grocer is implementing an aggressive growth strategy that will include its first step into the Golden State as it increases its total number of U.S. stores to almost 2,000.

“At Aldi, we believe that great quality can be affordable, and we are eager to bring the Aldi difference to new markets like Southern California,” said Jason Hart, Aldi’s president, in a statement. Additionally, Mr. Hart said Aldi has updated its store design “to be brighter and more welcoming than ever before” while continuing to upgrade its healthy food options.

As most of its U.S. stores are on the East Coast or in the Midwest, Germany-based Aldi recently both entered new markets such as Houston and expanded its presence in competitive markets like South Florida and New York City. Part of the new strategy will include ramping up the average number of new stores annually from 80 to 130.

Posted on December 27, 2013

Featured Article
Blackstone Paying $718M for Stake in Shopping Center Owner
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Blackstone Group LP is investing in a 29% stake in South Carolina shopping-center owner Edens Investment Trust. The private equity layer has paid the State of Michigan Retirement System $718 million. Edens owns 111 grocery-anchored shopping centers in the Southeast and Northeast. Blackstone will share ownership with J.P. Morgan Asset Management and the New York State Teachers’ Retirement.
Edens will use the money to buy, redevelop, and start new projects in Boston, New York, Washington, Atlanta, and Miami areas.

“Capitalizing on one of the largest equity investments ever into a private U.S based real estate company, Edens plans to continue to enhance and expand its existing portfolio, creating significant value for its shareholders,” said Terry Brown, chief executive officer of Edens.

Posted on December 25, 2013

Featured Article
MTA Taps Westfield as Master Lessee for Fulton Center
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Earlier this week the Metropolitan Transportation Authority announced its intention to designate Australian mall developer and operator Westfield Group as the master lease holder for substantial portions of the new transit hub and retail destination scheduled to open next year.

The master lease will encompass the majority of the non-station areas in the complex, most prominently the glass and steel Fulton Building at the southeast corner of Broadway and Fulton Street, the historic Corbin Building at the northeast corner of Broadway and John Street, the Dey Street Headhouse at the southwest corner of Broadway and Dey Street, and the corrider under Dey Street that will connect to the World Trade Center in the future. The master lease covers about 180,000 square feet, and includes about 63,000 square feet of commercial space (approximately two-thirds retail and one-third office space).

“This agreement will empower Westfield to generate revenues for us that will go right back into the system while allowing MTA New York City Transit to focus its efforts on providing seamless service for the approximately 300,000 people who will pass through the Fulton Center every day,” said MTA New York City Transit President Carmen Bianco in a press release.

Posted on December 19, 2013

Featured Article
Rouse Properties Spends $293M on Two Malls
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Rouse Properties, Inc. added nearly two million square feet to its portfolio through the acquisition of Chesterfield Towne Center in Richmond, Virginia, and the Centre at Salisbury in Salisbury, Maryland. The shopping mall REIT paid $292.5 million, excluding transaction costs, to acquire the properties from affiliates of The Macerich Company.

“Chesterfield Towne Center and The Centre at Salisbury are key additions to our portfolio of dominant, middle market regional malls,” said Andrew Silberfein, president and CEO of Rouse Properties. “These malls serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes. The acquisition will diversify Rouse’s geographic presence with Maryland and Virginia representing our 20(th) and 21(st) states. We see opportunities at both malls to apply our strong platform to substantially improve the malls’ economic metrics, merchandising mix and tenant quality.”

Posted on December 17, 2013

Featured Article
Guest Blogger Michael Stoler: Nike, Reebok Opening New Stores in New York City
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New York City is the home of health clubs from the high end to the budget conscious; full body indoor cycling shops; as well as yoga and Pilates studios. Individuals, who partake in the exercise regiments at these at other facilities including YMCA and private clubs, often wear an assortment of apparel and foot wear. On the day before Halloween, Nike opened the doors to a brand new running store on the Upper East Side, right next to luxury apparel manufacturer Lululemon, which occupies approximately 10,000 square feet at 1127 Third Avenue.

The store, on Third Avenue at 66th Street, is the brand’s 28th location nationwide and the 18th to carry the Nike Running designation. Its design, concept and product selection is very similar to its location in the Flatiron, which opened in July of 2012.

The new Nike store is directly across the street from the newly opened Reebok Fit Hub Concept Store. This summer the company signed a ten year lease for 4,078 square feet at 1132 Third Avenue at the corner of 66th Street. . This store will offer fitness and training products.

Posted on December 16, 2013

Featured Article
UWS Retail Condo Fetches $50M
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ALTO Private Investments, a real estate fund manager, has sold a retail condominium on the Upper West Side consisting of four retail units for $50 million. ALTO purchased the property at 200 West End Avenue with the Klein American Group in 2011 for $31 million. The identity of the buyer is not yet known.

“Two years after the acquisition and with the improvements we instituted, we sold the property at a gross return of almost three times our original equity investment, said Mody Kidon, ALTO chairman and co-founder. “This is our fifth exit in the last two years with an average 30 pecent IRR.”

Posted on December 12, 2013

Featured Article
SL Green Announces Three Retail Transactions
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Landlord SL Green Realty Corp. has sold its 33.3 percent stake in the retail co-op at 747 Madison Avenue. The space in the 17-story Colony House building is valued at roughly $160 million. The company partnered with retail investor Jeff Sutton on the project, which is fully occupied after an announcement this week that they have signed a new lease with an undisclosed, major European fashion house. The fashion house signed a 15-year lease for a 2,800-square-foot spot, and SL Green will make a $30 million preferred equity investment in the property.

The company separately sold a 50 percent interest in the retail component of 21-29 West 34th Street, although it retains a 50 percent share. The agreement values the entire 152,000-square-foot property, with tenants including Apple, Aldo, and Geox, at $195 million.

Posted on December 12, 2013

Featured Article
Guest Blogger Michael Stoler: 7-Eleven Beware: Wal-Mart Will Build its First Convenience Store
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The National Association for Convenience Stores reported that the nation has approximately 149,000 stores across the country, posting $700 billion in total sales in 2012, of which $501 billion were motor fuel sales. The definition of a convenience store is a small store that stocks a range of everyday items such as groceries, toiletries, alcoholic and soft drinks, tobacco products and newspapers. A convenience store may be part of gas station, and in many instance the stores have long shopping hours, some being open 24 hours.

By far the largest C-store chains in the nation are 7-Eleven with more than 5,600 followed locally by Hess Corporation, Cumberland Farms, and Wawa. These chains and others around the nation might have a new nation competitor with the recent announcement by Wal-Mart.

Posted on December 9, 2013

Featured Article
National Chains Slow NYC Expansion
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Nonprofit research group Center for an Urban Future has released its sixth annual ranking of national retailers in New York City, and despite growth, the expansion of chain stores across the city has slowed considerably over the past year. There was an overall 0.5 percent increase in the number of national retail locations between 2012 and 2013, a huge drop compared to the 2.4 percent increase between 2011 and 2012. In fact, it was the smallest year-over-year increase since the company began compiling data on New York’s national retailers in 2008. Furthermore, Manhattan and Queens actually saw the number of chain stores decline between 2012 and 2013.

For the sixth consecutive year, there is a net increase in the number of national chain stores in the five boroughs—the 302 retailers listed on last year’s ranking have expanded from a total of 7,190 stores in 2012 to 7,226 stores this year. Also for the sixth year in a row, Dunkin Donuts tops the list as the largest national retailer in the city, with a whopping 515 locations. The fast food retailer added 39 stores in NYC during the year (an eight percent rise).

Not far behind is Subway, closing the year with 467 sandwich locations. It had a net gain of 28 stores since last year, a six percent increase. The rest of the top ten includes Duane Reade/Walgreens (318 stores), Starbucks (283), MetroPCS (261), McDonalds (240), Baskin Robbins (202), Rite Aid (190), T-Mobile (161), and GNC (138). Also notable is 7-Eleven, which posted a 27 percent increase in locations, from 97 to 124.

Posted on December 4, 2013

Featured Article
Ashkenazy Spends $400M 625 Madison Ave.
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Ashkenazy Acquisition Corp. has purchased the ground lease 625 Madison Ave. for $400 million from 625 Ground Lessor LLC. Located in the Plaza District, the retail and office building leasehold is owned and operated by SL Green Realty Corp. Cushman & Wakefield represented the seller and announced the transaction last week.

The site is comprised of a 17-story, 563,000-square-foot Class A office and retail tower that spans the entire block on the east side of Madison Avenue between 58th and 59th streets. Polo Ralph Lauren occupies 70 percent of the building.

“A ground lessor’s position in the Plaza District, New York’s epicenter, represents one of the safest options among all asset classes today,” said Cushman & Wakefield EVP Brian Corcoran. $50 million a year at the next reset.

Posted on December 3, 2013

Featured Article
Guest Blogger Michael Stoler: More Consumers Expect to Showroom This Holiday Season
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Showrooming, continues to grow each and every year. Showrooming is when a shopper visits a store to check out a product but then purchases the product online from home, or on their mobile device at the brick and mortar retailers. This occurs because, while may people still prefer seeing and touching the merchandise they buy, many items are available at lower prices through online vendors. As such, local stores essentially become showrooms for online shoppers.

Since 2012, there has been a 156 percent increase in consumers who purchased a product from a competitor while in a retail store, according to “Mobile Consumer Report: Combat Showrooming with Personalization”, released by Vibes Marketing.

The report found that 44 percent of consumers showroom frequently and 36 percent use their mobile devices to shop more in store than they did two years ago.

Posted on December 3, 2013

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