Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

Issue link: http://northeastrealestatebusiness.epubxp.com/i/610971

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www.francemediainc.com Our magazines, newsletters, websites and conferences cover all aspects of commercial real estate. We offer those in commercial real estate the ability to receive content specialized to their geographic area and sector. From restaurant facilities to medical office and student housing to shopping centers, we cover it all. We are committed to bringing our readers unlimited content through our various delivery channels: you can count on us to deliver the who, what, when, where, why and how much of commercial real estate from coast to coast. Number 105 TM Thriving Markets Why retail sales and development are on an upswing. www.REBusinessOnline.com May 2015 • Volume 11, Issue 5 EXPANDING OPPORTUNITY Gene Spiegelman of Cushman & Wakefeld comments on activity in thriving retail markets — from Fifth Avenue to Nashville. Interview by Randall Shearin and Jaime Lackey B uyers and sellers are trading net lease properties at a vigorous pace in an environment marked by an abundance of low-cost capital, lofty property values and a lack of alternative income-producing invest- ments. Industry professionals say that the activity simply prolongs the net lease market's banner year in 2014. Most an- ticipate that 2015 could even top 2014 as long as no economic, interest rate or geopolitical surprises intimidate investors. Like other bullish prognos- ticators, Calabasas, Calif.-based Mar- cus & Millichap anticipates that lower gasoline prices will allow consumers to boost retail spending, which will further enhance the appeal of retail net lease properties. Institutional and foreign investors continue to have a strong appetite for drugstores, auto parts stores, quick- service restaurants, ftness facilities, convenience stores and other retailers. More recently, private buyers such as high net-worth individuals and family offces have increased their net lease property acquisition activity, says Jonathan Hipp, president and CEO of Washington, D.C.-based Calkain Cos. "The hot streak is continuing," he says. "We haven't seen any evidence see NET LEASE page 34 NET LEASE DEMAND CONTINUES UNABATED Despite compressed cap rates and expectations for increasing interest rates, many experts believe NNN activity in 2015 could surpass 2014. By Joe Gose A s cities across the U.S. evolve and grow, we in the industry look to predict where the next opportunities lie. While the top international and domestic brands still vie for those coveted high street locations, which grow more expensive each year, creative developers seize unique opportunities to bring high-quality projects to thriving markets. To fnd out which markets offer the best opportunities for retailers and developers, Northeast Real Estate Business talked with Gene Spiegelman, who was recently named vice chairman and head of North American Retail Services with Cushman & Wakefeld. NREB: Let's talk about what you are seeing in the major retail markets across the U.S. We've seen improvements across the board since the end of the recession. When you compare high streets today, where do U.S. high streets rank globally? Spiegelman: If you look at how the recession affected the real estate market, the high streets were the most resilient sector of the marketplace, followed by the top-tier super-regional and regional malls and other key segments of the shopping center community, including lifestyle centers and grocery-anchored centers. Shopping centers populated by "category killer" retail concepts such see RETAIL page 36 Project spotlights: Assembly Row in Somerville, Mass. (left); East Market in Philadelphia (center); and Steelpointe Harbor in Bridgeport, Conn. (right). See Page 24. EXCITING RETAIL COMPONENTS ADD TO MIXED-USE PROJECTS Most Expensive Retail Locations in the U.S. Upper Fifth Avenue (NYC) Times Square (NYC) Madison Avenue (NYC) Lower Fifth Avenue (NYC) Rodeo Drive (Los Angeles) Union Square (San Francisco) Post Street (San Francisco) N. Michigan Ave. (Chicago) Lincoln Road (Miami) $/sf/yr $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $3,500/sf/yr Source: "Main Streets Across the World, 2014/2015," a Cushman & Wakefeld report $2,300 $1,400 $1,000 $675 $650 $495 $485 $325 Healthcare Real Estate: Doctors, Demand & Demographics page 30 INSIDE THIS ISSUE Shifting Retail Landscape Poses CMBS Questions page 32 A New Outlet for New England Development page 26 How Did Brooklyn Retail Grow 80 Percent in Two Years? page 18 STUDENT HOUSING BUSINESS ® PLUS: MAR KETI NG AN D MANAG I NG TO I NTE R NATIONAL STU D E NTS MAR KET PROFI LE: COLLEG E STATION, TEXAS STU D E NTS & SOCIAL M E D IA TH E CHANG I NG FACE OF S ECU R ITY THE TOP DEVELOPERS AND INVESTORS IN STUDENT HOUSING MARCH /APR I L 2015 www.REBusinessOnline.com May 2015 • Volume 11, Issue 3 Several Houston Submarkets Ripe for New Development page 40 INSIDE THIS ISSUE Net Lease Demand Continues Unabated page 56 Shifting Retail Landscape Poses CMBS Questions page 54 Exclusionary Uses: Provisions in Transition page 50 T he grocery sector is as hot as it has ever been in Texas, with several competitors looking to gain a larger market share in the Lone Star State. As the state's population and economy continue to expand, companies working to meet the in- creased demand include national retailers like Kroger and Walmart, regional chains like H-E-B, and niche stores such as Whole Foods Market and Fresh Market. In the state's largest metropolitan areas of Houston and Dallas, the big- gest competitors are H-E-B, Kroger and Walmart. According to Chain Store Guide, in metro Houston, H- E-B-branded stores commanded 23.7 percent of the grocery market in the frst quarter of 2015 by sales volume, followed by Kroger at 21 percent and Walmart Supercenter at 16 percent. Following those are Sam's Club at 6.6 percent, Randall's Food & Drug at 5.9 percent and Costco Wholesale at 4 percent. Whole Foods controls 2.2 percent of the market. Kroger op- erates 99 stores in metro Houston, H- E-B Grocery Stores operates 68 and Walmart operates 60. Whole Foods operates 10 locations in the area. see FAST CASUAL, page 58 see GROCERY, page 60 COMPETITION REMAINS FIERCE IN GROCERY SECTOR Larger anchor stores are leading the charge for grocery-anchored retail in the Lone Star State. By Haisten Willis HUNGRY TO FILL THE FAST CASUAL RESTAURANT GAP Restaurants rush to meet growing demand for high-quality fast dining as competition heats up. By Haisten Willis A new Whole Foods Market opened in the 1400 Block of South Voss Road in west Houston in April. It is part of the company's expansion efforts in the Houston area. Four Whole Foods locations have opened in the greater Houston area in the last 12 months. D on't look now, but there could be a land rush taking place as fast casual restaurant chains expand across the United States. Fast casual restaurants, a blend of quick service and casual dining, are quickly growing in popularity as consumers gravitate toward higher-quality foods when grabbing a quick lunch or din- ner. The fast casual concept ofers cus- tomization in menu choices and freshly prepared dishes. Fast casual restaurants usually do not include a drive-thru window or table service. While there is no standard defnition for fast casual, most in the industry agree on certain aspects of the cat- egory. "Fast casual is typically a non drive- thru restaurant where customers order at the counter and seat them- selves," says Michael Walters, vice president of Falcon Restaurant Ad- visors, a Dallas-based company that represents restaurant concepts and landlords on a national basis. "Fast casual restaurants also source most of their products locally, and avoid fro- zen foods wherever possible." Walters says the restaurants are growing so fast because there is a high demand for them and, for now, a lack of supply of space for them to locate. The combined sales of fast casual restaurants in the United States grew by 10.5 percent in 2014, compared with 6.1 percent sales growth for fast food chains, according to Mintel, a market research frm. The cost is also higher for custom- ers when compared to quick service restaurants, otherwise known as fast e 5 t o b o o s t r e t f u r t h e r e n h n e t l e a s e p r o I n s t i t u t i o n c o n t i n u e t o d r u g s t o r e s , s e r v i c e r e s t c o n v e n i e n c e M o r e r e c e n t h i g h n e t - w o o f f c e s h a v e p r o p e r t y a J o n a t h a n H i n h E M A N U N A B A r a t e s a n t e s , m a n y l d s u r p a s area Starwood center now per end Leasing owner Development Construction Creative Entertainment Events Design CEO Remodeling centers capital team want portfolio create industry billion Years court top place dominant space strong sales strategy three player deals lead served tenant prior every Maintenance executives property investment acquisitions quality former purchased financial point plaza developer brought million acquiring manage Retails owners held Patinkin investors people Ridge n e p e r e n d D e v e l o p m o n s t r u c t O p e r e D e s n f i r s t b u i l t c n b u i l d e a t e c o u r t p s p a c e u t i v e s e s t m e n t h e l d L E A D I N G T H E W A Y T H R O U G H T H E 2 1 S T C E N T U R Y MAY 2015 ® BUSINESS BUSINESS SHOPPING CENTER SHOPPING CENTER STARWOOD RETAIL PARTNERS' NEW MIND FOR MALLS STARWOOD RETAIL PARTNERS' NEW MIND FOR MALLS FC_COVER_May_Final_White.indd 1 5/4/15 10:00 AM a m e n t L e l s e v e n E v e n e w o D e v e l o p m t i o n r a t L e g a l t i i R e t a i l e r s t w o r o l e s m The big get BIGGER in 2014 buying spree 38 n M&A Competition heats up in home healthcare feld 34 n Operations H O U S I N G B US I N ESS SENIORS The Magazine for Seniors Housing Real Estate and Operations December 2014 / January 2015 ® 2015 lending outlook is defnitely bullish 42 n Roundtable Q&A n SHB interview playıng hard to get Memory care developers fll void in market 30 n Development 24 LI HTC Chairman, CEO of LCS sees chance to touch more lives 49 Ed Kenny G O P P O R T U N I T Y f C u s h m a n & W a k e f e l d t y i n t h r i v i n g r e t a i l m a r k e t s — o N a s h v i l l e . n d J a i m e L a c k e y g p p i n v e s t o r s . L i k e o t h e r b u l l i s h p r o g n o s - t i c a t o r s , C a l a b a s a s , C a l i f . - b a s e d M a r - c u s & M i l l i c h a p a n t i c i p a t e s t h a t l o w e r g a s o l i n e p r i c e s w i l l a l l o w c o n s u m e r s o l v e a n d g r o w , w i t i e s l i e . W h i l e t h c o v e t e d h i g h s t r d e v e l o p e r s s e i z e g m a r k e t s . T o f a n d d e v e l o p e r w h o w a s r e c e n t l y a h r o n o l g J W a s h i n g t o n " T h e h o t s a y s . " W e h e O p e r m b u i l t B v P a r t n e r s n e s s d k a e d e h w a y a m a B u i v e f u t l e a s e a g e m e p a r t m h n o l o g y N G S P R I L 2 0 1 5 T i t h a s e v e r b e e n i n T e x a s , w i t h s e v e r a l c o m p e t i t o r s l o o k i n g t o g a i n a l a r g e r m a r k e t s h a r e i n t h e L o n e S t a r S t a t e . A s t h e s t a t e ' s p o p u l a t i o n a n d e c o n o m y c o n t i n u e t o e x p a n d , c o m p a n i e s w o r k i n g t o m e e t t h e i n s e c o m p a n y ' s e l a s t 1 2 m o n t h s . I t i s p a r t o f t h e s t o n a r e a i n t h e F or a number of years, metro At- lanta's affuent East Cobb dis- trict has supported a quartet of grocers within a square mile of the high-volume intersection of Roswell and Johnson Ferry roads. Publix, The Fresh Market, Trader Joe's and Whole Foods Market have operated and thrived within these tight quar- ters, but the well-established inter- section will soon have company in the vicinity that could shake up the foursome's foothold. Sprouts Farmers Market is cur- rently building out its new store, located across Roswell Road from Whole Foods Market. The Phoenix-based affordable and T he term "value-add" can mean a multitude of things. RCG Ven- tures, an Atlanta-based real estate investment frm, defnes value-add as any combination of current vacancy in a shopping center, depressed net op- erating income (NOI), tenants in a co- tenancy contract or centers that come with additional land. The investment frm has been an active buyer recently, www.REBusinessOnline.com May 2015 • Volume 16, Issue 2 Q&A WITH A LANDLORD Executives from RCG Ventures describe how the company's portfolio is positioned to maximize the return on investment. By John Nelson ACROSS THE AISLE: GROCERS COMPETE Traditional grocers are protecting their market share from their specialty counterparts, and investors continue to pursue grocery-anchored centers because of their long-term value. By John Nelson $200M Celebration Pointe Project in Gainesville is on Track, Budget page 34 Miami Market Highlight pages 27-30 pages 24-26 Atlanta Market Highlight Steps to Ensure Correct Property Tax Assessment page 36 INSIDE THIS ISSUE Sprouts Farmers Market is employing a hub and spoke strategy to expand in select regions, like Atlanta. The grocer's niche is offering healthy groceries at affordable prices. see Q&A, page 44 Photo courtesy of Sprouts Farmers Market G enerous gains in employment and population in Broward County are supporting a grow- ing demand for retail, restaurant and entertainment spaces, along with a need for apartment housing. With this growing demand, retailers and developers are actively seeking to ex- pand into the seaside county in South Florida. "There is a lot of development op- portunity in Fort Lauderdale, espe- cially with prices in Miami getting ex- tremely expensive and competitive," says Danny Diaz, senior associate in CBRE's Miami offce. BROWARD BREAKS NEW GROUND The South Florida county has several mixed-use developments in the works. Developers are responding to the county's job and population growth and have an eye for the region's tourist traffc. By John Nelson see GROCERY, page 38 see MIXED-USE, page 42 The Manor@Flagler Village in Fort Lauderdale features 382 apartment units and street- level retail space. The property's retail tenants will open their stores over the summer. Rendering courtesy of CBRE n S H B i n t e r v i e w E d K e n n y THE MAGAZINE FOR RESTAURANT MAINTENANCE, OPERATIONS & CONSTRUCTION APRIL / MAY 2015 Plus: w Look Up: Are Your Ceilings Clean? w Restaurant Construction On The Rebound w Understanding Pest Patterns & Preferences w Improve Energy Effciency With Better Data w Benefts Of All-LED Kitchen Lighting w High Cost Of Dirty Refrigeration Coils w What Is Your Signage Saying? Corner Bakery Cafe comes off its best year ever with a brand-new prototype and plans to double its unit count. Turning A Corner RESTAURANT FACILITY BUSINESS RESTAURANT FACILITY BUSINESS ® . d a t s a s y T R y r g p g s h a r e f r o m t h e i r s p e c i a l t y c o u n t e r p a r t s , a n d s t o r s c o n t i n u e t o p u r s u e g r o c e r y - a n c h o r e d s b e c a u s e o f t h e i r l o n g - t e r m v a l u e . o n B g r s & O t a k e d t G e e S p e g e a , o f N o r t h A m e r i c a n R e t a i l S e r v i c N R E B : L e t ' s t a l k a b o u t w h a t y o u U . S . W e ' v e s e e n i m p r o v e m e n t s W h e n y o u c o m p a r e h i g h s t r e e t s S p i e g e l m a n : I f y o u l o o k a t h o w o a s e c e t y c e s w i t h C u s h m a u a r e s e e i n g i n t h a c r o s s t h e b o a r s t o d a y , w h e r e d o w t h e r e c e s s i o n s u e 2 T H A R D n d F t h e h i g h s t r e e t s w e r e t h e m o s t t h e t o p - t i e r s u p e r - r e g i o n a l a n d s h o p p i n g c e n t e r c o m m u n i t y , i n c e n t e r s . S h o p p i n g c e n t e r s p o p u r e s i l i e n t s e c t o r o d r e g i o n a l m a l l s n c l u d i n g l i f e s t y l u l a t e d b y " c a t e g n s e l e c t d a b l e p r i c e s . F a r m e r s M a r k e t c a n m e a n . R C G V e n - d r e a l e s t a t e a l u e - a d d a s t v a c a n c y i n s e d n e t o p - a n t s i n a c o - s t h a t c o m e i n v e s t m e n t y e r r e c e n t l y , s c r i b e y ' s o n e d r e t u r n P r o j e c t B u d g e t g e 3 4 r e C o r r e c t s s e s s m e n t p a g e 3 6 & A , p a g e 4 4 T raditional supermarkets are being forced to adapt to a shifting grocery landscape. On one side are the growing number of "fresh format" stores like Whole Foods Market and Fresh Thyme Farmers Market that offer natural and organic items to shoppers focused on healthy eating. On the other side are giants like Walmart and Target, which leverage their size to offer a wide variety of goods while targeting price-conscious shoppers. Even drugstores, convenience stores and dollar stores are vying for consumers' grocery dollars. "The grocery store market is extremely competitive," says Grant Mechlin, senior associate of retail and tenant representation for St. Louis-based broker- age frm the Sansone Group. "The emergence of specialty grocers has led more traditional grocers to focus on and add new elements to their stores." Fresh Thyme announced in 2014 that it would open more than 60 new stores, 23 in the Midwest, through 2019. And Colorado-based Lucky's Market, a natu- ral and organic grocery store chain, is also opening several new stores, includ- ing three Midwest locations in Traverse City, Mich.; Bloomington, Ind.; and B uyers and sellers are trading net lease properties at a vigorous pace in an environment marked by an abundance of low-cost capital, lofty property values and a lack of alternative income-producing investments. Industry professionals say that the activity simply prolongs the net lease mar- ket's banner year in 2014. Most anticipate that 2015 could even top 2014 as long as no economic, interest rate or geopolitical surprises intimidate investors. Like other bullish prognosticators, Calabasas, Calif.-based Marcus & Millichap an- ticipates that lower gasoline prices will allow consumers to boost retail spend- ing, which will further enhance the appeal of retail net lease properties. Institutional and foreign investors continue to have a strong appetite for drugstores, auto parts stores, quick-service restaurants, ftness facilities, con- venience stores and other retailers. More recently, private buyers such as high- net-worth individuals and family offces have increased their net lease property acquisition activity, says Jonathan Hipp, president and CEO of Washington, D.C.-based Calkain Cos. www.REBusinessOnline.com May 2015 • Volume 13, Issue 9 Suburban Communities in Columbus Reinvent Themselves Via Mixed-Use page 30 Boutique Hotels Lead Expansion of Lodging Sector in Downtown Detroit page 24 page 29 Shopping Center Development Activity Is Ramping Up in St. Louis INSIDE THIS ISSUE S hoppers love a good deal, par- ticularly when the U.S. economy is soft. That's why outlet shop- ping centers, which specialize in of- fering designer labels at affordable prices, thrived during the aftermath of the Great Recession. Developers in the Midwest capitalized on the strong con- sumer demand by opening new outlet centers or expanding existing ones. But now that the economy is grow- ing modestly and consumer conf- dence has ticked up, will outlet centers retain their immense popularity or will shoppers choose instead to spend more of their discretionary dollars at full-price stores? Michael Barelli, vice president of see OUTLETS page 33 GROWTH OF OUTLET CENTERS IS IN FULL BLOOM From Iowa to Michigan, the pipeline of new and expanding centers remains quite robust. By Danielle Everson see GROCERY page 37 FRESH COMPETITION FOR SUPERMARKETS Growing crop of specialty stores puts added pressure on major grocery chains to adapt. By Danielle Everson see NET LEASE page 35 NET LEASE DEMAND CONTINUES UNABATED Despite compressed cap rates, many experts believe NNN activity in 2015 could surpass 2014. By Joe Gose New England Development is partnering with Paragon Outlet Partners to develop the 365,000-square-foot Outlets of Michigan in Romulus, Mich. The project, which is slated for completion in 2016, is targeting shoppers in Southeast Michigan and Northwest Ohio. T r a d i t i o n a l s u p e r m a r k e t s a r e b e i n g f o r c e d t o a d a p t t o a s h i f t i n g g r o c e r y l a n d s c a p e . O n o n e s i d e a r e t h e g r o w i n g n u m b e r o f " f r e s h f o r m a t " s t o r e s l i k e W h o l e F o o d s M a r k e t a n d F r e s h T h y m e F a r m e r s M a r k e t t h a t o f f e r n a t u r a l a n d o r g a n i c i t e m s t o s h o p p e r s f o c u s e d o n h e a l t h y e a t i n g . O n t h e o t h e r s i d e a r e g i a n t s l i k e W a l m a r t a n d T a r g e t w h i c h l e v e r a g e t h e i r s i z e t o o f f e r a w i d e o u s p a c e i n a n a l , l o f t y p r o p e r t y s t m e n t s . h e n e t l e a s e m a r - n t o p 2 0 1 4 a s l o n g t e i n v e s t o r s . L i & M i l l i c h a p a o o s t r e t a i l s p e n r o p e r t i e s . o n g a p p e t i t e f s s f a c i l i t i e s , c o e r s s u c h a s h i g n e t l e a s e p r o p e r O o f W a s h i n g t o y E T L E A S E p a g e s i d e a r e g i a n t s l i k e W a l m a r t a n d T a r g e t , w h i c h l e v e r a g e t h e i r s i z e t o o f f e r a w i d e v a r i e t y o f g o o d s w h i l e t a r g e t i n g p r i c e - c o n s c i o u s s h o p p e r s . E v e n d r u g s t o r e s , c o n v e n i e n c e s t o r e s a n d d o l l a r s t o r e s a r e v y i n g f o r c o n s u m e r s ' g r o c e r y d o l l a r s . " T h e g r o c e r y s t o r e m a r k e t i s e x t r e m e l y c o m p e t i t i v e , " s a y s G r a n t M e c h l i n , s e n i o r a s s o c i a t e o f r e t a i l a n d t e n a n t r e p r e s e n t a t i o n f o r S t . L o u i s - b a s e d b r o k e r - a g e f r m t h e S a n s o n e G r o u p . " T h e e m e r g e n c e o f s p e c i a l t y g r o c e r s h a s l e d m o r e t r a d i t i o n a l g r o c e r s t o f o c u s o n a n d a d d n e w e l e m e n t s t o t h e i r s t o r e s . " F r e s h T h y m e a n n o u n c e d i n 2 0 1 4 t h a t i t w o u l d o p e n m o r e t h a n 6 0 n e w s t o r e s , 2 3 i n t h e M i d w e s t , t h r o u g h 2 0 1 9 . A n d C o l o r a d o - b a s e d L u c k y ' s M a r k e t , a n a t u - r a l a n d o r g a n i c g r o c e r y s t o r e c h a i n , i s a l s o o p e n i n g s e v e r a l n e w s t o r e s , i n c l u d - i n g t h r e e M i d w e s t l o c a t i o n s i n T r a v e r s e C i t y , M i c h . ; B l o o m i n g t o n , I n d . ; a n d o n g i k e a n - n d - f o r o n - g h - r t y o n , S u b u r b a n C o m m u n i t i e s i n C o l u m b u s R e i n v e n t T h e m s e l v e s V i a M i x e d - U s e p a g e 3 0 B o u t i q u e H o t e l s L e a d E x p a n s i o n o f L o d g i n g S e c t o r i n D o w n t o w n D e t r o i t p a g e 2 4 p a g e 2 9 S h o p p i n g C e n t e r D e v e l o p m e n t A c t i v i t y I s R a m p i n g U p i n S t . L o u i s I N S I D E T H I S I S S U E s e e G R O C E R Y p a g e 3 7 3 5 i t s b e s t p r o t o t y p e c o u n t . A s the tech sector booms and creative offce space becomes all the rage, WREB decided to reach out to cor- porate real estate executives to learn about what's important to their clients now. What types of companies are currently most active in the corporate real estate arena? We see a wide range of companies active in corporate real estate, including many of our clients in the technology, consumer THE HEADQUARTERS: A PHOENIX RISES IN SAN DIEGO By Lori Putnam Like the legendary phoenix, the Old Police Head- quarters complex will rise again thanks to a $40-mil- lion transformation. Terramar Retail Centers has turned this complex, which has earned a listing on the National Register of Historic Places, into a 100,000-square-foot retail, dining and entertainment destination that will open this fall. It is located at 789 West Harbor Drive, just steps from the waterfront in San Diego's Seaport District. It is also within walk- ing distance of the San Diego Convention Center, several waterfront hotels, the Downtown business core and high-rise residences. The former Old Police Headquarters was built in 1939 and designed by Charles and Edward Quale and Alberto Treganza. When the property makes its new debut, however, visitors will notice that the structures have retained their original mix of archi- tectural styles, including Spanish Colonial, Pueblo, Mediterranean and Classic Revival. The Headquarters is composed of four structures set around a large central courtyard that will fea- ture fountains, trees and colorful landscaping. This space will also serve as the venue for a variety of outdoor entertainment. The buildings, which used to house fve courtrooms, a law library, crime lab, indoor shooting range, emergency hospital, jail and CORPORATE TENANTS' EVOLVING NEEDS Five of the West's top corporate real estate experts discuss what their clients are seeking in offce space. By Nellie Day see CORPORATE, page 52 see RETAIL, page 49 REDEFINING RETAIL A look at some of the biggest issues facing the retail market out West. Compiled by Nellie Day Colorado Market Highlight page 24 page 38 Net Lease Turns Up The Heat Healthcare Real Estate In The West page 34 www.REBusinessOnline.com May2013•Volume10,Issue9 H. Hendy Associates worked on the offces of Telogis, where transparent, open areas encourage workplace collaboration. Heidi Hendy H. Hendy Associates in Newport Beach, Calif. Terramar Retail Centers is turning the Old Police Headquarters complex in San Diego into a retail, dining and entertainment destination called The Headquarters. A s the new economy takes hold, the old rules for retail are out. They've been replaced by a market that is largely dominated by online shopping, experience-oriented retail centers, luxury-seeking tourists and investors who all want a piece of the triple-net pie…even if those "pieces" look more like crumbs. Orange County's Retail Rebound INSIDE THIS ISSUE page 42 P L U S : M A R K E T I N T O I N T E R N M A R K E T P S T U D E N T S T H E C H A N F o r a n l a n t a ' s t r i c t h g r o c e r s w i t h i g h - v o l u m a n d J o h n s T h e F r e s h W h o l e F o o a n d t h r i v e d t e r s , b u t t h i n v e s c e n t e r s B y J o h n N e l s G e n e r a n d C o u i n g d e m a n e n t e r t a i n m n e e d f o r t h i s g r o w i d e v e l o p e r s p a n d i n t o t F l o r i d a . " T h e r e i s p o r t u n i t y c i a l l y w i t h t r e m e l y e x s a y s D a n n C B R E ' s M i B R O T h e S o w o r k s . g r o w t h B y J o h n N e April/May 2015 RETAIL facility business The magazine for retail facility maintenance, operations and construction. ® SAVINGS START HERE GE Lighting to help Walmart cut store lighting costs by 40% with latest LED rollout. PLUS: • HVAC MAINTENANCE: GET WHAT YOU PAY FOR? • TAKE CONTROL OF THE HVAC REPAIR BUDGET • UPGRADE YOUR SHOPPING CENTER TO LED • CONSTRUCTION & FACILITY INFORMATION • SECURITY MEASURES: FROM GPS TO IPS 01_03_RFBA_cover_APRMAY 15.indd 1 5/1/15 11:50 AM G S H E R e l p W a l m h l a t e S A V I N G S T A R T H G E L i g h t i n g t o h e c o s t s b y 4 0 % w i t h 0 1 0 3 R F B A c o v e r A P R M A Y 1 5 i n d d 1 t L E D r o l l o u t . a t e s t P L U S : • H V A C M A I N T E N A N C E : G E T W H A T Y O U P A Y F O R ? • T A K E C O N T R O L O F T H E H V A C R E P A I R B U D G E T • U P G R A D E Y O U R S H O P P I N G C E N T E R T O L E D • C O N S T R U C T I O N & F A C I L I T Y I N F O R M A T I O N • S E C U R I T Y M E A S U R E S : F R O M G P S T O I P S 5 / 1 / 1 5 1 1 : 5 0 A M

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