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Bal Harbour (Fla.) Shops sales per square foot hit $2,462
Luxury consumers are spending freely in South Florida, according to the owners of the posh Bal Harbour (Fla.) Shops, situated near the ocean and long recognized as one of the top upscale malls in the U.S. The mall’s sales hit a record $2,462 per square foot in March, up 25 percent year on year, according to Matthew Whitman Lazenby, operating partner and a third-generation member of the family that operates the property. “Bal Harbour Shops continues to draw clientele regardless of economic conditions,” Lazenby said. “The experience here brings them back, placing our sales well above those at other retail centers in Florida and across the nation.”
Bal Harbour Shops sales per square foot hit a record $2,462
May 4th, 2012 byYoram Izhak purchases aging Lauderhill Mall
March 26th, 2012 byThe Lauderhill Mall has a new owner. North Miami real estate investor and operator Yoram Izhak closed on the purchase Wednesday.
Izhak, the president of IMC Property Management, which owns about 6 million square feet including the new acquisition, said he paid more than $18 million for the property.
The seller is SouthEast Properties, a Deerfield Beach-based retail and office owner that bought the mall in September 2006 for $28.3 million.
Izhak said he is planning $5 million to $6 million in improvements, including an entirely new façade that will have a “Caribbean look.”
SouthEast Properties President Marc Geiserman declined to comment on the sale. When SouthEast Properties purchased the aging mall, the plan was for it to become a $150 million New Urban residential, retail and office hub. But that was when the company’s director, Robert Geiserman, was alive and the real estate market was still thriving.
“With the market heading south soon after, the residential market almost evaporated, the office market was nowhere to be found and retail struggled,” said Gary Broidis, principal of Atlantic Commercial Group Inc. in Boca Raton who brokered the sale both in 2006 and today.
After Robert Geiserman’s passing, the company pulled back on the project, focusing on getting the property leased.
Izhak said he plans to focus on bringing in new tenants.
“We are going to bring in CVS, Dollar Tree, Dunkin’ Donuts, Fun Zone and a lot more,” he said.
When asked whether he would look to add office and residential, as the elder Geiserman envisioned, Izhak said: “Right now, we want focus on the retail components of the property and to bring people there.”
In September 2010, Izhak purchased the Northside Shopping Center, at 7900 N.W. 27th Ave. in Miami, for $18 million and made “a considerable number of improvements,” Brodis said. “He is a great deal maker, he looks at the big picture, he’s not afraid to spend money to contribute to tenant improvements.”
Car Charging Group Expands Electric Vehicle Charging Services Infrastructure in Florida Shopping Centers
January 17th, 2012 byEV Charging Services Now Available at Brixmor Property Group Shopping Centers in Orlando and Sarasota
Charge Point Charging System by CGI
Car Charging Group, Inc. CCGI, a provider of electric vehicle (EV) charging services, today announced it has expanded its EV charging infrastructure in Florida. EV charging services are now available at two of Brixmor Property Group’s shopping malls located in Sarasota and Orlando.
EV drivers can now charge up at Sarasota Village, on Bee Ridge Road in Sarasota, as the EV charging services were added as part the center’s redevelopment and opening of a new Publix grocery store. EV charging services are also now available at Pointe Orlando, located on International Drive across from the Orange County Convention Center. Car Charging Group is also working with Brixmor to offer convenient and accessible charging sites throughout the Brixmor portfolio. Charging will be free during an introductory time period.
“Brixmor Property Group is one of the leading real estate and property management companies in the U.S. and we are excited about partnering with the Company to provide their customers who drive EVs the added convenience of charging while they shop or work,” said Michael D. Farkas, Chief Executive Officer of Car Charging Group, Inc. “For the majority of time, cars sit parked, so installing charging stations at shopping malls and retail outlets makes perfect sense. Additionally, Brixmor Property Group is supporting the promotion of the electric car market and a clean environment.”
At both Brixmor properties, Car Charging Group is utilizing Level II, 240-volt, EV charging stations, manufactured by Coulomb Technologies, the leading EV charging solutions company. Brixmor customers now have access to the ChargePoint(R) Network, the largest network of independently owned charging stations in the world. Car Charging Group will provide flexible payment options, the ability to make reservations, and track customer usage patterns, energy use, costs and revenues, all via the ChargePoint Network’s cloud-based software service plans for managing EV charging operations. Through the network, EV drivers benefit from ChargePoint mobile apps (iPhone, Blackberry and Android), mapping services and driver support services.
“We are pleased to bring the added convenience of EV charging stations to our centers for our customers and passers-by. Having the EV charging stations accessible, will allow our customers to recharge while they shop. This is a clean and green energy alternative, adding value to our centers and the retailers at our centers, as we cater to the EV transportation fueling options,” said Timothy J. Bruce, Executive Vice President, Leasing and Redevelopment, Brixmor Property Group.
About Car Charging Group, Inc.:
Car Charging Group, Inc. CCGI, headquartered in Miami, Florida, is the pioneer and one of the nation’s fastest growing providers of EV charging services. Our ultimate mission is to establish a nationwide infrastructure, enabling EV and Plug-in Hybrid Electric Vehicle (PHEV) owners to charge their EVs anytime, anywhere in North America and ultimately Europe and Asia. Our strategy is to be a “first in” strategic partner with businesses, municipalities, shopping malls, parking garages, multi-family residential and commercial properties, and others who are expected to have high numbers of EVs at their locations. After strategically assessing the most suitable and visible locations with our facility partners, we install and maintain the EV charging stations at no cost to our partners. Our partners benefit by sharing in the revenue generated from the EV charging stations while enhancing green initiatives throughout their business operations. Since we launched operations in 2009, we have developed contractual relationships with 30 leading partners that own more than 6.4 million parking spots. More than one million plug-in electric vehicles, such as the Nissan LEAF, GM Chevrolet Volt, Fisker Karma, Tesla Model S, Ford Focus EV as well as many others, are expected to be on the road in the U.S. by 2015 with estimates calling for more than 40 million on the road worldwide in 2030. For more information about Car Charging Group, Inc., please visit www.CarCharging.com .
About Brixmor Property Group:
Brixmor is the second largest owner of community and neighborhood shopping centers in the US and has been a leader in redevelopment over the last decade. Brixmor was selected as one of Chain Store Age’s Top Redevelopers for work completed during 2010/2011. The Company actively manages a national portfolio of more than 620 properties, aggregating 96.0 million square feet, which are strategically located across 39 states and primarily anchored by grocers or leading discounters. Brixmor is the largest landlord (by gross leasable area) to The TJX Companies, The Kroger Company, Ahold USA, Dollar Tree, Inc. and Staples, Inc. The Company is headquartered in New York, New York with multi-disciplinary, full service regional and local offices across the country. Further information is available at www.brixmor.com
Florida Hardest Hit by Sears Store Closures
December 30th, 2011 by
Sears Holdings has identified 79 of the stores it plans to close, with nearly half being Kmart stores and a majority of the layoffs coming from Florida, according to The Wall Street Journal.
The retailer, which announced on Tuesday that it planned to close between 100 and 120 stores and record up to $2.4 billion in charges after a weaker-than-expected holiday season, says closures will affect 25 states.
Florida will take the biggest loss with 11 closures, followed by six each for Ohio, Michigan and Georgia. While the closures were spread across the U.S, the Northeast seemed to escape virtually unscathed, with only Pennsylvania and New Hampshire each losing only two stores so far.
Sears said employment totals varied and thus the company couldn’t provide an estimate of how many layoffs would occur. However, it noted a typical store employs between 40 and 80 associates, which means layoffs could range from 4,000 workers to as many as 9,600 in total.
The company plans to lose 38 Kmart stores, 25 Sears full-line shops and two Sears hardline-only locations. It will also close 14 Grand/Essentials stores, a new store format Sears had tried years ago to try and compete better against Wal-Mart.
Standard & Poor’s on Thursday placed Sears Holdings on review for a possible downgrade, saying the retailer’s plan to close stores may do little to improve its poor performance.
Fitch Ratings slashed its long-term-issuer-default rating on Sears by three notches, citing poor sales and the company’s “lack of visibility to turn operations around.”
Dunkin’ Donuts Celebrates the Opening of Its 10,000th Restaurant
December 16th, 2011 by
Opening in Xi’An, China marks milestone in Dunkin’ Donuts’ worldwide growth;
Dunkin’ Donuts also celebrates additional new restaurant openings this month around the world, including locations in Bogota, Colombia; Riyadh, Saudi Arabia; and Kingsland, Ga.
Dunkin’ Donuts, America’s all-day, everyday stop for coffee and baked goods, today opened its 10,000th restaurant. The landmark 10,000th new restaurant is located in Xi’An, China. Several other Dunkin’ Donuts restaurants, which opened throughout the world over the past few days, vied for the honor of being the 10,000th location. These include three new locations in Riyadh, Saudi Arabia, as well as new restaurants in Bogota, Colombia and Kingsland, Ga.
Dunkin’ Donuts has more than 80 restaurants in Greater China. The newest restaurant in China, the 10th in Xi’An and 10,000th in the world, is being opened by franchisee Shannxi Stellerich Food & Restaurant Management Co., Ltd. The opening of the 10,000th Dunkin’ Donuts location will be celebrated in Xi’An with much fanfare, including a grand opening ceremony complete with local dignitaries, a traditional Chinese lion dance and a jazz band.
“We are proud to have opened the world’s 10,000th Dunkin’ Donuts restaurant in China, a country which we believe offers tremendous opportunity to both our Dunkin’ Donuts and Baskin-Robbins brands,” said Nigel Travis, CEO of Dunkin’ Brands and President of Dunkin’ Donuts. “From its beginnings as a single restaurant in Quincy, Mass., Dunkin’ Donuts is today a global brand located in 32 countries around the world. Our geographic diversity is truly a testimony to the fact that customers everywhere, from China to Saudi Arabia, Colombia and Georgia, appreciate what Dunkin’ Donuts offers – high quality food and beverages served in a friendly, fast environment at a great value.”
During the first nine months of 2011, Dunkin’ Brands, Inc., the parent company of Dunkin’ Donuts and Baskin-Robbins, opened approximately 480 net new locations globally, including 230 net new Dunkin’ Donuts restaurants. Dunkin’ Brands has more than 16,500 restaurants in 56 countries and is one of the largest U.S. quick service restaurant (QSR) companies internationally by unit count.
Dunkin’ Donuts has maintained steady global growth over the past several years, opening new restaurants in the United States, the Middle East, Asia-Pacific, Russia, and Latin and South America. Earlier this year, Dunkin’ Donuts announced an agreement to enter India and plans to open more than 500 restaurants in the country over the next 15 years. Last month, Dunkin’ Donuts surpassed 100 restaurants in Saudi Arabia.
“Because of our strong brand recognition, our differentiated products, innovative marketing and nearly 100 percent franchise business model, we believe Dunkin’ Donuts has significant growth opportunities both in the U.S. and abroad,” concluded Travis. “We are delighted to celebrate the opening of our 10,000th Dunkin’ Donuts restaurant, and look forward to many more openings to come both in existing and new markets around the world.”
Aldi to build regional headquarters, add 20 stores in Palm Beach County
December 15th, 2011 byWith plans for more stores in South Florida, no-frills grocer Aldi said Wednesday it will build a warehouse and regional headquarters in Royal
Aldi in Lakeland Florida
Beach Beach. Aldi plans to hire 100 workers for the 500,000-square-foot warehouse, a $50 million project. It also plans to open 20 new stores in Palm Beach County. Each store will employ eight to 10 people, said officials from the Germany-based supermarket chain.
The grocer is purchasing a 70-acre property near Royal Palm Beach High School that provides access to State Road 7 for product transportation to Aldi’s tri-county stores, said Brian McGee, national warehouse coordinator. Palm Beach County Commission Aldi also plans to expand regionally, creating 520 retail jobs in South Florida, according to the Business Development Board, Palm Beach County’s economic development partnership.
The project also will create about 200 construction jobs, according to the BDB, and will take about 15 months to complete. “You only get a shot at a 500,000-square-foot project every 10 years,” said Kelly Smallridge, president of the BDB. The county was competing with more than 30 sites initially and more recently with Broward and Miami-Dade counties for the warehouse and jobs, she said.
Ray Liggins, Village of Royal Palm Beach manager, said the distribution center is a boost to the village’s tax base and employment. The warehouse will be the largest single construction project since the Southern Palm Crossing retail center, he said. Warehouse jobs will include trucking, maintenance and others. Wages have not been determined, but Aldi tends to pay above market, McGee said. Palm Beach County’s average annual salary is $46,000.
At stores, Aldi pays $10 an hour for cashiers and $20 an hour for manager trainees, with benefits, according to its website. Aldi has been expanding in South Florida in recent years, adding stores in Delray Beach, Pembroke Pines, Lauderdale Lakes, Coral Springs, Tamarac and Cutler Bay.
“We have been very pleased with the stores opened down here,” McGee said. Palm Beach County’s existing warehouse operations include Walgreens, Cheney Brothers, U.S. Foodservice and Sysco Food Service. Aldi will receive property tax exemptions for seven years for its job creation, as well as $100,000 in training assistance grants, according to the county’s economic development agency. The company was granted conditional approval of the $1.7 million exemption on Oct. 18 by the Palm Beach County Commission.
Florida Power & Light Co. also is giving the company a four-year discount on its power bill, according to Lynn Pitts, director of economic development for the utility. The reduction, approved by the Public Service Commission in July, is based on Florida employers adding jobs.
There are more than 1,000 Aldi stores in 31 states, from Kansas to the East Coast. For consumers, the store chain says it saves shoppers money with 1,400 grocery items under its own brand. Aldi shoppers must pay for either paper or plastic, encouraging people to bring their own bags. Shopping carts require a 25-cent deposit, which is refunded once the cart is returned.
Those interested in Aldi jobs can apply at aldifloridajobs.com
For information on the company, go to aldi.us
Plantation, FL Walgreens Fetches $6.2M
December 9th, 2011 by
A 12,863 square-foot net-leased Walgreens in Plantation, FL has sold for just over $6.2 million, or $482 a square foot with a cap rate of 6.45%.
Ronnie Issenberg and Scott Sandelin, investment specialists in the Miami office of Marcus & Millichap, represented the seller, a private developer.
Located at 10181 W. Broward Blvd. , this newly constructed, 1.36-acre Walgreens is located at the corner of Nob Hill Road and Broward Boulevard, two South Florida retail and transportation corridors. Developed in 2008, the property includes a drive-through pharmacy window. There are currently 21 years remaining on the 25-year, absolute triple-net lease with 10 five-year options.
“This sale sets a new cap-rate benchmark for drugstores with long-term leases in the tri-county South Florida region,” said Sandelin.
Notable progress seen in Broward County retail market
December 2nd, 2011 by
Broward County
FORT LAUDERDALE – Positive trends continue to emerge in the Broward County retail market, further confirming the end of the most severe phase of the recession and the transition to a sustainable recovery.
Shop closures have waned from one year ago, while greater access to financing has supported the creation of numerous small retail businesses and generated positive net absorption in three of the last four quarters. A modest pace of hiring by local employers supported a 5% increase in retail sales in the 12 months ending at midyear.
Additional job creation and “catch-up” spending by newly employed residents in the months ahead will augment shopping center traffic and provide many retailers with an opportunity to rebuild business volume from the low levels of the recession. Store closures may occur in the months ahead, as they do in any economic cycle, but the prospect of large anchors going dark remains at its lowest point since the economic downturn began.
Although the county’s retail sector continues to make notable progress in reducing vacancy and stabilizing rents, investors remain relatively risk averse. Investments with lower risk profiles, such as net-leased drugstores with lengthy remaining lease terms, remain a popular target, but investor demand exceeds the supply of listed product.
Other single-tenant concepts, such as national auto-supply chains and convenience stores, continue to receive greater attention, especially when offered at cap rates starting in the mid- to high-7% range.
Investors’ risk aversion also remains in full view in the multitenant segment. Here, institutional-grade properties with strong grocery anchors and solid in-line tenancies remain a primary focus, and cap rates can typically start around 7%. Sales of lender-owned properties also continue to occur, providing investors with an opportunity to acquire assets at low cost.
Sales of properties considered slightly less than institutional caliber at prices of more than $10 million continue to gradually recover, but prospective investors continue to maintain a keen focus on the quality of anchors and performance of in-line spaces.
Forecast
Employment: Employers will create 13,000 jobs in 2011, equaling a 1.9% increase in total employment. Job growth will support a 6% increase in retail sales. Last year, employers in Broward County cut 200 jobs.
Construction: Developers will put 120,000sf of new space into service in 2011, down from 446,000sf in 2010. An average of 1.4 msf was completed annually in the four years preceding the recession.
Vacancy: Limited competition from new supply and a steady pace of new store openings will push down the vacancy rate 60 basis points this year to 10.8%. The vacancy rate in 2010 was unchanged at 11.4%.
Rents: Asking rents will tick up a mere 0.2% in 2011 to $18.12 psf, while effective rents will rise 0.3% to $15.18 psf. Last year, asking rents slipped 1.9% and effective rents receded 2.2%. – By Marcus & Millichap
Michael Swerdlow envisions big-box retailers and an assisted living facility
December 2nd, 2011 by
Boca Developers
Swerdlow Envisions Big Retail Boxes, Assisted Living at Biscayne Landing. Developer Michael Swerdlow envisions big-box retailers and an assisted living facility to kick off development of the 190-acre site in North Miami once known as Biscayne Landing. If it successfully negotiates an agreement with the city of North Miami, Swerdlow’s Oleta Partners plans to focus first on infrastructure and cleanup of the former landfill site. Swerdlow knows the North Miami property well because he was Biscayne Landing’s developer before selling his interest to partner Boca Developers. Boca Developers built a small number of residential units before the project stalled, and the site was eventually handed back to the lender group. Oleta is planning 850,000 square feet of retail with a focus on big boxes like the Target and Costco that are already in the neighborhood. He likened his retail vision for the site to Oakwood Plaza. (South Florida Business Journal 11/25)
MarketYourCorp.com starts SIRI voice optimization for local business listings
November 22nd, 2011 by
SIRI Voice Search Optimization
Many of our retail tenants have been asking us to help them get their businesses found through Apple’s new SIRI voice search feature. With our expertise optimizing google
places campaigns it is only a natural for us to offer this new service. Not only can we now get you the top spot in Google Places but our new service will help small business owners with a restaurant, retail store or even service based business get found via Apple’s new SIRI voice search feature. Head on over to MarketYourCorp.com and read about this exciting new marketing opportunity.
Optimizing your website and local search listings for mobile search is more important than ever!
