#rejournals

[logicore]

Manufacturing, distribution, and ecommerce companies rely heavily on warehouse space to store inventory and facilitate order fulfillment. The amount, type, and space layout depend on the specific inventory volumes and order processing needs. The best Los Angeles warehouse is LogiCore. Your business will get setup when you choose LogiCore. Visit our website for more detailed information. 

[dominionra]

THE FUTURE OF MALLS? IT’S ALL ABOUT ADAPTING TO THEIR SURROUNDING COMMUNITIES

Posted by ReJournals | Dan Rafter | November 8, 2023

Are indoor shopping malls dying? Not necessarily.

Yes, there are several sprawling indoor malls that are dotted with empty storefronts. Construction crews have demolished several others. Still others have been converted to distribution centers or outdoor lifestyle centers.

But other indoor malls are thriving. And they’re largely doing this by providing what their surrounding communities want.

This might mean bringing in high-tech bowling alleys, pickleball courts and indoor miniature golf centers. Or it might mean luring local and regional restaurant chains to boost their food court offerings. It might even mean bringing in Tesla and other luxury car dealerships that let shoppers test-drive vehicles that they have long dreamt of buying.

Jeremy Bates, senior vice president for commercial real estate advisory and transactions at Coldwell Banker Commercial, said that the key is for mall owners to understand what the shoppers surrounding their retail spaces want, and then adapt to provide these services, amenities and shops to them.

“Each mall has to adapt in its own special way, according to the community,” Bates said. “There is no one-size-fits-all approach here.”

Bates understands the challenges that malls face today. And he knows the steps that the most successful malls have taken, citing some of the more interesting results from the most recent The Trend Report released earlier this year by Coldwell Banker Commercial.

This report studied the latest trends impacting shopping malls and identified the strategies that many mall owners are taking to compete today.

Bates said that mall owners are becoming increasingly creative today, with many focusing on enhancing their food courts, a way to attract foodies to their spaces. Others are focusing on entertainment, with some malls even offering aquariums.

Still others are focusing on fitness, bringing in brand-name fitness centers or offering yoga classes to attract more foot traffic to their malls, Bates said.

Shoppers might notice, too, an influx of virtual-reality entertainment centers, spaces that allow consumers to pretend that they are flying through space, riding rollercoasters or hang-gliding over the country.

“Malls are being forced to compete with some of the mixed-use developments that are offering a mix of restaurants, entertainment and shops,” Bates said. “They need to offer more of the same if they are going to bring in more foot traffic.”

Adding residential?

Some mall owners are bringing residential to their mall properties, too. This often happens when a large section of a mall, perhaps an anchor tenant, becomes vacant. Mall owners might then demolish an older structure and build new multifamily units on the site.

This can help boost the foot traffic at the remaining portions of the mall. If the mall offers interesting food choices, bars or entertainment centers, the residents of the new apartment buildings might be tempted to walk to the mall, perhaps stopping in at the shopping center’s other retailers when they are done eating, drinking or bowling.

“If there is a large vacant area, there is no reason why a developer or owner shouldn’t consider adding residential,” Bates said. “All it does is increase foot traffic. And at the end of the day, that is the goal of any mall owner. The more traffic drivers, the better for the tenants and the more successful the mall will be. If you bring residential, you have an added customer base that is right on site.”

This doesn’t mean that residential is the right fit for all mall properties, Bates said. Some malls might already be located across the street from or nearby existing residential. The area, then, might not need more residential units.

In other areas, the residents near the mall might not want a new apartment building. By forcing multifamily into such a community, developers and owners might breed resentment from potential shoppers.

“The key is to consider every opportunity,” Bates said. “I always say that it makes sense to exhaust every other opportunity first before you move to residential. That includes new dining options or experiential real estate. If you exhaust those other options first, then it might be time to consider a bigger change such as adding residential.”

The lure of the outdoor lifestyle center

Many shoppers today prefer outdoor centers that include shops, movie theaters, restaurants, bowling alleys, bocce ball courts, trampoline parks and whatever other addition developers can conjure.

And these outdoor centers are thriving even in cold-weather climes. In Chicago, for instance, there is the popular Oakbrook Center, a high-end and consistently busy outdoor shopping center in the suburb of Oak Brook, Illinois.

Bates points to the success of Crocker Park in Westlake, Ohio, in the Cleveland market as another example of a thriving outdoor shopping center.

Crocker Park includes retail stores, restaurants, office buildings, hotel space and residential. And, yes, the center remains busy even when the winter temperatures arrive.

“This is the perfect example of the live/work/play concept,” Bates said. “And after COVID, people want to be outdoors more often. They really enjoy the benefits of spending more time outdoors. You get to look at the sky and see some sun.”

And in the winter? Many of these outdoor malls offer heated sidewalks. They work hard to keep their pedestrian areas free of snow and ice. They also make it easy for people to get from the parking lots to the shops and restaurants.

When to start over?

This doesn’t mean, though, that all malls are going to survive. Many are struggling so much that it makes more sense to demolish them and start over with a fresh concept.

Bates said that owners might consider demolition if they’ve lost most of their anchor tenants. A lack of anchors is a sure sign that a mall is barely hanging on.

If anchors leave, the other interior tenants of a mall typically have stipulations in their lease that they can pay lower rents. Retailers might also be able to terminate their leases early if a mall’s anchor tenants leave,.

“Retailers understand that their success in a mall is largely based on the anchor tenants,” Bates said. “Anchors generate foot traffic. When the anchors leave, that foot traffic dries up. Interior mall tenants lose sales because the foot traffic is no longer part of the mall.”

Bates said that owners should look at alternatives when their anchors flee and they can’t replace them. That might mean scrapping the mall and building something new. It might mean transforming a mall into a warehouse center. Bates said that he’s even seen malls repurposed into schools.

“If there isn’t a tenant to backfill those empty anchor spaces, that’s when the demolitions start to take place,” Bates said.

But while some malls might become so obsolete that demolition is the best answer, many others are repurposing or rejuvenating themselves, becoming something akin to town centers.

Bates said that just eight years ago, he never would have predicted some of the changes that successful malls have undergone.

“I would not have expected to see fitness centers becoming key mall tenants,” Bates said. “I would not have expected residential or indoor trampoline centers. When COVID hit, it changed the uses we are seeing in malls. Now it is about creating an experience within a mall setting, something that you would not have seen just a few years ago.”

To read this article on REJournals: https://rejournals.com/the-future-of-malls-its-all-about-adapting-to-their-surrounding-communities/

[thegreatmikehawes]

Plante Moran launches RealPoint real estate division – REJournals - REjournals.com

http://dlvr.it/SwQW65

[cantbelieveimsayingthis]

Had to Start Over.

Im a fuck up. cant remember my old website email address and got locked out so i had to start over!!! going to try to rewrite those feelings at that point in my life . if i can remember. From being married, to divorce, to bad relationships with friends and family. && Where i am today. there will be grammer and punctuation errors throughout my blog experiences so it will be a lot of rambling. Enjoy the stories as i rejournal my life.

[mardistudies]

3/100 days of “productivity”

みなだんこんにちは

hello everyone (im not even sure that’s how you say everyone, i googled it (･_･

my morning has been unproductive. you know when youre just not in the mood for anything and you kind of just want to sink in a cave of nothingness? no?? just me?? i was going to practice piano today, danse by claude debussy, but i think im just going to do absolutely nothing and rejourn around 3.

[wkrpindy]

Im looking forward to the 2nd annual CRE summit today. Always insightful #rejournals #indycrew #development (at The Westin Indianapolis)

[petnews2day]

ACRE closes $54 million loan to support Abberly Foundry apartment community in Nashville – REJournals

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/acre-closes-54-million-loan-to-support-abberly-foundry-apartment-community-in-nashville-rejournals/

ACRE closes $54 million loan to support Abberly Foundry apartment community in Nashville – REJournals

ACRE, a global real estate private equity firm, has finalized a $54.5 million loan with HHHunt Corporation to support the newly built multifamily community Abberly Foundry, formerly known as Alta Foundry, in Nashville, Tennessee.   Issued through ACRE’s debt fund “ACRE Credit I,” the loan will aid HHHunt’s purchase of the 231-unit community. Executed in October, the three-year agreement includes options for two single-year extensions.

Roger Edwards of JLL served as broker for the deal.

A regional real estate development, building and management company, HHHunt owns and manages more than 8,800 apartment homes in Virginia, Maryland, North Carolina, South Carolina, Tennessee and Georgia.

Since its launch, ‘ACRE Credit I’ has raised $509 million of equity and has closed and committed to providing more than $2 billion in loans across more than 50 transactions to support the acquisition, lease-up, redevelopment, and recapitalization of multifamily assets in growing secondary markets across the U.S. such as Miami and Orlando, Florida; Denver, Colorado; Durham, North Carolina; Charleston, South Carolina; and Dallas, Texas.

Abberly Foundry, which was developed by Wood Partners and reached completion in 2022, is located at 640 21st Ave. North in Midtown Nashville. The community features a mix of studio, one- and two-bedroom units, ranging in size from 582 square feet to more than 1,200 square feet, across three residential buildings. As of October 2022, the property was 79% occupied.

The community offers residents an array of modern features, including quartz countertops, custom shaker-style cabinetry, designer pendant lighting, stainless steel appliances, spacious walk-in closets, hardwood-style plank flooring, private patios and balconies, and integrated smart home technology. Amenities include a rooftop Sky Lounge with panoramic views of downtown Nashville, electric vehicle charging stations, a pet spa and dog park, a co-working space, a 24/7 package room, and an art installation.

[sportsrepo]

AFL: Taking on the challenge: AFL-CIO Housing Investment Trust still tackling the shortage of affordable housing in Minnesota - REJournals

AFL: Taking on the challenge: AFL-CIO Housing Investment Trust still tackling the shortage of affordable housing in Minnesota – REJournals

The AFL-CIO Housing Investment Trust (HIT) reached a key milestone in 2021, investing $1.6 billion in 100 multifamily housing projects in Minnesota. The projects include a mix of affordable, workforce, mixed-income and market-rate housing. According to HIT, these projects have provided about 22.8 million hours of union construction work, 13,142 units of housing that are 47 percent affordable and…

[dominionra]

Newmark provides $150 million in acquisition financing for 24 Midwest industrial properties

Posted by REJournals  I  March 15, 2023

On behalf of Burton-Katzman and DRA Advisors, Newmark has arranged about $150 million of financing proceeds to facilitate the acquisition of 24 strategically located industrial properties across the Midwest.

The Newmark team was led by co-heads of debt and structured finance Jordan Roeschlaub and Dustin Stolly, along with senior managing director Chris Kramer. Protective Life, Old National Bank and One America originated the loans.

The portfolio spans 2.2 million square feet, is currently 99% leased with a five-year weighted average lease term and features a diversified national tenant roster. The combination of single- and multi-tenant commercial properties has a proven track record of long-term stability.

The portfolio has retained occupancy levels above 99% for the past decade, with current in-place tenants averaging more than 10 years in their space. With more than 40 tenants on the rent roll, no user occupies more than 15% of the portfolio’s square footage, effectively mitigating rollover risk.

The Detroit industrial market continues to experience strong market fundamentals; vacancy rates continue to sit near all-time lows, generating double-digit rent growth year-over-year post-pandemic. The portfolio features assets across dense industrial hubs with the highest barriers to entry, including Auburn Hills, Sterling Heights, Dearborn and Livonia.

The Burton-Katzman team has successfully operated the portfolio historically and developed extensive relationships with the existing tenancy, allowing them to create strategic leasing transactions as the preeminent operator of light industrial across the Detroit metro. DRA Advisors has an extensive track record, including over 84 million square feet of industrial acquisitions since its inception.

[releaseteam]

via Twitter https://twitter.com/releaseteam

[agritecture]

Urban Agriculture Firm Gotham Greens Will Double Its Footprint In Chicago

CONTENT SOURCED FROM REJOURNALS

Chicago Mayor Rahm Emanuel and Gotham Greens broke ground yesterday on the first phase of a 140,000-square-foot greenhouse facility in the Pullman neighborhood on Chicago’s south side. The state-of-the-art indoor farm will be built on vacant land at the former Ryerson industrial site, which is being acquired from Chicago Neighborhood Initiatives (CNI), the Pullman-based nonprofit developer.

The site is near Gotham’s existing rooftop greenhouse, the largest commercial one of its kind in the world, on top of the Method soap factory in Pullman Park which opened in 2015. CNI could receive up to $3.35 million in tax increment financing for site preparation and infrastructure. “These are exciting days for Pullman,” said David Doig, president of CNI who credits Pullman’s renaissance with “good bones and great energy.”

Once completed, the greenhouse facility would be the largest ever built in Chicago and will create 60 full-time jobs. The expansion reflects the company’s success growing and selling premium quality produce year-round in technologically advanced indoor farms. The company’s greenhouses yield 30 times more produce per acre than conventional field production while using 10 times less water.

“Thanks to the leadership and hard work of Mayor Emanuel, Alderman Beale, the City of Chicago, CNI and all of our community partners, Pullman has been a great place to innovate and do business,” said Viraj Puri, co-founder and CEO at Gotham Greens. “We’re producing millions of pounds of fresh produce annually for national and local grocery stores and foodservice operators across Chicagoland, far exceeding our expectations. This is the ideal time for us to expand our presence in the Midwest, and Pullman is the ideal place for us to do so.”

“With unparalleled road, rail infrastructure, abundant vacant land, 20-minute proximity to the Loop, complemented by the venerable housing stock and historic buildings, Pullman is becoming the destination where more people are choosing to go to live and work,” said Doig. “Along with great leadership from Alderman Beale and a great partnership with Mayor Emanuel, Pullman is the ‘ultimate comeback’ community.”

[saintkevorkian]

You know neither me, yourselves nor any thing. You are ambitious for poor knaves' caps and legs: you wear out a good wholesome forenoon in hearing a cause between an orange wife and a fosset-seller; and then rejourn the controversy of three pence to a second day of audience. When you are hearing a matter between party and party, if you chance to be pinched with the colic, you make faces like mummers; set up the bloody flag against all patience; and, in roaring for a chamber-pot, dismiss the controversy bleeding the more entangled by your hearing: all the peace you make in their cause is, calling both the parties knaves. You are a pair of strange ones...

Our very priests must become mockers, if they shall encounter such ridiculous subjects as you are. . . . Marcius is proud; who in a cheap estimation, is worth predecessors since Deucalion, though peradventure some of the best of 'em were hereditary hangmen. God-den to your worships: more of your conversation would infect my brain, being the herdsmen of the beastly plebeians: I will be bold to take my leave of you.

Coriolanus (2011)

[smithproperties]

RT @cbrecincinnati: RT @REjournals: .@cbrecincinnati closes 238,000 square feet of leases for @USAARealEstate and Pizzuti at Ohio industrial park https://t.co/0liQXZ3ptE https://t.co/stymuMkBB4 (via Twitter http://twitter.com/SmithRents/status/1095121306607992832) http://bit.ly/2SDBsAk

[dominionra]

DRA & DRS have been recognized in the Midwest Real Estate Rejournals (Best of the Best)

[iowamedia]

RE journals webinar series: More questions than answers for Des Moines CRE pros

RE journals webinar series: More questions than answers for Des Moines CRE pros

Commercial real estate brokers, lenders and developers in Des Moines are facing the same challenges that other CRE pros are facing across the country: How do you conduct business when the world is dealing with COVID-19, business shutdowns and a record wave of unemployment?

That was the topic of REjournals’ latest webinar in its Breaking Through the Disruption Series, Des Moines CRE and COVID-19:…

[palmerbayless]

The latest Today's #Retail #CRE News! https://t.co/T4ULwl21Q7 Thanks to @alturascapital @REjournals @DivarisRE #retail #cre

The latest Today's #Retail #CRE News! https://t.co/T4ULwl21Q7 Thanks to @alturascapital @REjournals @DivarisRE #retail #cre

— Palmer Bayless (@palmerbayless) June 25, 2019

from Twitter https://twitter.com/palmerbayless June 25, 2019 at 04:31PM via IFTTT