Hogan Real Estate’s Post

Fairfield Shopping Center in Kempsville

Having first met Alexandra Nicholson - Darlington Borough Council's excellent Town Centre Partnership & Events Manager - when I worked in #Darlington with the High Streets Task Force in 2022, we've stayed in regular touch ever since. So I was delighted when Alex called me this morning with the confirmation that House of Fraser (Binns) is staying in the town! (https://lnkd.in/eYxsmxnr) It's been a complicated story these last few years, as I wrote in The Northern Echo when the closure was announced two months ago (https://lnkd.in/eNxy-GWn). The store was meant to close in 2019, under House of Fraser's previous ownership, before Sports Direct stepped in to buy the 59-store chain and reverse the closure. Then, in September this year, it was announced that the the property's landlord had served notice on House of Fraser (https://lnkd.in/emMW9kdT), and that the store would close this month, despite owner Frasers Group wishing to trade there "for the foreseeable future". The next twist was the property being sold last month to a new owner, whose agent announced within days that Binns had "agreed terms" to stay after all (https://lnkd.in/eJPtP89h), the news that has now been officially confirmed today. If nothing else, today's announcement will reinforce the message - after years of potential confusion - that the store is open and staying that way. Of course, in celebrating this good news we must also retain a dose of realism. To survive, #departmentstores are having to up their game and deliver superlative customer experiences. As I've noted before, Binns is actually one of the better House of Fraser stores - it had a £2m refurb only in 2016 (https://lnkd.in/ebGda_aQ) - but doing nothing now is not an option. Furthermore, the House of Fraser format is all but defunct, with little more than a dozen stores still trading under that fascia. Many have shut, and others been converted to the higher-end Frasers format. Other new Frasers stores have opened in places - like Derby or Blackpool - where there was never a House of Fraser before. If its future is secured, will Darlo now get the Frasers treatment? Whatever happens, let's hope the retailer and new landlord can work together to plan the investment that is needed for the long term, perhaps with more diverse uses taking over some of the unseen areas that Binns doesn't use or need. As I told The Northern Echo before, the town's superb indie retail and leisure offer means that "Darlington still has so much for us all to enjoy and be proud of". But Binns staying is the icing on the indie cake. #retail #highstreet #highstreets

North Town Center, SOLD for $24.65 Million. A grocery-anchored shopping center with 115,000 sf located at Stratford CT is one of the most desirable shopping centers in the area, given the positioning within the submarket. Totaling 115,000 s/f, North Town Center is 93% occupied by a mix of local and national retail tenants. The asset has been anchored by Big Y since 2008 when the grocery took occupancy and has historically performed well. As a testament to the asset’s viability, Town Line Liquors and Town Fair Tire have operated at this site for over a decade and XGolf recently executed a long-term lease. North Town Center fills a significant void in the retail market that is triangulated by three major highways – CT-15 (Merritt Pkwy.), CT-8 and I-95. This confluence of roadways allows the asset to draw from a trade area that stretches into the communities of Trumbull, Stratford, Shelton, Milford and Bridgeport. Evidence of this geographic draw, the immediate area includes a number of category leading retailers. https://lnkd.in/gKsUcXyH #soldproperty #property #investment #building #retailcenter #shoppingcenter #milliondollarbuilding #realestate #industrialrealestate #industrialrealestateupdates #investmentproperty

JUST LISTED: Grocery Outlet & Lincoln City Shops located in the heart of Lincoln City, Oregon. Selling together or separate, these assets are located in the most desirable retail location in the city and provide strong upside growth. The single-tenant Grocery Outlet is the only discount grocer in the area and has a new long-term lease in place with rent increases. The attached Lincoln City Shops provides a synergistic mix of e-commerce-proof retail tenants with strong national-brand recognition. Grocery Outlet & Lincoln City Shops offer a hard-to-find investment opportunity providing low-risk and high-reward. Presented by Ryan Marn CCIM and The Warner Retail Team Grocery Outlet Offering Memorandum: https://lnkd.in/gsjfaWzn Strip Center Offering Memorandum: https://lnkd.in/gTiatrDh #oregon #commercialrealestate #justlisted #newtomarket #investmentproperty  

Cushman & Wakefield Retail Investment Advisors present Overlook at Hamilton Place (the Property), a dominant 213,095 SF open-air shopping center in fast-growing community of Chattanooga, Tennessee. Anchored by national tenants Hobby Lobby (65,245 SF), Best Buy (47,190 SF), The Fresh Market (20,400 SF) and Petco (12,771 SF), national tenants account for 96% of the GLA and 94% of the total revenue. The property is located in the highly trafficked retail corridor of Gunbarrel Road, with multiple access points, two lighted intersections book-ending the center, and over 34,000 vehicles passing the property daily. Significant barriers-to-entry in the submarket are represented by considerable mark-to-market rent growth on small-shop tenancy if/when Landlord can recapture space.  Mark Gilbert Michael Marks #realestateinvestment #investmentsales #retail #retailrealestate #captialmarkets #CRE #mixeduse https://lnkd.in/ej6VxVY2

Wawa Enters Georgia Market: A New Chapter in Economic Growth and Employment Wawa, a prominent convenience store chain, is expanding its reach with the opening of its first store in Georgia, located at 1401 Tallahassee Hwy in Bainbridge. This marks the beginning of a potential expansion of up to 20 stores in the state, showcasing Wawa's commitment to driving economic growth and creating job opportunities in new markets. Wawa's expansion is aligned with its plans to establish a strong presence across the Midwest and North Carolina, reflecting the company's strategic growth and impact on local economies. With its innovative store design and focus on community support, Wawa is set to become a valuable addition to the Georgia market. Discover how Wawa's expansion contributes to regional economic development: https://hubs.li/Q02cTctz0 #WawaExpansion #GeorgiaMarketEntry #EconomicDevelopment #RetailIndustry #JobCreation

#MarketUpdate ❗❗ This table is starting to look a little less negative. We have 5 cities showing an increase in their Cromford® Market Index over the past month, up from only 2 last week. The average change in CMI over the past month is -4.4%, smaller than the -5.4% we saw last week and continuing a positive trend that started a couple of weeks ago. Scottsdale, Fountain Hills, Maricopa, Cave Creek and Buckeye are the risers while the largest declines are concentrated in the Southeast Valley (Tempe, Gilbert, Chandler and Mesa). After a long stay at the top, Chandler has finally been overtaken by Fountain Hills. 8 out of 17 cities remain seller's markets over 110.. We have 3 cities that are balanced, while the remaining 6 are buyer's markets. 3 cities still remain over 140. #Market #Update #ArizonaMarket #Arizona #Scottsdale #Gillbert #Chandler #Tempe #Mesa #Glendale #Sellers #Demand #Supply

Really important notes about the Macy’s closing and the downstream impacts of zoning controls on a cities retail districts. Even the strongest cities need to be flexible to meet changing needs. https://lnkd.in/g3pkXvFH

#Living on top of a supermarket | #midrise #TOD example in urban settings A controversial proposal from Costco Wholesale in #LA put in the spotlight an interesting mix-use building consisting in a grocery store at ground level with residential use above and communal amenities in close proximity to public transit. The compact design of residential layouts and proposed #unitmix are the subject to community concerns. However, the much needed situation of #affordablehousing for #lowincome residents are part of the city goals in pushing this application moving forward on time. Despite of the differences in public opinions about the size and mix of housing and your preference of grocery shopping, the project will deliver a sized amount of housing units including one quarter for rental, and creates employment opportunity in the same location. A #TOD model of this kind shows a smart strategy to plan and design opportunity for #living and #work close to transit in urban areas faster. How successfuly a community living above supermarkets can be planned? Time will be the only judge. #TOD #communityliving #affordablehousing #walkablecities #planing #urbandesign

Would you live in housing developed by Costco Wholesale? This is quite a concept & one I think many will be watching to see if it can be successfully replicated - some highlights: - A TOD mixed-use project with 800 small units above a big-box store with 184 set aside for low-income tenants (decent %) - modular construction, which uses prefabricated units built off site, should reduce building costs - Costco’s ties to the residential development aren’t much more than a shared building and underground parking garage, but the retail chain needs the housing in order to get permits to open at this location (this aspect is interesting!) - some South Central community leaders have expressed concern that, despite the need for family- and senior-friendly housing, the majority of these units will likely go to young singles. (bcuz of the small 350-605 sq/ft floor plans)