Shopping Centers Today

DEC 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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D E C E M B E R 2 0 1 6 / S C T 83 Acquisitions Dispositions Portfolio Management Real Estate Finance Property Management Leasing Asset Management Construction Management Learn more about our full-service real estate capabilities at www.VEREIT.com/capabilities. Our in-house team of experts spans the full range of real estate transactions and operations. A Full-Service Real Estate Operating Company VEREIT is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. Meet us at ICSC New York – Booth #1406 community services, says JLL's Raquet. A typical 200,000-square-foot communi- ty shopping center employs about 500 people, according to Dallas-based Weitz- man Group spokesman Ian Pierce. Most of the retail work at commer- cial real estate design firms these days involves transforming and revitalizing existing buildings in a historic fash- ion, designers say. "Creative offices feel more like residential development, boutique hotels are the new social liv- ing rooms, and multifamily residential is all about amenities," said McKerrow. "Fortunately, retail-and-entertainment remains the proverbial glue that links it all together." Shopping centers also have an enormous charitable impact on their communities. Kimco Realty Corp. en- courages workers to volunteer at local nonprofits and for charitable causes like food drives and wounded-vet- eran programs. Taubman Centers has pledged some $200 million to the University of Michigan and is active in neighborhood clean-up programs in Detroit. General Growth Properties sponsors about 3,000 community mall programs and events to raise money for 1,200 charities, while DDR Corp. supports the Cleveland chapters of Junior Achievement and Boys & Girls Clubs of America. Simon runs a Simon Youth Foundation to benefit at-risk students at nontraditional high schools in Simon malls across 12 states; the firm also raises money annually to help fight breast cancer. CBL & Associates Properties sponsors dozens of charita- ble and civic events in its communi- ties, including free mammograms for needy women and the Dreams Come True organization to benefit children with life-threatening illnesses. Executives do their part. Jodi Pu- lice, founder and CEO of New York City–based JRT Realty Group, serves on the board of the nonprofit United Nations Federal Credit Union Foun- dation, which provides literacy and job-skills training and health care to roughly 3,000 women and girls. "The foundation gives me another platform to make a difference by helping wom- en and children find a sustainable path out of poverty," Pulice said. Alameda (Calif.) South Shore Center serves the community in various ca- pacities — collaborating, for instance, with the Equipped 4 Success organiza- tion to fill backpacks with school sup- plies for disadvantaged students. The shopping center also holds fundraisers for the local Frank Bette Center for the Arts and stages an Ethical Fashion Show fundraiser for Girls Inc. to encourage girls to aspire to community leadership. "South Shore Center is an example of how shopping centers can be more than just big-box retail hubs," said Michael Phillips, president of Atlanta- and New York City–based Jamestown, which bought South Shore Center in 2011. "You are not just a landlord," said Stark. "You have a responsibility to make your community better." n

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