Shopping Centers Today

DEC 2016

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

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132 S C T / D E C E M B E R 2 0 1 6 N E W S M A K E R S are going to see increasing vacancies. Just look at Sports Authority: How many of those boxes are out there in the market right now that are trying to be backfilled? … As this type of real estate is getting retenanted, it's taking longer, and the rents are less than what they were. You're dealing with sort of mediocre tenant credit quality too. The restaurant industry isn't faring much better. There have been some strong headwinds facing that business too. I think their troubles are going to continue, especially if we start seeing the food prices go back up. The industry is facing increased health care costs and labor costs; combine that with the fact that fewer people are dining out, and, well, it's not a great mix. Can you point to any positive signs or trends emerging in this changing field? Well, I think it [the downturn] is making retailers much more efficient in their selection of space and how they allocate and manage their occupancy dollars. For example, when a lease renewal comes up, instead of just checking a box and renewing it, [owners are] really diving in and seeing where that lease stands in relation to the market, and whether they really want to be there, and if they do, what changes they want to make. We've been doing a lot of lease- renewal-type work for retailers who want to manage their occupancy. Seven years ago you co-founded a real estate investment and development firm with a unique name: Dinosaur Capital Partners. Can you tell us the genesis behind that? When we started the firm, my partner [Scott Oran] and I concocted this whole story around [the name], which wasn't necessarily true but sounds good from a real estate perspective. Dinosaurs had been around for millions of years, longer even than humans; they were pretty savvy and adaptable. When you're a real estate investment and development company, it's not a bad name to have. But the real story is that my partner, when he was younger, had a friend who owned some apartments. The friend was going to Australia and asked my partner to manage his apartments while he was away. He told him, though: "You have to form a company; I can't just write you a [personal] check." My partner looked around. His daughter was playing with toy dinosaurs at the time, so he said: "Why not dinosaurs?" He's had the name ever since, and we've just continued to use it. n Candace K. Rice, CLS, CMD, an industry veteran and stalwart ICSC volunteer, died Oct. 8. She was 68. Rice, a leasing and development manager at Donahue Schriber, in Costa Mesa, Calif., served ICSC in various capacities over the years, particularly in the education sphere; she served on the faculty of the John T. Riordan School and of ICSC's University of Shopping Centers, and was chairwoman of the CLS Committee, among other roles. "We lost a beautiful person, a great friend and a true asset to our industry," said Rene F. Daniel, CRX, CLS, president of The Daniel Group, Timonium, Md. l Edens fortified its commitment to the Texas market, where it owns 20 centers, by naming Tom Kiler senior vice president to helm the Texas portfolio and to lay the groundwork for future expansion. Kiler rejoins Edens after having served as vice president of development for the firm from 2006 to 2014 in its Washington, D.C. regional headquarters. Most recently, Kiler was a senior development manager with Continuum Partners, LLC, overseeing projects in Chicago and Denver. "Edens' growth in the Texas market is an important initiative for us," said Jodie W. McLean, Edens CEO. The company also announced two veteran company leaders in new roles for the Texas market. Keith Davidson, vice president of investments, will be responsible for dispositions, and investment relationships in the region. With more than 15 years at Edens, Davidson has extensive experience in acquisitions, dispositions, and financing. Brent Buck, director of Investments, will lead asset management of Edens' core portfolio in Texas. Having spent 13 years in Edens' Columbia, S.C .office, Buck returns to Texas where he spent his earlier career directing property management and leasing. "We have a number of exciting projects in Texas, including Uptown Park in Houston and Preston Royal in Dallas. These appointments reinforce our commitment to the region and to enriching the community," adds McLean. l East Peoria, Ill.–based Cullinan Properties promoted Christopher M. West from partner/ COO to partner/CEO and Sean R. Garrett from vice president of investments to president of acquisitions and director of community relations. West began his association with Cullinan Properties in early 2002 as the leader of Urban Retail Properties' development of the Shoppes at Grand Prairie, in Peoria, Ill. After Urban's acquisition in 2002, Chris formed CW Development Services to complete the Shoppes of Grand Prairie project for Cullinan. West later joined Cullinan Properties as partner and group president. In 2010, he was appointed COO. Garrett has served as vice president of investments for Cullinan Properties since 2013. He joined the company in 2011 from Western Development Corporation in Washington, D.C. Cullinan also promoted Ginger Benz from operations Manager to vice president of operations and marketing. Ginger joined Cullinan Properties in 2006. Prior to joining Cullinan, Benz served as the director of marketing and public relations at CPM Marketing Group, a provider of health care industry data. n Sean Garrett Ginger Benz Christopher West TALENT POOL

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