Shopping Centers Today

MAR 2017

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

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M A R C H 2 0 1 7 / S C T 33 make sense for a center," said Scott Kaplan, executive vice pres- ident for retail brokerage at JLL. Unlike a decade ago, Kaplan observes, lenders and landlords are now more apt to take a chance on unique tenants with less than stellar credit, as long as their revenue streams are healthy. In the Dallas area, the $400 million Legacy West ur- ban village, in Plano, is set to open this month. This project will eventually contain 90 places to shop or eat, including a 55,000-square-foot, 20-vendor food hall, plus apartments, of- fices and a movie theater. Center leasing agent Mark Masinter told the local press that he was seeking no traditional depart- ment store anchors, because they are no longer " difference makers" in projects. He is projecting that food-and-beverage sales at Legacy West will top $100 million yearly. Tenants at the Karahan Cos.–developed center will include a three-story restaurant-bar called Haywire, a Shake Shack, a Dean & DeLuca and a Del Frisco's Double Eagle Steak House. Kimco, too, has a Texas open-air project in the works. Its 450,000-square-foot, Target-anchored Grand Parkway Mar- ketplace, in northwest Houston, is set for completion by early next year. The opening of the nearby Tomball Tollway has prompted strong commercial growth in the corridor, includ- ing new facilities for Noble Energy and ExxonMobil, as well as hotels, major medical facilities and residences. Grand Park- way Marketplace will contain national, regional and local ten- ants and eight junior anchors, plus a restaurant village with a man-made lake, a fountain and a boardwalk. residual values when making acquisitions," Feeney said. Big boxes are getting decidedly smaller. "Junior- box" tenants, which is how Boulder Group categorizes those with stores in the 20,000-to-40,000-square-foot range, make up 50 percent of the overall supply of net- leased big-box space in the U.S. By contrast, traditional big-box stores with more than 80,000 square feet make up about 13 percent, Feeney says. Junior-box tenants include such retailers as Hobby Lobby, PetSmart and Goodwill. Large-format big- box users include Walmart, Target and Home Depot. B I G - B O X M E D I A N A S K I N G C A P R A T E B Y R E G I O N W E S T 5.75% 7% 7% 6.4% 6.63% M O U N T A I N M I D W E S T N O R T H E A S T S O U T H The $400 million Legacy West will contain 90 places to shop or eat, plus a food hall, movie theater, offices and apartments

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