Shopping Centers Today International

NOV 2015

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

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12 S C T / N O V E M B E R 2 0 1 5 Fantasy fulfillment Dallas-based Topgolf is teeing off in the fantasy-sports world, where fans build their own imaginary teams and compete for cash and prizes. Topgolf is joining DraftKings — of- ficial fantasy-sports partner of Major League Baseball, the National Hockey League — to allow customers to compete and connect with their fa- vorite teams and players on a nightly basis. Are parking lots becoming obsolete? Miles traveled by car for peo- ple 34 years old or younger are down 23 percent year on year, according to the U.S. Department of Transporta- tion. And the percentage of high school seniors with driv- er's licenses declined from 85 percent to 73 percent between 1996 and 2010, according to the American Automobile Association. Paved with gold In what some are calling the highest-value retail property sale in Florida history, Fryd Properties and Comras Co. sold a 1.1-acre contiguous city block along Miami Beach's Lincoln Road to Spain's Amancio Ortega, owner of Zara, for $370 mil- lion. The 74,500-square-foot block includes global flag- ship retail stores of Apple, Gap and Nike. T H E C O M M O N A R E A Cold concept LA Fitness and Dubai, United Arab Emirates–based cryotherapy chain Cryo will open fran- chised units inside 40 LA Fitness gyms in the U.S. LA Fitness Cryo, as the franchise is called, could also open freestanding units. Cryotherapy is the use of extreme cold tem- peratures to allevi- ate health prob- lems ranging from cellulite to prostate cancer. Cryo oper- ates four clinics in Dubai. Independent food tenants are increasingly important to landlords seeking to differen- tiate their shopping centers and encourage shoppers to linger and spend more money. But such tenants are notoriously fragile and often require landlord assistance to grow into profitable enterprises, experts say. This is why Fort Worth, Texas–based devel- oper Trademark Property has launched what it calls a "micro-restaurant program" dedicated to attracting unique restaurant concepts to Waterside, the company's 63-acre mixed-use development currently under construction in its hometown. Trademark will break the space up into three or four spaces ranging from 600 to 1,000 square feet and market them exclu- sively to local and regional eateries. To pro- vide local entrepreneurs with the opportu- nity to lease space in which they might not otherwise be able to invest, Trademark will offer smaller spaces, lower startup costs, shorter term leases, free outdoor seating and generous tenant-improve- ment packages, among other benefits. "During community- engagement sessions, we heard a resounding call for local and arti- san merchants," said Trademark CEO Terry Montesi. The micro-restau- rants will be located around the mixed-use center's central public space. Waterside broke ground on its first phase of development in 2014. That phase includes the retail project and nearly 400 multifamily units. Center's 'micro' leasing strategy targets local eateries

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