Shopping Centers Today

JUL 2018

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

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54 S C T / J U L Y 2 0 1 8 N E W S M A K E R S In the blood Broker Andy Stein knows what he is dealing with — he spent nearly 30 years as a retailer and restaurateur By Ben Johnson A ndy Stein has retail in his blood. His great-grandfather founded Hoeimer's Shoes, in Norfolk, Va., in 1885, and the store became, by 1980, a chain of 48 stores across Virginia and North Carolina. Perhaps unsurprisingly, Stein grew up selling shoes, which he did for 15 years, and then he spent the next 14 years as a restaurateur in downtown Virginia Beach. More recently, he has been a retail broker, first with Cush- man & Wakefield|alhimer, and now at Norfolk-based Harvey Lindsay Commercial Real Estate. Why did you decide to get into retail real estate? I graduated from Old Dominion Uni- versity when I was 27, got a job selling men's clothes for a year and then went into life insurance. I could have gone into commercial real estate back then, but I wound up with MassMutual for three years while my brother went into the restaurant business. I saw how much fun he was having, and we were lucky enough that when Hoeimer's was sold in 1982, we wound up with trust funds. I opened a restaurant with my windfall, and my brother opened a restaurant with his. Aer 14 years in the restaurant business I was sort of worn out and realized that I had been negotiating leases for myself and thought I could do it for others. One of the reasons I like retail is because it is more exciting, because everybody always wants to know what is going on in the retail business. I love being able to tell people what is going on in that corner — who is coming here, who is coming there, who is coming to town, what is this development going to be. You got started just before the recession of 2008. How did you survive in the business? One of the reasons is the book of business I built for myself when I was in the restaurant business, and, because of my family's background, I already pretty much knew everybody in town. Today I can literally pick up the phone and call almost any prop- erty owner in town, and we are going to know each other. is business is knowledge, and a lot of times it is all about who you know. What is your primary focus at Harvey Lindsay? I brought an element of retail experience to Harvey Lindsay that they hadn't had here before. I really specialize more in tenant rep, and I have been able to establish some really strong relationships with some national names. As a broker, I do deals with Marco's Pizza, Popeyes, Rally's, Wingstop, Taco Bell, a local firm called Zero's Subs that was start- ed back in 1967 and many more. What has been your biggest career challenge? e biggest challenge of coming into this business was figuring out what to work on and what not to work on. God bless these folks that do 100 leases of 1,200-square-foot, three- year deals, because you can't make any money doing it that way in this business anymore. I think it is also being disciplined enough and pushing myself to follow through the way that I should. I like what I do. ere is a sense of satisfaction for me in the fact that we signed a Marco's Pizza deal for the oceanfront in Virginia Beach, and we are bringing a new brand to the oceanfront. at is one of the things that excite me about the retail end. Will you share some facts about yourself that others may not know? I am 55, not married and [have] no kids. My biggest hobbies are trav- el and sports. I love going to Old Dominion basketball games with my dad. He is 80, and I have been going with him since I was 12. I was also born with one of the 26 genetic conditions that are common to Ashkenazic Jews, similar to Tay- Sachs or Gaucher disease, and my parents were told I wouldn't live to be 10. Right now I am part of a Phase III drug study, so I [have been] going to New York City every two weeks since last September. I live a pretty normal life, and I am pretty lucky. It has taken me 11 years, and I have built myself a pretty darned good book and a decent reputation in town, and that is one of the things that I always did in the restaurant business and [am doing] now in commercial real estate. I have always tried to build a good reputation. I've done my best. n

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