Foundry Commercial’s Post

Many brokers overlook the details… BUT here's why they matter: In 2017, I was entrusted by a private REIT with the task of selling a 10,000 SF multi-tenant retail center in Oak Brook, situated on one of Chicagoland's premier retail thoroughfares. The property was occupied by three tenants on net leases, in a Class-A quality building & location, and anchored by two national tenant brands. Sounds like a layup, right? Not quite. Despite the deal's strong investment attributes, it presented complexities. The anchor tenants' leases only had a few years left of term, and 80% of the income was tied to these leases. Moreover, a newly signed lease to a regional tenant paid significantly lower rent. To navigate these challenges, I spoke with the leasing team and meticulously reviewed each lease agreement and its amendments, uncovering insights into tenants' behavior and long-term commitments. For instance, despite substantial rent payments, the primary long-term lease had been renewed without renegotiation attempts. Additionally, a comparative analysis of similar spaces in the market revealed untapped potential for re-leasing the best corner space. Similarly, examining the second tenant's lease agreements revealed their long-term commitment and absence of exercising a termination option. This commitment was also supported by insights from their recent $200K investment in store renovations, knowledge I obtained through my existing relationship with the tenant rep. By incorporating these DETAILS into the sales narrative, I instilled confidence in an out-of-state buyer. They recognized the long-term stability of the property beyond the immediate lease expirations. This attention to detail ultimately facilitated a successful closing, achieving just under $650 per square foot and 98% of the list price. Best yet — all tenants remain in place to this day. What did we learn? This example underscores the importance of investing time, energy, and effort into examining the details and understanding the story behind each deal. Greenstone Partners #chicagorealestate #multitenantretail #dealstory #oakbrook

🌞 Florida's Retail Real Estate Market Heats Up! 🌞 Florida's retail leasing and investor markets are scorching hot, driven by low vacancy rates and strong investor interest. With no significant new construction due to high costs and lending challenges, developers are turning to acquisitions to capture market opportunities. Here are some highlights: Dundas Real Estate Investments acquired Lee Vista Promenade in Orlando. EDENS expanded its Florida portfolio with the purchase of Shadowood Square in Boca Raton. Publix Super Markets bought Coral Springs' Ramblewood Square, enhancing its anchored position. Big developments are on the horizon: Orlando's Walt Disney World may see a new $17 billion park. Orlando Magic plans the Westcourt mixed-use hub. Creative Village is transforming downtown Orlando into an educational and business hub. Exciting expansions from major brands: ALDI USA is converting Winn-Dixie locations across Florida. Buc-ee's, Ltd. will open a massive 74,000 sq ft store in Ocala. Raising Cane's Chicken Fingers continues its growth in the Tampa Bay area. Florida's entertainment and dining scene is also buzzing with new restaurants and flagship openings from Maman, Ômo by Jônt, and others in Miami and Orlando. For a full dive into these developments and more, check out the detailed report here. #RetailRealEstate #FloridaMarket #ICSC

New York-based KPR Centers recently made a bold entry into Denver’s retail market with a $56.5M acquisition of a fully leased retail center in University Hills. Anchored by King Soopers/City Market and national brands like MARSHALLS LLC and PetSmart, this deal highlights the growing confidence in Denver’s booming population and commercial potential. While KPR’s focus is on retail, the same momentum is seen across Denver’s office and mixed-use sectors. At Tributary Real Estate, we see this type of strategic investment as a sign that Denver’s commercial real estate market is positioned for sustained growth, offering opportunities for savvy investors in all sectors, including office spaces. Read more about this acquisition and what it signals for Denver’s market in the Denver Business Journal article. Let us know your thoughts! 💬 #commercialrealestate #DenverCRE #strategicinvestment #retailandoffice #tributaryrealestate

🌟 Ready to Make Moves in Tampa's Retail Market? 🌟 Ron Schultz here, your go-to guy for all things commercial real estate investments. Guess what? Tampa is leading the Sunshine State in retail leasing activity, with a whopping 3.4 million square feet leased in the past year—way ahead of Orlando and Miami! 🏬 But here's the kicker: with availability rates hitting a decade low at just 3.4%, the demand for retail spaces is sky-high. Are you sitting on a prime retail property wondering what it's worth in this sizzling market? Let's chat about getting you top dollar! 📉 And speaking of market dynamics, did you know that leasing times have dropped to just 2.5 months? That's quicker than deciding on what to binge-watch next! Whether it's a big-box space or a cozy spot for the next trendy café, Tampa's retail scene is buzzing. 🤔 So, how does this affect your commercial real estate investments? Are you seeing opportunities to capitalize on this leasing frenzy? Drop a comment or message me—I'd love to discuss how we can maximize your property's potential in this red-hot market. #TampaRetail #CommercialRealEstate #RetailInvestments #MarketOpportunities #SellWithRon #RealEstateHumor

NEREB gives a nuanced view of the Boston retail market, highlighting the contrast between high consumer demand and underlying market challenges. Worth the read!

Walking through a closing Big Lots, it's crazy to see the real estate that will soon be left empty. With the retailer shutting down more locations due to Chapter 11 bankruptcy, massive spaces like this can impact local real estate markets. These vacant stores represent huge commercial opportunities, but also challenges in finding new tenants for such large properties. What will fill these spaces, and how will it shape the future of retail real estate? Let me here your thoughts. #lasvegas #storeclosures #retailrealestate #realestate #lasvegasrealestate #georgekypreos

Which retailers are growing, and who's pushing pause? Here's a look at the landscape heading into this week's annual commercial real estate convention.

There is increased optimism for the retail sector and the real estate industry can benefit from understanding how consumers are shopping and where they are spending time. My colleague Beth Bernstein Connors will moderate Alissa Bersin (Tishman Speyer), Scott Auster (Urban Edge Properties), Brooke Cabrera (Jersey Mike's Subs), Peter Braus (Lee & Associates Commercial Real Estate Services), James Famularo (Meridian Capital Group), and Adam Matloff (Meridian Capital Group) in a panel discussion on July 25 at Bisnow’s National Retail Conference in New York City. The panel will discuss how locations are impacting development and leasing strategies and the types of tenants that are signing leases and what their space needs look like. #retailrealestate #realestateindustry #realestatelaw #retailleasing

There is increased optimism for the retail sector and the real estate industry can benefit from understanding how consumers are shopping and where they are spending time. My colleague Beth Bernstein Connors will moderate Alissa Bersin (Tishman Speyer), Scott Auster (Urban Edge Properties), Brooke Cabrera (Jersey Mike's Subs), Peter Braus (Lee & Associates Commercial Real Estate Services), James Famularo (Meridian Capital Group), and Adam Matloff (Meridian Capital Group) in a panel discussion on July 25 at Bisnow’s National Retail Conference in New York City. The panel will discuss how locations are impacting development and leasing strategies and the types of tenants that are signing leases and what their space needs look like. #retailrealestate #realestateindustry #realestatelaw #retailleasing

One of the many reasons why we launched Lee & Associates Tampa Bay is because of the incredible family it truely is, including our CEO Jeffrey Rinkov. In a recent interview with GlobeSt.com, Jeffrey shares insights on the current state of the industrial and retail real estate markets. According to Jeffrey, industrial softness has led landlords to revise their retention strategies, while a strong consumer and new concepts have retail on an encouraging path. Read more about his thoughts and expertise in the link below. #LeeAndAssociates #RealEstateInsights #IndustrialRealEstate #RetailRealEstate