Select Strategies Realty has been retained by the Owner to act as the exclusive marketing agent in the sale of the single tenant Houston Lakes Retail Center located at 77 Spiral Drive, Florence, KY (Boone County) in the Greater Cincinnati, OH market.
The Offering – Absolute Net Single Tenant Retail Investment
In-Place NOI (as of 1/1/2016): $444,703
Houston Lake Retail Center consists of a Class A retail building leased to Crunch Fitness. The
investment is shadow-anchored and contiguous to Home Depot and Kohl’s. Meijer, Best Buy and
Sears Appliance Outlet are located nearby in the same development.
Select Strategies Realty recently signed Planet Fitness to an 11 year lease at Five Points Mall in Marion, IN. The fitness center will occupy 16,688 SF between Roses and Bath and Body Works. Following major renovations of the space, the fitness center plans to open late Summer or early Fall of 2017. As brick and mortar retailers continue to struggle, fitness centers will be an opportunity for retail centers moving forward.
Click here to read an article posted by the Chronicle Tribune about the new Planet Fitness location.
Publish Date: January 31, 2017
Amazon.com Inc. is investing $1.39 billion at Cincinnati/Northern Kentucky International Airport to move its primary air cargo hub there.
The hub will bring 2,700 new jobs and 40 Boeing 767 aircraft to the airport as a result of $40 million in incentives approved by the state on Tuesday.
“They cited the economic vitality of the region and our ability to bring this to market quickly,” CVG CEO Candace McGraw said.
The new service will be called Amazon Prime Air and Amazon (NYSE: AMZN) will lease two parcels totaling 900 acres to house it. The land will be leased a fair market value for 50-plus years.
“They would like to get a shovel in the ground as soon as possible,” McGraw said.
McGraw said CVG will invest $5 million in infrastructure improvements for Amazon’s hub, which is similar to what it did for DHL’s operations there. She said CVG’s infrastructure can support the increase in cargo traffic along with its growing passenger numbers. McGraw said the airport’s cargo operations could actually help with the cost of operations for passenger carriers.
The Courier will continue to update this story.
Article can be found here.
Publish Date: January 05, 2017
Holiday spending rose by 16 percent over the 2015 season, beating predictions by 4 percent, according to a consumer survey conducted on behalf of ICSC Research. Consumers spent on average $711 each for gifts and other holiday-related items, up from an average of $611 each last year.
“Consumer confidence continued to improve into December, and we saw this optimism reflected in the holiday spending numbers,” said Tom McGee, ICSC’s president and CEO. “The strong holiday shopping season suggests a positive environment for retail sales overall.”
In total, consumers spent an average of $897 each on gifts plus dining, movies and other entertainment experiences in shopping centers between Nov. 1 and Christmas Day. The biggest spenders were GenX-ers, who spent an average of $1,000 each, followed by boomers ($875) and Millennials ($867).
Nearly half of total consumer expenditures (46.6 percent) took place in physical stores, and an additional 22.6 percent was spent through the online platforms of those retailers — with 12.4 percent spent on items shipped to consumers’ homes, and 10.2 percent on merchandise picked up at the store. Amazon.com received 20.6 percent of the expenditures.
In another positive omen for brick-and-mortar retail, 67 percent of adults buying online said it is important that the retailer also have a physical presence. This is particularly critical to Millennials, 77 percent of whom said it is very important or somewhat important to them, versus 68 percent for Generation X and 59 percent for boomers. Only a third of U.S. adults said they consider it unimportant whether their online purchases come from a physical retailer.
Asked which types of stores they patronized, 65 percent of respondents said they bought gifts and other holiday-related items at discount or dollar stores, 45 percent said they used traditional department stores, and 24 percent went to electronics stores.
Article can be found here.
The VA Center at Beechwood Square will soon have a bright new look thanks to an upgrade to LED lighting! By taking advantage of a generous rebate offered through their energy supplier, the VA will be outfitted with all new indoor LED bulbs within the next few weeks. LED bulbs offer greater energy efficiency over standard fluorescent bulbs, resulting in lower electric bills. It’s estimated that the new bulbs will pay for themselves in about six months. A ten year warranty on the bulbs offers an added benefit to making the switch.
“We continually focus on upgrading and improving our centers here at Select Strategies”, says Matt Stark, Select Strategies Leasing Director. Mr. Stark adds, “We’re confident this small change will have a positive impact on the energy bills and overall interior look of the building.”
Grocery-anchored shopping centers continue to offer convenient and necessary shopping options for consumers. Find out more about how these brick and mortar shopping centers are keeping up with the changing needs of consumers and adapting to multi-channel shopping experiences.
Take a look at some thriving grocery-anchored centers, some with small shop space available!