BV Belk Properties taps JLL Retail to manage, lease Lakeshore Mall
Sebring, Fla. — BV Belk Properties has retained JLL Retail to manage and lease Lakeshore Mall, a 490,000-sq.-ft. retail center located in Sebring, Florida. The mall was built in 1992, and is the only enclosed regional mall within 40 miles of Sebring.
“I see nothing but a good future for Lakeshore Mall, and I am thrilled at the opportunity to take a steady center and make it extraordinary for locals and passer-byes with the support of JLL,” said B.V. Belk Jr., owner of BV Belk Properties.
Florida retail market lead John Lambert and VPs Chris Ralph and Heather Levesque are leading the JLL management and marketing teams, and Andrew Derringer is tasked with leasing the asset.
JLL sold the property to BV Belk Properties earlier this year.
“BV Belk Properties’ purchase of Lakeshore Mall in May was perfectly timed with the Florida retail market’s upswing,” said Lambert. “The mall represents a strong value enhancement play and BV Belk’s ability to capitalize and act on that with a renovation and repositioning is expected to propel the property for renewed growth and strong yields.”
The center anchors the retail hub that serves central Florida along US Highway 27, a major north/south corridor between Orlando and Miami, where traffic counts average approximately 38,500 vehicles per day.
JLL: Retail development on fire in Florida
Orlando, Fla. — Florida’s retail development market is moving indoors. According to JLL research, nearly half of all retail commercial construction in Florida in the half of 2014 is taking place in malls and shopping centers.
“While most markets are seeing a boom in grocery-anchored power centers or strip centers, Florida has a distinct need for traditional retail assets that’s driven by the tourist shopper base, which prefers a one-stop shop for their goods along with a climate controlled experience,” said John Schupp, senior VP of retail development at JLL.
Florida’s construction numbers stand in contrast to the rest of the country, where the retail development pipeline remains slim, with just 45 million sq. ft. nationwide under construction. However, Florida benefits from expanding retailers and increasing investment allocations. More than 29% of all new retail deliveries in the United States in the second quarter 2014 occurred in Florida, and its major cities are absorbing the space well.
Tampa is seeing the most robust growth with 1.43 million sq. ft. of space under construction as of second quarter 2014. Miami has 1.42 million sq. ft. under construction, the greatest amount of development in proportion to its existing inventory.
The Florida retail market shows no sign of slowing, despite its loss of momentum during the recession. Development in the state accounts for nearly 13% of retail assets under construction nationwide, and a tidal wave of space is expected to come to fruition during the next nine to 12 months in South Florida, according to JLL research. Liquidity in the financial markets has continued to rise to pre-recession levels, increasing the ability to develop new retail assets, or redevelop older properties.
GlamOn launches automated store at Harrah’s resort
Hollywood, Calif. – Direct-to-consumer cosmetics retailer GlamOn Inc. is operating an automated beauty store at Harrah’s Resort Southern California in Valley Center, California. The store is based on an automated retailing system from AVT Inc.
The system is the first of its kind that provides luxury beauty products, skin care, hair care, grooming items and gifts, from an automated retailing center. The selections are usually only sold in luxury stores, upscale dermatologist offices, and exclusive spas, as well as the GlamOn e-commerce site.