News

Shelter Cove asks a crowd for ideas

BY Michael Fickes

Hilton Head Island, S.C. — Shelter Cove Towne Centre, an outdoor mall now under construction, has taken a bold step to engage the surrounding Hilton Head Island community — both residents and visitors. It has set up shop on a crowdsourcing website called Popularise and asked Hilton Head residents to suggest tenants for the 290,000-sq.-ft. property.

The community has responded. Wayne J. suggested Ben Ham Images, commenting: “An amazing artist, with a world class product. One of his galleries would be a great addition to the Centre.”

Wayne also suggested an Apple Store, an idea that attracted positive comments. In fact, an online crowd has begun to form around the idea. Patricia S., also a Hilton Head resident, gave a thumbs-up to Apple as well. When Kathe G. proposed an Apple Store, and Patti K. commented: “Definitely need an Apple Store here!!”

So far, 64 residents and visitors have endorsed the suggestion.

Restaurant recommendations so far include Cheesecake Factory, P.F. Chang’s, Chipotle, Maggiano’s, a rooftop restaurant and perhaps a half dozen other national names.

The Centre will include a 100,000-sq.-ft Kroger, the first Kroger on Hilton Head, and a 100,000-sq.-ft. Belk as anchors. Another 90,000 sq. ft. will be available for inline and pad retailers, perhaps a number recommended by the community.

“We want to know which retailers, restaurants and services residents and visitors would like to see … so we decided to eliminate the guesswork and just ask,” said Don Barnett, Kroger’s corporate real estate manager.

Traditionally, community members must attend town meetings to have their opinions hears. Each meeting might attract five to ten people. Crowd sourcing through a social media site like Popularise can draw thousands of people, says Brandon Jenkins, the site’s co-founder.

The project is a $40 million joint venture between Kroger Real Estate and Blanchard & Calhoun Commercial Corp., who will manage the property, which promotional materials describe as an “upscale walking village.”

Construction got underway in early April and will occur in two phases. Phase I will build out the Kroger and the northeastern section of the mall, work expected to be completed in the fall. Phase II will focus on the southeastern half and continue through the spring or summer of 2014.

The project also includes two upscale residential buildings.


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REAL ESTATE

RILA: Green Lease teams landlords and tenants toward sustainability

BY Katherine Boccaccio

Washington, D.C. — A first-of-its-kind document could go a long way toward cementing the sustainability relationship between retailer tenants and their shopping center landlords.

The Retail Industry Leaders Association and the Institute for Market Transformation are releasing the Retail Green Lease Primer, which helps merchants and landlords improve the efficiency of their retail facilities. The Retail Green Lease Primer is a tool developed with significant input from national owners and retailers to educate real estate and leasing agents on the specific retail lease provisions necessary for achieving energy, waste, and water use — and cost — reductions.

“Retailers recognize that there are opportunities to improve the efficiency of the buildings they lease,” said Adam Siegel, VP sustainability & retail operations, RILA. “Green leasing is a tool to help do that.”

For the past two years, a select lineup of U.S.-based retailers and landlords have collaborated to identify the opportunities for more sustainable facilities and the barriers to achieving them. They have identified the lease as a pivotal mechanism to promote sustainability. Through the Retail Green Lease Primer, RILA and its members, together with IMT, have begun to define "green leasing" for the industry: namely, the provisions in retail leases that reduce the costs associated with energy, water, waste, and other resource use.

Already, retail landlords are seeing the value that green leasing can provide. In February, Pyramid Management Group’s Destiny USA property received LEED Gold certification; now Pyramid is actively working with its retail tenants to improve their energy, water, waste, and indoor air quality performance, creating a more comfortable shopping environment and reducing costs.

When it comes to investing in technologies and processes that promote more efficient and sustainable facilities, owners and retail tenants often don’t know how to start the conversation. The Retail Green Lease Primer aims to solve this problem by presenting the 13 most important lease topics in a clear and simple format. View the resource here.

FINANCE

Arden Group to consider putting itself up for sale

BY Katherine Boccaccio

Los Angeles — Arden Group, owner of the 16-unit Gelson’s Market grocery chain, said that the company is exploring its strategic options and has hired financial adviser Moelis & Co. to help with the review process.

The options may include a possible sale of the company.

No timeline for any potential transactions has been outlined.

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