REAL ESTATE

Walgreen’s plans store on Johns Hopkins campus

BY Dan Berthiaume

Deerfield, Ill. – Walgreen’s is planning to build a new store on the East Baltimore medical campus of Johns Hopkins University. The store will be developed according to the Walgreens Web Experience format and offer the retailer’s first in-store Take Care health clinic in the state of Maryland. Walgreen’s and Johns Hopkins announced a collaboration in May 2011.

"This is a significant next step in our relationship, leveraging the clinical expertise of Johns Hopkins Medicine and Walgreens expansive healthcare resources to create a retail hub for community-based care," Walgreens president of pharmacy, health and wellness Kermit Crawford said. "Our pharmacy and Take Care Clinic will provide an environment for collaborative healthcare innovation while also providing greater access to healthcare services for the Johns Hopkins community, students, employees and patients."

"Our collaboration with Walgreens creates the opportunity to offer innovative, locally based healthcare services while further weaving Johns Hopkins Medicine into the fabric of East Baltimore," Johns Hopkins University School of Medicine dean and Johns Hopkins Medicine CEO Paul Rothman said. "We also will use the lessons learned from this collaboration beyond our community, as Johns Hopkins Medicine continues to set the standard for medical education, research and patient care on a national scale and around the world."

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Q&A With a Hall of Famer

BY CSA STAFF

In April, John Crossman, president of Orlando, Fla.-based real estate firm Crossman & Co., became the youngest inductee into the Florida State University College of Business Hall of Fame.

Established in 2003, FSU’s College of Business Hall of Fame honors graduates who have excelled in their careers, earned significant recognition for professional achievements and community service, and made significant contributions to the mission of the College of Business.

Crossman talked to Chain Store Age about the Hall of Fame honor and about his career that has spanned two decades.

What does the Hall of Fame honor mean to you?

Personally, it’s overwhelming. But it isn’t really just about me. It represents a body of work carried out with our company’s 40 employees and my brother, as well as my high school teachers, college teachers, coaches, teammates and my family — it’s about all of us.

Where does all of the energy that created this body of work come from?

My dad was a pastor and civil rights leader. Our household had a strong vision about purpose and service. But we didn’t have much; we were poor. I was grateful to be able to go to FSU, to have the opportunity to get an education and compete on the track team. Gratitude makes you want to use your talent to its fullest extent to serve.

Sketch out the highlights of your career.

In my second year in the business, 1994, working for what was then Faison,I made my first trip to the ICSC convention in Las Vegas. Every day,I made sure I arrived at our booth at 7 a.m., before everyone else, and I stayed until everyone else had gone. Company president Henry Faison noticed. When he sold the business to Trammell Crow in 1998, he highlighted me, and was named senior VP of Trammell Crow — because I was always the first to arrive and the last to leave the booth in Vegas.

How did you end up at Crossman & Co.?

The years 2004 to 2006 were personally difficult. My father died, my house was damaged by hurricanes, I was hospitalized with a back injury, and my young daughter almost died. In 2006, I left Trammell Crow to spend more time at home with my family.

My brother had a small real estate company in Orlando. I asked if I could join him, and he said yes. My brother has great integrity and makes an exceptional business partner. He is the details guy and the wisest person I’ve ever met.

Go figure. I left Trammell Crow to spend more time with my family at the expense of my career. Yet the move led to phenomenal growth — and I have more time with my family.

Because you’re based in Florida, you’ve had a front-row seat to the state’s recovery. Can you describe?

The bottom occurred in 2010. In 2011, brokerage returned, and shopping centers began to trade — at a good clip. Leasing rebounded in 2012. Development is returning this year. Wawa is expanding. Publix is expanding. There is more infill development and downtown core development. It isn’t huge, but it is definitely coming back.

Why should retailers consider Florida for expansion?

Retail follows residential growth and tourist growth. A tourist spends five times more than the average person, and tourism is huge in Florida, particularly central Florida, thanks to Disney and Universal. In addition, the housing market has made a strong return, and that’s good for retail, too.

What lies ahead for Crossman & Co.?

We will continue to grow with our clients and employees. As a landlord-focused organization, we will continue to help our landlord-clients achieve their objectives. We plan to continue as market leaders in terms of information and education. And we want to continue as a leader in diversity.

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Highlights of Real Estate’s Big Show

BY Katherine Boccaccio

Expansion was the talk of the aisles in the Las Vegas convention center, as the International Council of Shopping Centers hosted its annual RECon global real estate convention May 19-22.

"We never really had a downturn," said Stephen Gallant, VP facilities development with Jos. A. Bank Clothiers, in the Women’s Special Interest Group presentation "Retail: The Next Wave."

"We opened an average of 50 stores a year during the recession, and are continuing to gather strength in the more recent months and years," he noted.

The panel was moderated by Faith Hope Consolo, Retail Group chairman for Douglas Elliman Real Estate; other panelists included Chain Store Age editor-in-chief Marianne Wilson, BaubleBar co-founder Daniella Yacobovsky, Ann Inc. senior VP real estate George Sappenfield, and RetailWire Braintrust editorial board member James Tenser.

Despite the quickening pace of store expansion, the leasing process itself is increasingly more complicated. "Deal-making now involves more approvals, with financial people involved on the landlord side," said Ann Inc.’s Sappenfield during the SIG discussion. "Securing new sites is no longer a handshake deal; it has become more bureaucratic."

Closer scrutiny, though, can make for a better deal for all parties involved, the panel agreed. And for those chains in expansion mode, the site choices are prolific — whether in new ground-up projects or sweeping redevelopments.

On these pages are several projects featured at RECon 2013, each representing some of the premium spaces coming to market this year and beyond.

THE MALL AT BAY PLAZA

Location: Bronx, N.Y. (200 Baychester Ave., at the crossroads of I-95 and Hutchinson River Parkway)

Size: 780,000 sq. ft.

Developer: Prestige Properties & Development Co.

Anchor Tenants: Macy’s, J.C. Penney

Leasing Contact: Jerry Welkis, Welco Realty (914) 576-7500, [email protected]

Status: Slated for a spring 2014 opening

The Mall at Bay Plaza, adjacent to the outdoor Bay Plaza Shopping Center, is the first enclosed fashion mall to be built in New York City in more than 40 years. The Northeast Bronx site features highway visibility with more than 250,000 cars passing the site daily, and has direct access off Interstate 95 and the Hutchinson River Parkway.

Prestige Properties isn’t cutting any corners on the $300 million-plus development project that will add a 780,000-sq.-ft. enclosed retail mall along with an 1,800-car parking garage.

"We spared no expense," said Sam Shalem, chairman and CEO, Prestige Properties. "We are building something that we — and the community — will be proud of." Macy’s will build a three-story, 160,000-sq.-ft. store — its first ground-up project in New York in 15 years.

VILLAGE AT THE PEAKS

Location: Longmont, Colo. (Hover Road and Hwy. 119)

Size: 500,000 sq. ft.

Developer: NewMark Merrill Mountain States

Key Tenants: Whole Foods, Regal Cinemas, Sam’s Club

Leasing Contact: Allen Ginsborg, [email protected], (970) 377-1135

Status: Scheduled opening is late 2014

The redevelopment of Twin Peaks Mall into Village at the Peaks injects a vibrant village experience into an outdated 28-year-old mall.

Developer NewMark Merrill Mountain States has worked to give the community what it asked for: a stadium-style movie theater, a natural grocer, a large-format discounter and, above all, a place to gather.

With the breathtaking Twin Peaks of the Colorado Rocky Mountains as its backdrop, the new Twin Peaks Mall will offer 400,000 sq. ft. of large-format, anchor and restaurant space, along with 100,000 sq. ft. of boutique and specialty retail.

In May, three major tenants were announced: Longmont’s first Whole Foods Market; a new, state-of-theart Regal Cinemas; and Sam’s Club.

DESTINY USA

Location: Syracuse, N.Y.

Size: 2.4 million sq. ft.

Developer: Pyramid Management Group

Key Tenants: T.J. Maxx, Macy’s, Lord & Taylor, Dick’s Sporting Goods, Saks Fifth Avenue OFF 5th, Michael Kors, BCBG MaxAzria, Brooks Brothers Factory Store, WonderWorks, Pole Position Raceway, Funny Bone Comedy Club, Toby Keith’s I Love This Bar and Grill, P.F. Chang’s, Cantina Laredo, Gordon Biersch Brewery Restaurants, Coach, Sephora

Leasing Contact: Pete Berardi, [email protected], (315) 422-7000

Status: Construction complete, actively leasing

Located in Syracuse, N.Y., midway between New York City and Niagara Falls, Destiny USA is an easily accessible, fully enclosed, 2.4 million-sq.-ft. travel destination with more than 230 brands, including department stores, luxury outlets, factory stores, traditional retail shops, fine dining and a wide array of entertainment venues.

Destiny USA is the largest LEED Gold certified retail commercial building in the world. More than 29 million annual visits are anticipated in its first full year of operation, according to Travel + Leisure Magazine. Currently at more than 23 million annual visits, Destiny USA is the 8th most visited shopping destination in the country.

RENAISSANCE AT COLONY PARK

Location: Ridgeland, Miss. (I-55 at Old Agency Road exit)

Size: 500,000 sq. ft. upon completion of Phase II

Developers: Mattiace Properties and H.C. Bailey Cos.

Key Tenants: Apple Store, Ethan Allen, Barnes & Noble, The Fresh Market, Aqua The Day Spa, Hyatt Place Hotel

Leasing Contact: Andrew Mattiace, (601) 352-1818, email c/o [email protected]

Status: Phase I open and 95% leased. Construction of Phase II projected to be complete in fall 2014.

Renaissance at Colony Park, in Ridgeland, Miss., brings the finest in fashion and retail shops and restaurants to the Jackson Metro Area and the entire state of Mississippi. First opened in March 2008, Renaissance tenants include — besides those listed above — a lineup of specialty retailers such as Ann Taylor and LOFT, Anthropologie, Banana Republic and Charming Charlie; and restaurant offerings such as Another Broken Egg Café, Biaggi’s Ristorante Italiano, P.F. Chang’s and Ruth’s Chris Steak House.

The open-air Main Street center features a European and Mediterranean-style architecture, and amenities such as an elaborate Italian fountain and beautiful clock tower.

Upon completion of Phase II, Renaissance at Colony Park will consist of approximately 500,000 sq. ft. of building space on 57 acres and 50,000 sq. ft. of office space above the retail shops.

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