REAL ESTATE

Best sites for Amazon’s HQ2: Atlanta, Cincy, Memphis

BY CSA STAFF

Every town, village, hamlet, and metropolis in America has put together a committee and a Powerpoint presentation aimed at landing the most sought-after development project in decades: Amazon’s second headquarters. Handicapping the race is a wealth-tech investment platform called AlphaFlow, and it places the early odds on Atlanta, Cincinnati, and Memphis.

AlphaFlow considered five key factors in singling out 14 cities as prime sites for Jeff Bezos’s second home: 1.) increase in Housing Price Index over the last 25 years; 2.) Housing Price Index over last 12 months; 3.) adjusted gross incomes from $0-$200,000; 4.) increase/decrease in building permits in 2016, and 5.) median home value.

The Favored 14, in order of their suitability, are:
1. Atlanta
2. Cincinnati
3. Memphis
4. Louisville
5. Nashville
6. Pittsburgh
7. Columbus
8. Minneapolis
9. Kansas City
10. Denver
11. Austin
12. New Orleans
13. Dallas
14. Philadelphia

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REAL ESTATE

Wegmans extends southern expansion to North Carolina

BY CSA STAFF

Construction beginning on a new Wegmans is big real estate news and bigger news for finicky local grocery shoppers. In that regard, today’s announcement from the legendary grocer’s construction company should be making the people of Raleigh, North Carolina, very happy.

Williams Company Southeast reports that it will break ground this month on a 120,000-sq.-ft. Wegmans at Midtown East, a new center being developed by Regency Centers in partnership with ITC holdings near Raleigh’s downtown area.

The 22-acre property on the east side of Wake Forest Road is a mixed-use project that will include 189,000-sq.-ft. of retail and a 154-room hotel when completed. An opening is scheduled for spring 2019.

Wegmans currently operates more than 90 stores in six states: New York, Pennsylvania, Maryland, New Jersey, Massachusetts, and Virginia.

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REAL ESTATE

Phillips Edison expands national accounts effort

BY Al Urbanski

Phillips Edison, which recently announced the formation of a $4 billion REIT focused on grocery-anchored centers, has added to its national accounts team.

Stuart Shapiro, who oversaw leasing for properties in the Company’s southeast region, will assume the newly created role of senior director of national accounts. Ryan Mitzel, who previously was a leasing agent for the company, has been promoted to director of national accounts for the East. Both will report to Mike Conway, VP of national accounts and retailer partnerships.

In a press release, Conway said Shapiro’s role was created to add depth to the company’s retailer relationships.

Last week, the company announced the formation of The Phillips Edison Grocery Center REIT I following its acquisition of certain real estate assets and third-party management businesses of its former sponsor and external advisor, Phillips Edison Limited Partnership.

The new enterprise will manage a portfolio of 235 centers across 32 states, representing more than 26 million sq. ft. of retail space.

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