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REAL ESTATE

New day dawning for developers and local government officials?

BY Al Urbanski

Some three years ago, Phillips Edison & Company, the largest owner of necessity-based centers in the United States, created a community engagement program. As head, the company named former coffee shop owner and current VP of economic development Scott Adair.

As Adair traveled PECO’s vast property map, ranging from California to Texas to Massachusetts, and spent time with mayors, urban planners, and development directors, he quickly realized two things: One, they all spoke a common language that was foreign to him and, two, he had to learn it to succeed in his mission.

Scott Adair

This month, Adair can confidently talk the talk, having completed a 117-hour certificate program given by the University of Oklahoma and accredited by the International Economic Development Council. Adair feels strongly that more developers could benefit themselves and the communities they serve by taking the course.

“At one of the course’s institutes held in Fort Worth, there were 300 participants and I was the only developer,” Adair recalled. “Here were all these cities and counties and states and I was there wondering why there weren’t more developers in attendance because all of these officials were tripping over each other looking for opportunities.”

The really good news for developers who mix with economic development professionals, Adair said, is that all are very aware that most local economic growth comes from the retention and expansion of businesses already operating in their communities.

“Everyone wants Amazon Headquarters Two, but those opportunities are few and far between. The actual results are greater if you focus on the existing businesses,” he says.

PECO has already realized tangible benefits from its newfound insights into working with municipal officials. When Dominick’s left as anchor tenant of the Baker Hill shopping center in Glen Ellyn, Ill., five years ago, the town let PECO recoup some $1.25 million in sales taxes to keep the center running up to speed. A Pete’s Fresh Market has since taken Dominick’s place.

“I think that this old conception of the big, bad developer that comes into town and ruins everything is going away,” Adair said.

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REAL ESTATE

Orange County center sold for $46.5 million

BY Al Urbanski

Bristol Center, a 165,508-sq.-ft. community shopping center in Santa Ana has been acquired for $46.5 million by JH Real Estate Partners, an Orange County real estate investment company.

Situated on 14 acres of leased-fee land directly across from South Coast Plaza, the center’s tenants include Michaels, Staples, Party City, Buffalo Wild Wings, Chick-fil-A, and Firestone Auto Care.

NRP Retail Partners West, a CBRE company, brokered the sale on behalf of both the buyer and the seller, Sarofim Realty Advisors.

“The property’s ideal Bristol Street location across from South Coast Plaza [and] strong historical occupancy…make it a very attractive acquisition for the buyer,” said CBRE’s Kirk Brummer.

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Demolition begins for Coconut Grove renovation

BY Al Urbanski

Wrecking balls this week began taking down a section of a retail center Miami’s famed Coconut Grove district to make way for a new mixed-use development.

The demolition of the east building of CocoWalk will make room for an 85,000-sq.-ft. office building and 20,000 sq. ft. of retail to be completed by the end of 2019. A remodel of the west side of the project is underway, with tenants including Cinepolis, YouFit, Chase Bank, and The Gap.

The new CocoWalk is a joint venture of Federal Realty Investment Trust, Grass River Property, and the Comras Company, which acquired CocoWalk in 2015 with a mission to upgrade it to the standards of the neighborhood’s changing population.

Companies such as General Electric, Sony Music, and Virgin Hotels have opened offices in Coconut Grove, leading to a need for more office space and amenities such as public spaces and restaurants.

“The community has been waiting for a new and improved CocoWalk for years,” said Federal Realty’s Chris Weilminster, who promised chef-driven restaurants and unique retail offerings.

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