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Neighborhood/community shopping centers are leading the charge as investors express greater interest in U.S. retail real estate. In PwC and the Urban Land Institute’s Emerging Trends in Real Estate 2025 report, the retail sector earned its highest score for investment prospects since the pandemic: 3.43 on a scale from 1 to 5. The score is based on surveys of commercial real estate professionals in the U.S. Neighborhood/community centers ranked highest for investment prospects, followed by lifestyle/entertainment centers, urban/high street retail, outlet centers and regional malls. “Retail, unlike other core property types, has benefited from the lack of construction,” the report noted. “Vacancy levels are at, or near, 20-year lows across most U.S. markets after three consecutive years of resurgent demand and little new development. While rents are climbing, the post-pandemic spike in construction costs has meant that few new developments have moved forward.”
Billions of dollars of semiconductor plant construction are fueling demand for retail and mixed-use projects in the communities that’ll host the factories. Thanks to the federal CHIPS and Science Act, more than $450 billion in federal and private funding is being poured into the U.S. semiconductor industry. Site selection consultant John Boyd Jr. of The Boyd Co. told C+CT that from Arizona to Texas and Ohio to New York, retail and mixed-use developers are chasing opportunities in CHIPS hubs that are bracing for an influx of people and jobs. For example, Central Ohio is seeing significant interest from retail real estate owners, developers and brokers as Intel invests more $28 billion to build two semiconductor factories there. Watch a video rendering from Intel Corp. of the Intel Ohio One campus below
“An infusion of CHIPS Act funds translates into real-time growth for markets and immediately puts a region on the radar screen for national developers of retail sites,” said Boyd, “as well as for new mixed-use projects with housing, restaurants, hotels and other service providers in addition to a retail component.”
MORE FROM C+CT: Anticipated population growth from Intel and other contributors influenced Easton Town Center
The Village at Waugh Chapel
Urban Edge purchased the grocery-anchored Village at Waugh Chapel — a 382,163-square-foot retail center in Anne Arundel County, Maryland — for $126 million on Tuesday. Tenants include Safeway, HomeGoods, T.J.Maxx, Marshalls and LA Fitness. On the same day, Urban Edge sold a single-tenant Home Depot in Union, New Jersey, for $71 million. Over the past year, the REIT has purchased $552 million worth of retail properties in core markets and sold more than $425 million worth of noncore and single-tenant properties. It owns 75 East Coast properties with 17.2 million square feet of gross leasable area.
The Linq Promenade on Dec. 13, 2023. Photo courtesy of The Vox Agency
A prominent open-air retail, dining and entertainment district on the Las Vegas Strip is getting a new owner. At a price of $275 million, Caesars Entertainment agreed on Monday to sell The Linq Promenade to a joint venture being formed by TPG Real Estate and Acadia Realty Trust. Caesars CEO Tom Reeg said proceeds from the sale of the noncore asset will aid the company’s effort to reduce debt.
The Linq Promenade, spanning more than 300,000 square feet, opened in 2013. It features over 35 retail outlets, restaurants, experiential opportunities, nightlife spots and entertainment venues. Restaurant tenants include Guy Fieri’s Vegas Kitchen & Bar, Gordon Ramsay Fish & Chips, Buddy’s Jersey Eats and The Boss Cafe by Buddy Valastro.
Eleven days after 7-Eleven parent Seven & I announced it will close 444 underperforming stores in North America by the end of fiscal year 2024, the chain made waves again on Oct. 24 by revealing it would build 500 larger “food forward” stores from fiscal year 2025 through fiscal year 2027. The company said these stores will fall under its New Standard format, which will boast 115 locations by next February, the end of fiscal year 2024. Altogether, 615 of the larger-format stores are supposed to be open by the end of fiscal year 2027.
7-Eleven Inc. CEO Joseph DePinto described the new locations as “more contemporary facilities” that will offer “a larger product assortment and expanded food-and-beverage offerings,” according to C-Store Dive. Highlights include made-to-order specialty beverages, self-service specialty coffee, a “cold treats” bar, mobile checkout and in-store seating. Already, the new-format stores are generating 13% higher same-store sales than their counterparts, DePinto said.
Photo courtesy of The Paper Store
The Paper Store, which operates more than 100 locations in the U.S., is marking its 60th anniversary in a monumental way. The retailer of stationery, apparel, home decor and personalized gifts is undertaking a five-year, $60 million initiative to update existing stores and enter new markets, including the Midwest. The chain’s first Midwest store in the opened this year, in Oak Brook, Illinois, a Chicago suburb.
“Our expansion plans over the next several years represent our commitment to reinvesting in our community with the same dedication and passion that has defined our family-run business for decades,” said The Paper Store president Tom Anderson. The company was sold in 2020 and now operates as TPS Group Holdings LLC, according to the chain’s website. It states that the Anderson family, which launched the business in 1964 in Massachusetts, continues to manage strategy and day-to-day operations.
Simon’s Woodbury Common Premium Outlets. Photo courtesy of PR Newswire/Simon Property Group
Simon executive Mark Silvestri believes today’s shopping experience at outlet malls is a “treasure hunt” that offers “a great alternative” to e-commerce. Silvestri, president of Simon Development, made those observations in an interview with Modern Retail. He explained that shoppers at outlet malls are searching for a good deal, while shoppers are more likely to head to traditional malls when they’re looking for specific items. Silvestri also noted that outlet malls are inching closer to where people live. Traditionally, they’ve been located on the outskirts of a big city or in a tourist destination. “The outlets have just thrived,” he said of Simon’s outlet properties.
By John Egan
Contributor, Commerce + Communities Today
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