2C — November 27 - December 10, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
By Drew Romanic, The Martin Architectural Group, PC Re-visioning retail, one center at a time
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neighborhood center sees itself outpaced and out-positioned by newer centers with su- perstores, offering both dry goods and groceries, as their anchors. At the same time, the renaissance of urban centers coupled with shifting demo- graphics is generating a resur- gence in urban and near urban areas. Just as several big box retailers are reformatting to fit into urban markets, even going vertical to accomplish this, there is still hope for the neighborhood center to be revi- talized if the location is sound. Through the evolution of the suburbs, and their expan-
sion made possible by the automobile, many markets eventually created “B” and “C” centers and malls which are now seeing a decline in use. These properties are still vi- able, but require a courageous and resourceful caretaker, aided by the design team, to repurpose and re-vision the property. The intent of these projects should be creating a place for people to shop, dine, enjoy, and relax. The added op- portunity to live and work in a newly refurbished community inserts a population into the property and provides a more compact lifestyle, saving time
and energy and shifting it toward leisure and personal endeavors. When reviewing your avail- able options for a property, begin with the low hanging fruit by refreshing the signage and facades with new finishes or visual elements to draw new clientele and existing custom- ers back into the renewed center. Invest in landscaping, restriping the parking, and addressing any safety issues such as poor lighting, pedes- trian access, and vehicle en- trances. Harness the power of a social media campaign, with the inclusion and participation
of the tenants, to re-affirm the property’s importance and connection to the community it serves. Invite your new fol- lowers to regularly scheduled special events to experience the new amenities and spread the word to their friends. The identity of the property may require reinvention, a physical makeover, and re- branding or re-imaging in order to compete within the market. This can be accom- plished by adding new and inventive uses. Consider in- corporating multifamily rental apartments, office space, and civic uses, or creating a new entertainment destination with enhanced dining op- tions, cinema, performing arts, sporting venues for intramural athletics, or a library. This process is usually undertaken when the property has lost a major anchor in a crowded market and has few options to re-tenant that anchor to drive foot traffic. The incorporation of more pedestrian-friendly amenities, such as walking paths with seating areas and hardscape, encourages users to leave their car and experi- ence a more personal connec- tion with the property. Drew Romanic is a prin- cial at The Martin Archi- tectural Group, PC . n The Fedder Co. facilitates acquisi- tion of Columbia retail center COLUMBIA, MD — The Fedder Company recently facilitated the acquisition of Snowden Square, a Colum- bia, MD, shopping center located off Snowden River Parkway. The 15,000 s/f re- tail center was sold to an in- vestment group represented by the law firm of Fedder & Garten Professional Association . Current ten- ants in Snowden Square include Verizon Wireless, Men’s Wearhouse and Tower Federal Credit Union. Fedder Management Corporation , an affiliate of The Fedder Company, cur- rently manages more than 24 properties in Maryland, Virginia and Pennsylvania, totaling nearly 1.8 million s/f of commercial property. Since 1973, The Fedder Company has built, developed, and acquired over $200 million in income-producing property. n
he world of retail is ever-changing and exceedingly fickle.
N e i g h b o r - h o o d c e n - t e r s , o n c e the heart of the subur - ban r e t a i l l ands cape , hav e be en cha l l enged b y m a l l s ,
Drew Romanic
lifestyle centers, town cen- ters, and power centers, all of which are a derivation or ad- aptation of the neighborhood center formula. Oftentimes the original grocery-anchored
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