11-25-16

12C — November 25 - December 8, 2016 — Shopping Centers — M id A tlantic

Real Estate Journal

www.marejournal.com

S hopping C enters

HIPPANY, NJ — The multi-million- dollar adaptive re- 10,000 s/f, repurposed building a Centerpiece for Whippany, NJ campus The Powerhouse amenities center now open at The Crossings at Jefferson Park in Whippany, NJ W

The Powerhouse. The 11,000 s/f building operates Monday through Friday from 7 a.m. to 3 p.m. for food service and is open until 8 p.m. for fitness, providing breakfast and lunch with a coffee and juice bar, gourmet food stations and daily specials. The food compo- nent includes indoor and open- air seating with a covered trel- lis and roll-up doors, as well as an outdoor patio. The business lounge features casual seat- ing and WiFi. And the 2,300 s/f health and wellness center offers state-of-the-art equip- ment, free weights, and locker rooms with showers. The Powerhouse furthers The Crossings’ distinctive work/play environment. “This with tangible perks and memo- rable events that e-commerce just can’t offer beyond the screen. Retail experiences can vary from in-store classes to holiday celebrations, but they always offer customers an incentive to come in-store and experience an event outside of the ordinary shopping trip. • Nearly three-quarters (74%) of U.S. adults report that any retail experience beyond the normal shopping activity is more likely to bring them to a physical store • Almost 9 in 10 Older Mil- lennials (89%) say that any retail experience is more likely to drive them to a physical store, compared to 74% of all U.S. adults • Over half of Americans polled (57%) say free samples would make them more likely to visit the physical store – by far, the favorite experiential retail experience •Nearly one quarter of Younger Millennials (24%) would be more likely to visit a brick-and-mortar store if in- store classes (such as fitness, cooking or art classes) were offered, a trend being driven by the younger generation looking for blended retail and entertainment options “For years, retailers have of- fered customers free samples and product demonstrations as a way to drive traffic to the store. Today’s expectations are muchmore complex, leaving re- tailers in need of more dynamic, open spaces that facilitate the types of experiences consum- ers want, such as an in-store fitness class,” added Schmidt.

property emphasizes spaces and services that foster not only productive, collaborative workplaces, but also personal fulfillment,” said Vision Real Estate Partners’ Sam Mor- reale , founder and managing partner. “The Powerhouse is an exciting addition. The building is fantastic – it has become the centerpiece of this campus.” The structure’s exterior fea- tures sleek, contemporary fa- çade elements with stained masonry, composite panels with wood finishes, metal ac- cents and louvered window screens. Inside, a “town hall” environment is punctuated by open ceilings with exposed duc- twork and modern finishes. The Powerhouse is located close to U.S. Consumers Want E- Commerce and Brick-and- Mortar to Fuse Seamlessly Even as online retailers con- tinue to improve speed and convenience, the survey also found that American shoppers still value a traditional in-store experience beyond shopping online. Over one-third of Ameri- cans (35%) report they are more likely to make purchases online if they have the option to return the items in-store. Similarly, one in five U.S. adults (21%) are more likely to shop online if they have the option to pick up their items in-store. •Younger Millennials are significantly more likely (40%) to buy online if there is a return in-store option •25% of Older Millennials prefer to buy online if they have the option to pick up the items in store In order to create seamless shopping experiences, retail- ers can combine e-commerce and in-store retail to make the physical store a focal point of activity. However, with this trend comes the challenge of space needed to accommodate the logistics of in-store pick-ups and returns. “Retailers are beginning to invest in off-site warehouses to handle merchandise for in- store transactions involving pick-ups and returns,” said Schmidt. “Stockrooms and fulfillment centers will need to be expanded, but despite these challenges, e-commerce can be a huge traffic driver and offer a unique advantage to brick- and-mortar retailers by getting customers through the door.” n

use of a former powerhouse structure at The Crossings at Jefferson Park has introduced a stand-alone amenities cen- ter for tenants at the 525,000 s/f, class A office campus in Whippany. Aptly named The Powerhouse, the building opened this month, featuring enhanced gourmet food ser- vices, a multi-function lounge, conference room and a health and wellness center. Vision Real Estate Part- ners and Rubenstein Part- ners , the property’s joint- venture ownership, retained FLIK Hospitality Group for the planning and operation of MADISON, NJ — As retail- ers opt for events to drive traffic to physical stores, nearly three- quarters of U.S. adults affirm that any retail experience is more likely to bring them to a brick-and-mortar store, ac- cording to a Coldwell Banker Commercial Affiliates survey conducted by Harris Poll and released today. “We’re seeing that Americans still value in-store retail expe- riences in an increasingly e- commerce world, but brick-and- mortar retailers will need to embrace aspects of online shop- ping and invest in experiential retail to drive traffic in-store,” said Fred Schmidt , president and chief operating officer of Coldwell Banker Commercial Affiliates. “Commercial real estate professionals are tak- ing notice of these two trends and should think about how they will impact the demand for physical space as retailers continue striving for the perfect customer experience.” The survey, which polled Younger Millennials (18-29), Older Millennials (30-34), Gen Xers (ages 35-49) and Boomers (50-69), found that shoppers still value traditional brick- and-mortar shopping experi- ences. In fact, nearly half of Americans prefer to make purchases in a store instead of shopping online. Furthermore, shoppers want stores to be a hub for convenience and enter- tainment where experiential retail meets blended retail. U.S. Consumers Crave Ex- periential Retail Today’s buyers still crave a traditional shopping experience

The Powerhouse

a highly sensitive ITT division and later was a data center for Bear Stearns, includes en- hanced electrical, HVAC and fiber infrastructure. Today its three office buildings serve as home to Arthur J. Gallagher, Barclays Capital, JP Mor- gan Chase, Lord Abbett and WithumSmith+Brown. Cushman & Wakefield currently is marketing approx- imately 10,000 s/f in the prop- erty’s 200 Building, 25,000 s/f in the 300 Building, and two full floors totaling approxi- mately 80,000 s/f in the 400 Building – all three structures were renovated as part of the repositioning. The Crossings at Jefferson Park is easily ac- cessible from routes 24 and 10 and I-287. n

The Crossings’ bike share sta- tion and bike storage, and 1.3 miles of pedestrian and bicycle infrastructure – which connects directly to Morris County Parks Commission’s Patriots Path. “The amenities center is the final phase of our revitaliza- tion and rebranding of The Crossings at Jefferson Park,” Morreale said. “This campus, highlighted by rolling berms, mature trees and abundant landscaping, has been rede- signed specifically to promote health, wellness and sustain- ability.” The Crossings exemplifies the second-generation poten- tial of New Jersey’s aging office inventory, according to Morreale. The 65-acre cam- pus, which originally housed

Shopping experiences and perks drive customers back in- store, according to Coldwell Banker Commercial Affiliates

Farrow & Ball opens 2,000 s/f showroom PARAMUS, NJ — X-Team partner Welco Realty, Inc , announced that high-end British paint and wallpaper company Farrow & Ball has opened its first New Jersey store in Paramus. The Para- mus store is the 15th Farrow & Ball location in the United States. The store is approxi- mately 2,000 s/f and has a 22 foot high ceiling. The company picked Paramus because many North Jersey customers visit its New York City store. Other tenants in the center are PM Pediatrics, Kohler Showroom, FedEx & German Kitchen Center. represented the tenant. Welco Realty was also in- strumental in aiding the sign- ing of a lease for a 4,000 s/f Kohler Showroom to open shortly at The Shops at 17 North. Kohler was founded in 1873 and has more than 50 manufacturing locations on 6 continents maintaining the leading brands in Kitchen and Bath, Power Systems, Interi- ors and Hospitality. Farrow & Ball Paint pioneers John Farrow and Richard Ball founded the company in 1946. They met while working at a local clay pit and later went on to build their first factory in Dorset. Jerry Welkis of Welco Re- alty, Inc. represented the land- lord, 17 North Associates and SRS Real Estate Partners – NE, LLC ’s Sarah Hughes , Jerry Welkis of Welco Re- alty, Inc. represented the landlord, 17 North Associ- ates and The Greco Realty Group , Stephanie Greco , represented Kohler. n

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