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18C — September 28 - October 11, 2018 — Fall Preview — M id A tlantic
Real Estate Journal
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By Gary Robinson, The Wilder Companies The State of the Market
T
he Mid-Atlantic region continues to thrive based on strong demo-
land and Virginia as two of the top ten wealthiest states in the country and Delaware a high-ranking fourteenth. The strength of the region is dominated by jobs in govern- ment, education, technology, and tourism. This strength has given both retailers and developers confidence in the trade area. From an investment perspec- tive, The Wilder Companies, in partnership with an in- stitutional real estate fund, moved back into the area with their purchase of Silver Spring Square, the 342,600
s/f center in Mechanicsburg, PA. And on a property level, examples of reinvestment into brick and mortar shop- ping include Simon’s com- mon area improvements currently underway at King of Prussia and Kimco’s reten- anting of a vacant Macy’s at Suburban Square (Ardmore, PA) with Life Time Fitness and West Elm. Such initia- tives are necessary given the ever-changing consumer demands and expectations. As is well known, the competitive landscape con- tinues to be challenging.
E-commerce and store clo- sures continue to affect the sector. According to Stores Magazine , three of the top ten Hot 100 Retailers are e-commerce mass market- ers; Build.com, Amazon, and Wayfair. Moving customers away from their computers and into the stores is top of mind today. Both retailers and developers are rising to this challenge in creative ways that include a com- bination of enhanced store offerings, amenities, expe- riences, and vibrant open spaces.
The Wilder Companies is excited to return to the Mid Atlantic market, having for- merly leased and managed Settler’s Ridge in Pittsburgh and Valley Square in War- rington, PA. In addition to the acquisition of Silver Spring Square, the company was recently namedmanager and leasing agent of Airport Square, the 267,400 s/f cen- ter in Montgomeryville, PA. Both projects are surrounded by strong demographics in “A” markets. The Harrisburg/Mechan- icsburg MSA, has shown positive momentum despite Sears, Kmart, Toys RUs, HH Gregg, and other smaller re- tailers closing in the region. These closings, however, create opportunities to reen- ergize existing centers with new tenants and more cur- rent build-outs. Old Navy re- placed the former Office Max at Silver Spring Square and the closing of Kmart along the Carlisle Pike provided a new home for Marshall’s, Steinmart, and Hobby Lobby at the revitalized Hamden Commons. At the Capital City Mall in Camp Hill, PA, PREIT refreshed an old Sears with Dick’s Sporting Goods and replaced Toys R Us with Field & Stream. Dave and Busters, a new tenant to the trade area, is also new at the mall. Additionally, the Mid-At- lantic has seen the growth of grocery stores, boutique fitness concepts, and restau- rants. Aldi, Wegman’s, Lidl, and Sprouts have all recently expanded in the area. Metro Diner recently opened its fifth location in Mechanicsburg. And, among others, Rumble Boxing and Everybody Fights have committed to locations in downtown Philly. Wilder remains optimistic on the future of retail and its continued success in the region. Best in class retail de- velopments continue to be reimagined, redesigned, and redeveloped to attract strong national tenants and inter- esting locals that will suc- ceed in keeping today’s shop- ping experience energized and competitive. Gary Robinson is vice president of leasing at The Wilder Companies in Boston, MA.
graphics, job growth, and other posi- tive econom- i c factors . E v i d e n c e o f s u c h strength is the MSA’s second quar-
Gary Robinson
ter year-over-year 4.8% re- tail sales increase, an unem- ployment rate of 4.5%, and a recent US News & World Report survey rankingMary-
Wilder Leasing Opportunities
in Pennsylvania
For leasing information call 617.896.4913 or e-mail leasing@wilderco.com.
Silver Spring Square • Mechanicsburg, PA • 569,000 SF Wegmans, Target, Kohl’s | Just one space available!
For a complete list of properties visit www.wilderco.com
C A P I T A L P A R T N E R S
Airport Square • Montgomeryville/North Wales, PA • 267,400 SF Best Buy, Marshalls, HomeGoods | Anchor & Pad available
Connect with our Real Estate Services team to explore managing your center to its best potential in today’s changing environment, including repositioning and redevelopment opportunities. For more information e-mail bizdev@wilderco.com.
REAL ESTATE SERVICES 800 Boylston Street, Suite 1300 Boston, Massachusetts 02199 www.wilderco.com f in
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