2C — April 25 - May 15, 2014 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters
hen the subject came up about writing an article for this By Sean Sablosky, Arrow Real Estate Services Bullish on commercial real estate and its ability to adapt W
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it’s a challenge to keep us in malls for pure shopping alone,” she said. “We want new experi- ences, entertainment, and not just a movie. It’s about fine dining and a theater in one place, and a playground area for the kids.” Her thought process ties in nicely with points made by Bob Winitsky, one of our first partners to come on board when Brooke and I started Arrow over two years ago. Bob has been hammering home the idea about the creative reuse of malls. And with more than four decades of experience in the industry, Bob knows what he’s talking about. He sees shopping centers as more than a pure retail play as they adjust to the economy and changing demographics. Malls are not just for shop- ping,” Bob said. They’re dou- bling up as service centers. One of the fastest growing segments of mall space are health service providers of one form or other. Another recent convert to malls are municipal governments, who lease space to service their residents. The mall becomes a service center, as well as a
continued on page 10C Mike has decades of experi- ence in commercial finance, and believes real estate is on the verge of a major bounce. “The economy is cyclical,” he said, “and inflation is very low. But that wheel spins around and once it hits (commercial real estate) is going to the shopping center. Two malls in suburban Phila- delphia found that the addition of major food chains changed the dynamic and traffic pat- terns, bringing a “rebirth” and new retailers. Plymouth Meet- ing Mall added a Whole Foods and outside restaurants to create “an unbelievable amount of foot traffic,” Bob said. Mont- gomery Mall experienced a similar story with the addition of Wegmans and can now get upscale retailers. While Bob’s been with Arrow over two years, Mike Martin’s the newest member of our team. Mike hit the ground run- ning as a sales associate, sign- ing $1.6 million of transactions in his first two weeks. That’s two weeks with Arrow – and with a real estate license.
RECon issue, it created lots of discussion among sev- e r a l o f my talented Ar- row Real Es- tate Services business as- s o c i a t e s . Th r o u g h o u t
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the conversations, one thought consistently jumped out: shop- ping centers continue to adapt to the needs of consumers and now, with interest rates near all-time lows, is a great time to purchase retail property before the next boom in commercial real estate. Brooke Henningsen, my co- founding partner, maintains that malls are moving into entertainment mode to attract families. Brooke sees malls redeveloping themselves as a destination point, a place where families can park the minivan and spend the day. It’s a trend that began out west and is mi- grating here. People want more to do and
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