US retail mall vacancies rose in the fourth quarter from the third, mainly due to the closure of some Sears Holdings Corp stores, according to real estate research firm Reis Inc.

Asking and effective rents for shopping centers increased slightly faster than the previous quarter, Reis said in a report on Tuesday.

Retail mall vacancies rose to 8 per cent in the fourth quarter from 7.9 per cent in the third quarter, marking the first quarterly increase since the third quarter of 2011, the company said.

Retailer Sears said in December it planned to close 235 stores in 2014, nearly double the projection of 130 made in August, in an attempt to return to profitability.

Asking and effective rents for shopping centers grew by 0.5 per cent this quarter. Asking rent had risen 0.4 per cent in the third quarter, while effective rents rose 0.5 per cent.

"Demand continues to rebound from a weak 2013, though it also remains at relatively low levels... (This) provides more evidence that the recovery is not yet accelerating," Severino said.

The national vacancy rate for neighborhood and community shopping centers declined by 10 basis points to 10.2 per cent during the fourth quarter, slightly improving from the third quarter, when the rate was unchanged.

Construction activity remained limited with only 1,752,000 square feet of new shopping center space completed during the fourth quarter. Shopping center space completed during the third quarter was 1,272,000 square feet.

Reis said accelerating pace of job creation, wage growth, and cheaper energy prices portend better times ahead.

"While we are still a number of years away from characterizing the retail real estate environment as 'strong', 2015 could certainly be a year of transition to a healthier market environment," Severino said.

Continued here:
US retail mall vacancies rise in fourth quarter: Reis

Work has started on a multi-million pound residential scheme in Liverpools Baltic Triangle creating three blocks housing 324 apartments as well as retail and leisure space.

Neptune Developments has put together a 24m funding packing to start work on the project next to the Baltic Fleet pub and just outside the city centre.

A previous developer, Windsor, had started work on the site in 2006. But the scheme collapsed in 2007 with debts of 46m, becoming one of the biggest property failures in the city.

The site was abandoned with some concrete structures still in place, including foundations and lift shafts, and basement car parking.

Now Neptune, which already has a strong track record for delivering projects in Merseyside, has started work on the site with completion due between June and September next year.

Neptune will be committing a substantial amount of its own funds into the project and has secured funding from HSBC.

The company told the ECHO: The funding package, worth 24m, will assist with the cost of developing the scheme that will provide an important option for those looking for accommodation in this part of Liverpool, which is not only a convenient position to live, but also a prestigious one in context of the Liverpool city centre market.

The Baltic area has undergone a major transformation in recent years and is now an established hub for hundred of businesses in the creative and digital sector.

Balfour Beatty Construction is the main contractor and Jon Adams, the firms delivery unit managing director, added: Balfour Beatty has extensive experience in delivering high-end residential schemes, and of working in Liverpool where we have constructed the Liverpool One development and the recent successful completion of the Aloft Hotel.

We have a long established relationship going back over 15 years with Neptune and we look forward to working with Neptune Investments to deliver this exciting new development in the heart of the Liverpool docklands.

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Neptune Developments starts work on multi-million pound residential scheme in Liverpool's Baltic Triangle

Published: Sunday, January 4, 2015 at 5:34 p.m. Last Modified: Sunday, January 4, 2015 at 8:19 p.m.

DELAND As cleanup work at the site of a former golf course wraps up, developers are hoping to start construction on a new shopping center on the site in the southern part of city next month.

Country Club Corners could host shoppers as early as next fall, said attorney Mark Watts of Cobb Cole, a representative for Lake Mary-based Tailwinds Development.

The 14.5-acre shopping center is one piece of a roughly 105-acre mixed-use development planned for the site of what was once the DeLand Country Club. The centerpiece of the shopping center will be a 53,785-square-foot Publix supermarket.

The new grocery store will replace an existing Publix directly across the street, anchoring the Southpointe Commons shopping center.

The Publix building will have another 8,400 square feet of retail space attached to it. Another 31,300-square-foot junior anchor retail building is planned just north of the Publix. Combined with smaller outparcels, the center will offer 104,033 square feet of retail and restaurant space in total.

The new Publix will be significantly larger than the old one, which is 42,000 square feet, said Dwaine Stevens, a Publix spokesman.

The developers are working with the Florida Department of Environmental Protection to clean up dieldrin pesticide contamination on the property. The pesticide was used on the golf course decades ago before it was found to be toxic and banned in the 1980s.

In 2011, contamination was discovered in the soil and groundwater of several neighborhoods near the golf course. There is work going on on the property now, said Watts. Most of that is related to the remedial action plan that was approved by the DEP. On the commercial side I think well be wrapped up in January (with the remediation work) and well be starting with the infrastructure part of the commercial side.

Watts said the cleanup work has progressed well and without any surprises. Similar work on the residential side of the project is set to begin in April.

See the article here:
New shopping center on track for southern DeLand

Increasing consumer confidence, a recovering housing market and tourism growth are paving the way for a bright 2015 in retail, industry experts say.

"As the economy becomes more stable, businesspeople will feel more confident starting new businesses," said Samantha Stratton, spokeswoman for the Florida Retail Federation. "It's easier to rally a loyal customer base during these times."

Retailers are now more willing to invest in the opening of additional shops because they believe they can count on "more reliable customers" who will stay in South Florida and not put their houses on the market and move to a new region looking for jobs, Stratton said.

"Consumer confidence is still on the rise as we are coming out of the recession," she said.

Tourists from Latin America, Canada, Europe and elsewhere also are continuing to flock to Florida and, fortunately for retailers, they bring empty suitcases to fill them up with merchandise found at bargain prices, Stratton said.

Broward and Palm Beach counties are poised for growth as available retail space becomes harder to find and more expensive to obtain in Miami-Dade County, said Russell Bornstein, a senior vice president at CBRE, a global real estate services firm.

"You are going to see Broward and Palm Beach counties catch fire like Miami did," Bornstein said.

Vacancy rates in Miami-Dade are around 3 percent, while Broward and Palm Beach are around 7 percent to 8 percent, he said. Asking rates for retail spaces in Miami-Dade are about $40 per square feet, compared with $18 to $20 in Broward and Palm Beach counties, according to Bornstein.

"Retailers that did not get into Miami-Dade County will push into Broward and Palm where there's still some opportunities," Bornstein said.

Developers of several major projects are likely to continue approval processes and construction.

Originally posted here:
Consumers ready to shop in 2015

Bethlehem

The Windsor Development Group in Clifton Park is planning to build a new apartment complex in Slingerlands that would also include space for retail stores or offices.

The company, which built the Slingerlands Price Chopper plaza and The Hamlet apartments next door, wants to build the newest project on a portion of the Slingerlands Bypass just northeast of the Vista Technology Campus.

The project would include two buildings, including a 26-unit apartment building that would have 3,500 square feet of "flex" space on the ground floor for retail or office tenants that would face Route 85. A second building would have eight apartments that would be set back from the road.

The Bethlehem Zoning Board of Appeals is holding a public hearing on Wednesday to consider a variance for the height of the pitched-roof of the larger building, which would be 50 feet at the peak.

If approved, the new Windsor Development project would be the first construction on the Slingerlands Bypass since the Vista tech campus was built, a move that could spur other development along that section of the highway, which brings motorists behind the Price Chopper and to Vista.

Vista itself has been growing. The tech park is home to a ShopRite supermarket, as well as several banks and restaurants. Its first high-tech tenant, Monolith Solar, is planning a large office and manufacturing site, in addition to a large solar farm.

By opening up land to motorists with the bypass, the town has sought a mix of retail, office and residential developments. Designs submitted to the town for the new apartments in Slingerlands have gabled roofs that are similar to the design of The Hamlet apartments that Windsor Development also owns next to the Price Chopper. Balzer + Tuck in Saratoga Springs is the architect on the project.

Windsor Development also owns The Shops at Village Plaza in Clifton Park, as well as a 50-acre site in Malta. It also has projects in Florida.

lrulison@timesunion.com 518-454-5504 @larryrulison

See the article here:
Apartments, stores planned in Slingerlands

Published: Wednesday, December 31, 2014 at 3:46 p.m. Last Modified: Wednesday, December 31, 2014 at 3:46 p.m.

Meanwhile, city officials suspended a portion of the program and have contemplated whether to suspend it entirely. There has even been talk of scrapping it, but the city is bound by contract until 2019.

The debate has raged since 2010 and could reach its highest decibels in 2015. The 4th District Court of Appeal ruled in October that private companies may not legally issue uniform traffic citations. The city of Palm Coast, in conjunction with American Traffic Solutions, which has a contract to run the cameras until 2019, issues such citations when a suspected violator doesnt pay the initial fine within 60 days.

As of today, the city issues those initial fines but cannot charge late fees because of the court ruling, which is being appealed.

The red-light cameras have become a quagmire of state and local policy and law, said Steven Nobile, one of two new Palm Coast City Council members elected in November. Nobile was a vocal critic of the citys red-light program during his campaign, .

We really cant make a move right now ... Nonetheless, I am continuing to look at other avenues to put a stop to the program and replace it with a local law enforcement program to analyze and provide direction as to (the) best methods to reduce red-light (violators), Nobile said.

Heidi Shipley, the other newly elected council member, has not taken as strong a stance as Nobile on the red-light camera issue but her patience has worn thin since the October court ruling.

The red-light cameras divide people ... and for that reason I would like to rid our city of them, Shipley said.

Including the mayor, the council consists of five elected officials. If Shipleys staunch opposition doesnt change, the number of council members opposed to the camera program appears now to be greater than the number who support it.

Nobile and Shipley joined the City Council just before it faced another controversial issue the construction of a new city hall building. For years, Palm Coast has used retail space for its headquarters, but has since approved the design and construction of a standalone building in Town Center. Construction is scheduled to be completed in the fall.

See the article here:
Red lights, green space dominate new year in Flagler

Atlanta, GA (PRWEB) December 30, 2014

What do real estate developers Equity Residential, JBG Companies, Fisher Brothers, and Holland Partner Group have in common? Theyve all chosen OxBlue construction cameras for their large, multiunit residential projects. OxBlues construction webcam services, high-definition time-lapse movies, and intuitive technologies are often used by big-box retailers, construction companies, and other builders to monitor construction progress, document build details, and manage projects. Developers also benefit from these capabilities, especially when project owners and other stakeholders are are not near the jobsite.

With development in multiple states, Vancouver, Wash.-based Holland Partner Group (HPG) needed a way for the real estate investment companys executives and project managers to monitor progress remotely. Citing the technological capabilities and plug-and-play ease of use of OxBlues construction camera system, HPG has chosen to use an OxBlue camera on several projects. The latest is a 7-story complex with 606 apartment units atop 26,000 square feet of commercial space and 320,000 square foot subterranean parking garage. The mixed-use space in rapidly redeveloping City West, near downtown Los Angeles, boasts such amenities as landscaped courtyards and paseos, rooftop decks, outdoor pools, and fitness center.

Washington, D.C.-area developer JBG Companies also turned to OxBlue for their Galvan at 1800 Rockville Pike project, located in Marylands Twinbrook area. The urban area has been a hotspot of redevelopment and renewal for years, but the Galvan is the highest profile project to date. The project is transforming 450,000 square feet of former retail space into 356 apartments with 100,000 square feet for retail. Residential amenities feature landscaped courtyards, outdoor living rooms, grilling areas and fireplaces, and pool. JBG cites functionality and ease of use of the construction camera interface and the excellence of customer service as significant sources of their satisfaction with OxBlue.

After using an OxBlue construction webcam on an earlier project, New York-based developer Fisher Brothers knew it was a given that theyd use it on their 225 E. 39th Street project, a 37-story, 372-unit luxury rental building in the prestigious Murray Hill neighborhood of Manhattan. With the unique amenities the building offers everything from indoor fire pits and rooftop pool to terraces with lawns and in-unit laundry rooms Fisher Brothers was especially interested in the ability to market this high-profile project. OxBlues administrative controls and simple Web-based platform enable clients to use real-time jobsite views, high-resolution archived images, and high-definition time-lapse videos for marketing and public relations purposes.

Chicago-based Equity Residential has an OxBlue construction camera on its 170 Amsterdam Avenue project, a 20-story, 236-unit residential building on Manhattans Upper West Side. In addition to remote jobsite monitoring and the range of camera mounting locations afforded by the cameras high-resolution imaging and zooming capabilities, Equity Residential has reaped some benefits they werent even expecting:

According to Dave Gill, SVP Construction Management Development, We were surprised by the features for time-lapse photography; they are great for presentations. Weve also used archived images and real-time views to resolve schedule disputes and observe quality issues. Being able to see a project at different angles gives us a better understanding of the project than we get from a set of 2-dimensional construction drawings. The jobsite photos tell a much better story than words can describe.

OxBlue construction camera systems come complete with all hardware, cellular data connection, intuitive technologies, automatically generated time-lapse videos of active projects, and a professionally produced time-lapse video of the completed project. To learn more about OxBlue construction camera systems, please contact OxBlue at (888) 849-2583.

About OxBlue: OxBlue, a leading construction webcam service provider, has been making the jobs of construction professionals and project stakeholders easier since 2001. High-resolution jobsite images, high-definition time-lapse movies, and intuitive technologies connect everyone on the project to the jobsite and with each other for better project management, better communication, and a more efficient build. OxBlue construction webcams are at work across 6 continents and all 50 states, serving Fortune 500 companies and top ENR contractors. For more information, please visit OxBlue.com.

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OxBlue Construction Cameras Currently Being Used by Developers for High-Profile Residential Projects

ChipotleMexican Grill, the popular, national burrito chain, and Baggins, the popular Tucson sandwich chain, are moving into one of Marana's busiest retail corridors.

Both restaurants are expected to open in the next couple months across the street from one another on West Arizona Pavilions Drive off Interstate 10 adn West Cortaro Road.

Chipotle will take over the retail space that was most recently home to Payless Shoe Source at 5940 N. Business Park Drive. Construction has been ongoing since early December and the restaurant is expected to open sometime in the next couple months, company officials said.

Construction just got started on the 2,300-square-foot-space where Baggins will serve its menu of gourmet sandwiches and salads beginning sometime in early February, said Baggins Vice President Sunny Bravin. This will be Baggins' ninth Tucson location.

Bravin said the timing is right to move into Marana, which has seen remarkable growth in mostly chain restaurants in the I-10/Cortaro Road corridor in the past several years. Among the restaurants already operating there is Chili's, Native Grill & Wings, Texas Roadhouse, Cracker Barrel and a handful of fast-food outposts including In-N-Out Burger and Panda Express.

Dunkin' Donuts opened a store at 8090 N. Cortaro Road across the driveway from Panda Express in late summer. In early November, Village Inn, known for its breakfast specialities and homespun comfort food, opened at 5955 W. Arizona Pavilions Drive.

"That area is booming over there," said Bravin. "I think that's just been an underdeveloped area for our clients. We have a lot of customers (from Marana) who come to our Oro Valley and Oracle Road stores."

Originally posted here:
Chipotle, Baggins coming to Marana

Retailers Can Thrive Simultaneously in Online and Brick & Mortar Worlds, They Just Need To Adjust

The current challenge has a lot more to do with technology and a lot less to do with sales and spending. Still, the results could be just as dramatic on the retail marketplace.

"Every few years the retail sector experiences a spurt of store closures that temporarily spooks the CMBS market. What I focus on more now is how technology is changing the retail landscape, Marshall Glick, senior vice president and senior analyst of Securitized Asset Management Group at AllianceBernstein LP, said at a CMBS and CRE roundtable this month hosted by Standard & Poors.

Noting that iTunes effectively eliminated the need for pure music retailers and large electronic stores are closing locations or moving toward a smaller footprint due to internet retailing, Glick said he continues to believe in clothing retailers. They keys, as always, are execution and location. "Department stores could downsize the store formats and become a bit more current in their retailing methods," Glick added. "In a thriving mall, this becomes an opportunity for the owner to bring new excitement to the property; while in a sub-performing mall, [this] could be a trigger to a death spiral.

Our credit team here at [AllianceBernstein] is concerned about Sears, but it may be more of a 2016 event, rather than next year, Glick answered.

In one post, Lampert addressed the questions of just how much retail floor space does the company need to deliver a great shopping experience. And with more and more of its sales and member engagement moving online or via mobile, do those stores need the same kinds of stock rooms and warehouses?

And his answer is basically: not nearly as much as it has now.

"Some of our stores are simply too large for our needs, given that populations shift, new roads are built and new retail areas open constantly, Lampert wrote, adding that he plans to continue to execute the retailer's plan to integrate its store and digital capabilities, which will include adjusting the size and number of stores it operates.

"Additionally, Sears Holdings will continue to build and experiment with new capabilities in stores and on its mobile and online platforms, with an emphasis on its Shop Your Way membership program and integrated retail offerings.

Of course, Sears is far from alone in tackling these questions.

Read the original:
RETAIL OUTLOOK: Tech-Driven Interruption of Shopper Habits Will Continue in 2015

A 5,000 square foot warehouse on the state nursery on Highway 12 is undergoing transformation.

Still mostly empty, the warehouse has a few work spaces partitioned by recycled lumber and some power tools resting in the open. But given a few more weeks, Matt Forbes envisions the space becoming Helenas next epicenter for creative manufacturing.

The idea is anything you can dream of fabricating from metal or wood we can potentially make happen here, Forbes said.

The Means of Production or M.O.P. Shop is something Forbes has been mulling over for a few years.

It can be hard for an artist just starting out to accumulate the necessary tools or find a space to work. The idea behind the M.O.P. Shop is for everyone to split the cost of space and have access to a spread of community tools, Forbes said.

Eventually, hes imagining 10 to 12 individual work spaces, each eight feet by 12 feet. Renters in those spaces would have 24 hour access and dedicated storage.

People who dont need their own space can rent one of multiple oversized lockers. Theyll have a large table to share and use of community tools, but limited access.

Forbes vision also includes some sort of dedicated retail space at the front of the shop, in which full-fledged members would each be allocated space to sell their goods.

A construction worker by trade, Forbes tinkers and refurbishes old furniture as a hobby. He even made his own tiny house, a meticulously built abode no larger than 200 square feet.

When he found the warehouse in Helena and decided to try and make it into the M.O.P. Shop, he parked his home out back and spent lots of time tooling around the space envisioning the end result.

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Retrofitted space aims to enable creative manufacturing