Shopping Center Business

AUG 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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FROM THE PUBLISHERS Volume 23, Issue 4 August 2018 www.shoppingcenterbusiness.com FRANCE MEDIA, INC. Jerrold France Chairman/CEO Publisher Scott France President Michael Jacobs Chief Financial Officer Jaime Lackey Vice President/ Marketing & Digital Strategy Randall Shearin Senior Vice President/ Editorial & Operations EDITORIAL Randall Shearin Editor-in-Chief Katie Sloan Associate Editor Camren Skelton Associate Editor Lynn Peisner Staff Writer Nick Topolski Graphic Designer ADVERTISING SALES Scott France Co-Publisher Craig McIntosh Media Advisor Ryan Nixon Media Advisor Robin Reimold Media Advisor Barbara Sherer Media Advisor/ Classified Ad Sales INTERFACE CONFERENCE GROUP Richard Kelley Senior Vice President Eric Goldberg Conference Producer Mike Jax Conference Producer Alicia Turlington Conference Manager Heather James-Wyrick Conference Coordinator India Wright Conference & Marketing Coordinator ADMINISTRATION Teresa Hennington Office Administrator Jim Clark Advertising Traffic Vally Smith Circulation Assistant For subscriber services, including change of address, please call or write to: SHOPPING CENTER BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065 telephone 1-800-869-6882 E-mail: scb@kmpsgroup.com or visit our subscriber services portal at: www.shoppingcenterbusiness.com SHOPPING CENTER BUSINESS (ISSN 1088-3339) is published monthly by France Publications, Inc., d/b/a France Media, Inc. © 2018 France Publications, Inc. Editorial and advertising offices are located at 3500 Piedmont Road, Suite 415, Atlanta, GA 30305. Telephone (404) 832-8262. Facsimile (404) 832-8260. E-mail: scb @francemediainc.com. Pe- riodicals Postage paid at Atlanta, GA, and at additional mailing offices. POSTMASTER: Send address changes to SHOPPING CENTER BUSINESS, P.O. Box 47065, Plymouth, MN 55447-0065. Shopping Center Business is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $79; 2 years $126; outside USA, 1 year $99 ($129 air mail delivery); 2 years $166 ($226 air mail delivery). Single copies are $10.00. The opinions and statements made by authors, contributors and advertisers to Shopping Center Business are not necessarily those of the editors and publishers. © 2018 France Media, Inc. To photocopy items from Shopping Center Business in quantities of 100 or less, authorization must be obtained from and a fee paid to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, telephone (978) 750-8400. For quantities of more than 100, please contact Barbara Sherer, manager of special advertising, at (404) 832-8262. 2 • SHOPPING CENTER BUSINESS • August 2018 A ccording to Visit Florida, the state's marketing agency, approximately 900 people per day are moving to Florida. In the shopping center business, we've always followed the mantra "retail follows rooftops," and the state is definitely heeding that call again. Florida is seeing a number of large-scale, multi-billion-dol- lar projects, most of them mixed-use in nature. The state is also seeing a lot of grocery store-anchored projects underway, catching up on demand. Closed big boxes are also in great demand as they are subdi- vided or reused by tenants who want to ex- pand in markets. Florida is likely the most vibrant retail market in the U.S., at present, as evidenced by activity in the state. In South Florida, the 16 million-square- foot Miami Worldcenter mixed-use proj- ect is underway, and will be the first of a few large-scale projects to open in the market. Uptown Boca Raton, which sits on 38 acres, is also among those projects, as is Metropica in West Broward County, valued at $1.5 billion. Triple Five Group has received approvals to develop the $4 billion American Dream Miami. In Tampa, Water Street Tampa is valued at $3 billion, and The Bromley Company is developing Midtown Tampa with a number of part- ners. In Jacksonville, The Cordish Compa- nies is developing a $2.5 billion mixed-use project near EverBank Field. New grocery players have expanded in Florida, adding new centers in some cases. While Lakeland-based Publix remains the top player, grocers like Sprouts Farmers Market, Earth Fare, Trader Joe's, South- eastern Grocers, Whole Foods Market and Lucky's Market are opening new units in the state. In some cases, the grocers are joining as part of new developments, and in other cases they are reusing older space. Florida is also seeing a lot of big boxes being redeveloped. This is most prevalent in two projects being developed by Seritage at Town Center Boca Raton and Aventura Mall. At both centers, Seritage is redevel- oping former Sears locations into multi- tenant open-air centers with retail, dining and entertainment spaces. Elsewhere in the state, vacant big boxes are being absorbed by expanding tenants like T.J. Maxx, Ross Dress For Less, Ulta Beauty, HomeGoods, Hobby Lobby and Burlington and a num- ber of theater chains, according to brokers in the state. Health and fitness tenants are also backfilling a number of vacant spaces. The innovative re-use and reinvention of retail real estate is something that we are seeing nationwide as redevelopments announced a few years ago begin to open. With those in mind, we are pleased to an- nounce the fifth annual Entertainment Ex- perience Evolution conference February 12-13, 2019, in Beverly Hills. We are again working on a stellar group of speakers and panelists for the event, which brings to- gether leading creative minds, retail indus- try leaders, developers, owners and dining and entertainment executives to collabo- rate and move the industry forward. For more information, please see page 41, or visit www.interfaceconferencegroup.com/ eee2019. If you are active in the net lease retail space, you do not want to miss InterFace Net Lease in New York on October 3. This conference always has the leaders in the sector speaking, a vibrant discussion of the latest trends and, of course, top players in the industry who are seeking and selling properties. For more information, see the ad on page 43 or visit www.interfacecon- ferencegroup.com/nl2018. As your summer draws to a close, we hope it has been a relaxing, yet rewarding time. SCB ® Following Rooftops Scott France Jerrold France

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