Shopping Center Business

MAY 2015

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

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282 • SHOPPING CENTER BUSINESS • MAY 2015 mor's leasing staff focus on the deal terms than the legal terms of a document, in negotiations. In 2014, Brixmor opened a number of stores for retailers like Dick's Sporting Goods, Burlington and Sleepy's within 35 days of signing a lease. More recently, the company has been working with retailers who have new store formats or large expansion plans. The company has cut a number of deals with Burlington, which has a new prototype. It has done a number of deals with Walmart Neighborhood Market, which has rolled out stores with Brixmor in North Caro- lina, Florida, Colorado, Virginia and California. In fact, Brixmor has been working so closely with Walmart that the company has held quarterly calls with the discounter's real estate department for the past several years. "Those multiple deals speak volumes for our company and our business — we can work with a retailer from California to the Midwest to the East Coast," says Carroll. "That is valued by the retailers and it sets us apart as a landlord. Expand- ing retailers would rather spend time with someone who can pitch them 50 sites across many different markets." In addition to its Raising the Bar pro- gram, Brixmor is selectively seeking to acquire neighborhood and community shopping centers again. The market for acquisitions is extremely tight, with many properties valued highly. Because Brix- mor is active across the country, the company is able to seek properties in a number of markets where other owners might not look. "We think that you can acquire a lot of strong grocery-anchored centers in mar- kets of all sizes across the U.S.," says Car- roll. "We're not just set on major markets. We are, however, set on assets where we can add value. We want to buy centers in mature, infill markets that have a below- market aspect to the lease structure or the possibility of a restructuring through the tenants to achieve growth. Those are high bars and a lot of boxes to check these days." SCB At Hilltop Plaza in Virginia Beach, Virginia, Brixmor transformed an underperforming 60,000-square-foot furniture store into space for retailers including Trader Joe's, PetSmart and Five Below. Today, Trader Joe's is performing at an estimated $1,500 per square foot in 20 percent of the former furniture store space. (1-800-867-8783) s ALTA Surveys s As Built Surveys s Topography Surveys s US Environmental s Zoning Reports s Engineering Design Surveys s Flood Elevation Certs s Recertifcations (updates) s BOMA Measurements s Property Condition Reports The Nations Recognized Leader in Comprehensive Land Surveying Services including: '' Deadlines were met ahead of schedule, Customer Service was attentive to detail, and no stones were left un-turned. Excellent experience . I recommend U.S. Surveyor highly." - David F. - Real Estate Manager - Multi-Site Acquisition 1-800-TO SURVEY

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