Shopping Center Business

MAY 2016

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

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Page 194 of 358

PARKING 190 • SHOPPING CENTER BUSINESS • May 2016 SHOPPING CENTER PARKING LOTS CAN HELP In California, there is a housing short- age that some might deem a crisis. An apartment boom has been underway for five years and supply is increasing, but con- struction costs and land prices are soar- ing. It's becoming very difficult to make apartment deals pencil. There is only so much rent escalation that can be built into a pro-forma, and the pool of renters will- ing to pay top dollar rents is finite. This is where the suburban shopping center comes in. Increasingly, we're be- ing asked to look at parking fields. That land has a low cost basis at this point, and is probably not being used at its best use in the booming apartment market. Devel- opment on these parking lots represents multiple opportunities. The land is available. Even on some of the busiest shopping days of the year, there is ample parking available in the lot. It can be logistically challenging to build in an operating shopping center's parking lot, but not impossible if you are creative. Building simple and efficient replacement parking in a garage is often less expensive than land costs. From a long-range view, this strategy makes financial sense. There is also an ability to rebrand. New apartments can be the facelift a shopping center needs to position itself as relevant again. It's a chance to put new residents near shopping, which is always a good thing. It provides a chance to lease space to tenants who feel a kinship with the de- velopment's residents. If it's hipster mil- lennials you are after, how much easier is it to find the boutique coffee tenant if you O f f i c e O r r e t a i l Whatever your business goals, you can achieve them in the New Downtown shopping districts of Washington Town Center and Plainsboro Village Center. • Strategic Central New Jersey locations • Built-in Customer Traffc • Flexible Floor Plans • Competitive Rates • Conveniently Accessible from Major Roads and Arteries: NJ Tpke, Rtes 1 and 130, and 195 • Broker Co-op OFFICE AND RETAIL SPACE IMMEDIATELY AVAILABLE 609.918.2400 ext. 38 Your dream BUSINESS deserves a DREAM LOCATION S teve Felix and Liz Weiner of Felix/Weiner Consulting Group have run 14 open-enrollment Women's Leadership Workshops across the country — exclusively for women in the commercial real estate industry. Felix is a 30-plus year commercial real estate industry pro who spent many years with such firms as Olshan Properties, The Chelsea Group (now Premium Outlets owned by Simon) and Levin Management. Weiner is an HR veteran from the financial services industry. Weiner and Felix's female/male perspective creates a dynamic workshop experience. Women from more than 70 firms — including Acadia Realty Trust, AEW, CBRE Global Investors, Clarion Partners, Heitman, Hunt Realty Investments, Invesco, L&B Realty Advisors, LaSalle Investment Management, Principal Real Estate, TIAA and Walton Street — have already participated. The theme of the highly interactive program helps women at all levels in their careers develop and enhance their professional presence in the male-dominated commercial real estate industry. The four-hour afternoon sessions are followed by a networking reception. Upcoming cities and dates include: Chicago on May 5 and NYC on May 18. The cost to attend is $479. To learn more and register please visit For more information, visit www. Women's Leadership Workshops In Chicago and NYC

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