Shopping Center Business

MAY 2016

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

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PRIMROSE SCHOOLS 338 • SHOPPING CENTER BUSINESS • May 2016 Primrose is also seeing development in the Northeast. "Boston, New York and New Jersey areas continue to be hot for us — lots of growth up there," says Pierquet. "One of the more exciting things that we have going on is we've signed our first multi-unit franchise agreement in Long Is- land with a group to do eight schools in the area. That was a target area, and it's a challenging market because of the cost. We found a great partner there that's go- ing to help us grow the Long Island area and will probably spur additional growth for us in all of New York." The company is also opening locations across the Atlanta area. "We've opened south Sandy Springs, which was a two-sto- ry office building that we purchased and converted, and a Buckhead location which was a ground-floor opportunity in a 12-story office tower," says Pierquet. "Both of those have just recently opened in the last couple of weeks. In addition, we've got a project we're working on in Druid Hills that's in permitting right now, and we have several other very creative ar- eas that we're working on here in the city." One potential development in partic- ular — a downtown Atlanta space — is exciting for Primrose. "One of the cre- ative spaces we are currently hoping for is along Memorial Drive at the south end of Downtown Atlanta," says Pierquet. "We're working with Paces Properties to try and become a part of the massive rede- velopment scene that's going on in south Atlanta. There are over $600 million in projects pending in that two-mile stretch of Memorial Drive and we're really anx- ious to be apart of that." When looking for a site, the compa- ny's criterion is largely the same: they like to get creative. "We have to be very creative when we go into urban markets," says Pierquet. "We're looking for higher density markets that have a good office component backed up by high quality residential. With our urban model, pret- ty much anything goes. If we can find a great opportunity in the right area, we can probably make it work. The big issue is always finding enough playground space, but there are lots of creative ways to make that happen." The company is also broadening its search to include smaller communities across the U.S., alongside its urban, cre- ative projects. "We've opened up our eyes to more opportunities across the United States," says Pierquet. "There are many smaller communities where lots of young families are moving to. When people with young families are moving into these communities, we feel there's a huge op- portunity. They're underserved with high quality services like the ones we provide. We think there's a great opportunity for us to move into those smaller markets." The company hopes to continue its growth throughout the country in the years to come. "We're a very active player across the country," says Pierquet. "Last year and the year prior, we opened right around 20 schools. This year we're go- ing to open 30. We have 27 today either open or under construction against that plan of 30 for the year. Above that, we've got more than 100 franchise owners that have signed and are in process to open new schools. Only about 50 of those we have sites for today, so we've got another 50 plus sites that we need to find across the country." As always, Primrose is excited by the opportunity to get creative with spaces in its upcoming endeavors. "We're a creative group that finds ways to use properties that many others can't, and I think that's a very important thing to understand," says Pierquet. "Childcare can be a very integral part of their development and I think we have the opportunity to help utilize spaces that owners may not have been able to figure out what to do with before. We've really opened our eyes to the breadth of oppor- tunity that there is across the country, and not only just in the types of real estate we can use but in the places we can be." SCB "The big issue is always fnding enough playground space," says Pierquet. "But there are lots of creative ways to make that happen."

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