Shopping Center Business

MAY 2017

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

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Page 186 of 334

ECHO REALTY 182 • SHOPPING CENTER BUSINESS • May 2017 each quarter," says Karet. "If we are lucky, we will find one or two centers that will meet all our criteria and that can be acquired at a price that we think is attractive." In addition to diversifying geographi- cally, ECHO has created a multi-pronged capital allocation strategy for the types of centers that it acquires to create an en- hanced return for its investors. In addition to core opportunities, ECHO seeks core plus centers, value add properties and ground-up developments for its portfolio. "We combine these distinct strategies to generate what we feel is an optimal risk adjusted return for our investors," says Karet. "In addition to acquiring core assets, we still like properties where we can roll up our sleeves and work on development." The company began expanding its geo- graphic footprint in 2013 by acquiring a center in Florida, an area it had targeted for expansion. Its first acquisition in the state was Westgate Plaza in Tampa. ECHO redeveloped the 104,000-square-foot center, tearing down an existing Publix anchor store and rebuilding a new store for the retailer. In the process, ECHO completely renovated the center. During that time, the company acquired its sec- ond center in Florida, also anchored by Publix, in Sarasota, named Paradise Plaza and subsequently rebranded as the Shops at Siesta Row. Siesta Row had a number of issues related to its ownership and financ- ing. Because ECHO was willing to assume more responsibility than many buyers would, it won the deal. In that instance, ECHO leased a vacant box and gave the seller credit as if the income were already in place. The company also worked with the seller on the timing of the transaction, which allowed the seller to defease the ex- isting loan before closing. "For us, it was the first example of an off-market deal where we were able to demonstrate to the seller how flexible we can be," says Drew Gorman, senior vice president of acquisitions and devel- opment. "Using that as a reference as we Gateway at UTC is an urban infill development that ECHO developed near the University of Maryland on 3.5 acres. V I C T O R S T A N L E Y . C O M V I C T O R S T A N L E Y R E L A Y ™ T E C H N O L O G Y A wireless sensor that continuously monitors fill level, system temperature, weight, location and collection status, Relay is invisible to the public eye. But you can see how it helps you maximize efficiencies in collection planning, scheduling, and routing. Receptacles that control waste. Including wastes of time. Canada 153909. Patents pending.

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