Shopping Center Business

MAY 2018

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

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MOONBEAM 232 • SHOPPING CENTER BUSINESS • May 2018 says. "Usually tenants want to see more foot traffic to the malls. So they are very pleased when we bring in tenants such as, for example, the Florida Department of Motor Vehicles and the Orange County (Florida) Tax Collector, which recently signed a lease at the West Oaks Mall that will generate about 2,000 to 3,000 addi- tional people a day in foot traffic." Each deal is different, but tenants typ- ically pay for the physical modifications necessary to convert the box or anchor spaces to the appropriate use, Maksin says. MCI's affiliates occasionally finance the tenant improvements, or the tenant foots the costs to redevelop the space however it wants with the professional services of the MCI affiliates' leasing and management teams. Maksin is exploring many uses for older boxes as new trends move into the fore- front. He says some malls are converting part of their vacant space to urgent care centers and other related medical uses, as well educational or community college space. He also says warehouses could become more prevalent as cities try to attract large users like Amazon to their markets. "There could potentially be a demoli- tion cost," Maksin says. "Although some- times a conversion into a warehouse facil- ity may be worth it without demolishing the entire mall." MCI will be pushing further in the com- ing years in thinking outside the box to envision how to transform a former de- partment store building into something new and completely different. In closing, Maksin says, "As retail con- tinues to battle the conflicts with tradi- tional brick and mortar stores, the need for front office e-commerce space grows. Whether the sale is from eBay or Amazon, a website or a wholesale order, all orders still need front office systems focusing on sales, marketing and customer service. That's where we come in to lease them space." "Having done the deals that we have done so far and having delivered on our promises, we have tremendous confi- dence in Moonbeam's future as an orga- nization and as the pioneer in adaptive reuse of commercial properties and mall redevelopment." Moonbeam recently announced anoth- er addition to its portfolio. In April of this year, a Moonbeam affiliate acquired the ownership of Gateway Marina in Brook- lyn, New York, from the National Park Service. Gateway Marina is a 500-boat slip marina with what Maksin says are the best views of the New York harbor in the area. The Marina will be redeveloped, beautified and expanded into a 750-boat slip facility. "That acquisition is our first marina and has given us an entree into the ownership and management of another exciting sub-class of real estate assets. And it is right here in our own back yard," says Maksin. SCB Hilltop Plaza Md Route 450 & Race Track Rd. Bowie, MD 20715 • Over 95% leased • Strong national retailers including Aldi, Dollar Tree, Advance Auto, Walgreens and Dunkin Donuts • Excellent household incomes within 5 miles (average of $136,000) Contact: Jim Farrell, 571.382.1229 RETAIL OPPORTUNITIES For more information on ALL of Bowie's Opportunities, contact: John Henry King Economic Development Director, City of Bowie, Maryland 15901 Excalibur Road Bowie, MD 20716 301.809.3042 | fax 301.809.2315 Pointer Ridge Plaza 1334 Crain Highway Bowie, MD 20716 • High traffic counts on Route 301 (over 60,000 cars per day) • Renovated facade • Mature and stable housing market surrounding center Contact: Jim Farrell, 571.382.1229 Bowie Marketplace 15455 to 15511 Annapolis Rd. Bowie, MD 20715 • Brand New! • Ample and convenient parking! • Great tenant mix with Harris Teeter! Contact: Brian Berman, 301.816.1555

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