Western Real Estate Business

JUL 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1001516

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Page 1 of 32

O nline grocery sales, swelling pop- ulations, and a change in consum- er food preferences that involve everything from frozen food to food halls to healthy, perishable fare, have cre- ated substantial demand for cold storage facilities. All these factors could result in a need for up to 35 million square feet of cold storage space in the U.S., according to reports by CBRE. The U.S. market for food-commodity cold storage space spans roughly 180 million square feet of industrial space, mostly in refrigerated warehouses, along with about 300 million square feet of space in grocery stores and other retail venues, the firm estimates. "The U.S. market for warehouses and distribution centers has been on a multi- year run, but there still are segments in the relatively early stages of their growth, like cold storage," says David Egan, CBRE Global Head of industrial HOW MIXED-USE IS REMAINING RELEVANT By Ashlyn Booth, Senior Vice President, Director of Property Marketing, JLL Owners are dramatically transforming shopping centers to create destinations that entice shoppers beyond mere re- tail purchases. U.S. shopping centers have spent billions of dollars on renovations to captivate shoppers with food and fun, foster community connections and elevate curb appeal. Shopping centers must respond to changing shopper pref- erences with laser focus and evolve their purpose through redevelopments to remain relevant. Most capital improvement upgrades fall into four main categories: • Food and fun: improving or adding new food, beverage and entertainment options • Community connections: changing the way shopping cen- ters serve their communities by converting the space into lifestyle- and power center-like projects, adding non-retail uses to create mixed-use projects, dedicating space for com- munity use or designing new open spaces The redevelopment of Manhattan Village in Manhattan Beach, Calif., includes a 53,300-square-foot expansion of curated open-air dining and retail space, adjacent to a fully renovated enclosed shopping center with an already strong tenant mix. MILLENNIALS, ECOMMERCE CAUSE COLD STORAGE BUSINESS TO SURGE Changing trends in where and how Americans eat have made cold storage facilities a hot commodity. By Nellie Day see COLD STORAGE, page 30 see MIXED-USE, page 28 NewCold entered the Washington cold storage market by opening its first U.S. cold storage facility in Tacoma on May 24. MIXING IT UP WITH MIXED-USE Mixed-use is no longer just a simple formula where retail is juxtaposed multifamily, office or hospitality. The impact from Sears' woes not as harmful out West. page 22 Portland Market Highlight page 18 page 23 Rising Rates Haven't Slowed CRE Lenders Lenders Resource Directory page 24 INSIDE THIS ISSUE www.REBusinessOnline.com July 2018 • Volume 15, Issue 11

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