Western Real Estate Business

FEB 2017

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/784368

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page 18 page 35 China's Tipping Point MAXIMIZE EXPOSURE @ ICSC RECON May 21-24, 2017• Las Vegas DON'T MISS THIS OPPORTUNITY TO: TARGET more retailers, developers, owners and brokers. REACH important decision-makers not attending ICSC RECON. EXPOSE your company's projects and services to the national and regional market. Bonus Distribution of our issue at the ICSC RECON Show. RESERVE YOUR AD SPACE TODAY BONUS DISTRIBUTION FOR MORE INFORMATION, CONTACT Scott France, 404.832.8262 scott@francemediainc.com T he retail sector is evolving, and quickly. Grocery anchors have been under incredible competi- tive pressure over the past few years as these retailers continue to adapt their strategies in an effort to keep up with changing consumer demands and e-commerce trends. Examples of this evolution include: • Re-sizing. Grocers are right sizing their locations in many markets by increasing or decreasing space. Others are focusing their operations toward a niche or specialty, adding general merchandise and service options. • Service Integration. Traditional grocery anchors have continued to adjust their competitive position by integrating more service-oriented op- tions into their stores. This includes cafes, wine bars, specialty sections and catering and other ancillary ser- vices. The constant evolution of the gro- cery anchor will continue over the next several years, with many new trends emerging. Retail owners will also need to implement a number of strategies that will leave them better M any brokers, lenders, and inves- tors, owners and developers (IOD) see renewed optimism and prom- ise in the forthcoming year, according to the 106 respondents to WREB's 2017 Fore- cast Survey. Much of this sunny disposition could be attributed to a new chapter for the country as a whole, one many believe — or hope, at least — will benefit the commercial real estate industry and its players. Respondents unilaterally pointed to fi- nance issues as the No. 1 impediment to the current commercial real estate market. These concerns included everything from the Fed raising interest rates — which happened on Dec. 14 — to Basel III, Dodd Frank and the possible disappearance of the 1031 exchange. While 77 percent of all respondents believed the interest rate in- The 79,575-square-foot Village Plaza in Phoenix is anchored by Sprouts and CVS. THE EVOLUTION OF THE GROCERY ANCHOR How retail owners are adapting to a changing landscape. By Joe Dykstra and Randy Banchik see GROCERY, page 46 see FORECAST, page 44 SURVEY FORECAST 2017: CHANGE BREEDS CONFIDENCE A new year and the promise of change has brought a quiet confidence to the West Coast, though no horizon is without its hurdles. By Nellie Day JLL arranges $51.5 million sale of Loft 5 apartments in Las Vegas. Los Angeles Market Highlight page 28 Orange County Market Highlight page 32 INSIDE THIS ISSUE www.REBusinessOnline.com January 2017 • Volume 14, Issue 5 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Hotel Industrial Multifamily Office Retail Mixed-Use If you plan to buy in 2017, which product types are you most likely to purchase? Base: 2017 WREB Investor/Owner/Developer Forecast Survey MAY 2016 LEADING THE WAY THROUGH THE 21ST CENTURY FOCUSED ON REINVENTION big purchase brings new vision to malls. Centennial Real Estate's

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