THE CHALLENGE
Springfield Shopping Center was originally anchored by a free-standing department store. The balance of the property is still comprised of a free-standing bar/restaurant and a “reverse, L-shaped” sizable strip of stores. The center itself and its leasing were patiently waiting for a new anchor and renovation. The owner, Kimco, successfully secured Giant Supermarket to fill that anchor position and concurrently performed a renovation of the property. Solidifying an anchor allowed Kimco and Equity Retail Brokers to execute a game plan that would help to provide a fresh face and new direction for the property. The original challenge for Equity Retail Brokers was to try and lease the available space prior to having the new anchor and renovation completed. Once both were in place, there was a new, very good story to tell.
ACTION TAKEN
My partner, David Goodman, and I were responsible for leasing this shopping center. Our approach to leasing shopping centers, especially Springfield, has always been very methodical. We regularly maintain an Excel tracking sheet listing all the calls for the center and all the prospective tenants. The spreadsheet is our day-to-day working document from which we operate, not something that is just updated periodically.
To identify potential tenant candidates, we completed a void analysis that showed the missing use categories not represented in the center. Then, we contacted all the missing tenants in the respective categories. Keep in mind, as with most leasing efforts, not all tenants were immediately available when we reached out to them. We worked through the lists, then worked through them again a few months later, making calls, sending emails, and mailing post cards directly to area tenants. Our methodical approach married well with Kimco, as they required a monthly marketing call to bring them up to speed, relay any feedback, and agree on the coming month’s next steps for marketing the remaining vacancies. Our company also has a strong reputation for teamwork. We generally know each other’s listings and work to help each other, so it is not unusual for an idea or concept to come from someone not responsible for the property.
THE RESULT
David and I were collectively responsible for and completed 13 leases at Springfield Shopping Center, with David carrying the majority of the workload towards the end of our leasing tenure. Consistent with our team approach at Equity Retail Brokers, one of Equity’s other partners, Brian Wherty, was also involved in the Verizon lease since Brian and Rob represent Verizon Wireless Corporate in the Philadelphia market. At present, the center contains a wide variety of tenants with their various uses, all helping to generate traffic for each other. The center, its revised tenancy, and that ever-so-important anchor are all now working in unison to maintain a successful grocery-anchored asset.
TESTIMONIAL
“I have enjoy working with David and Rob of Equity Retail Brokers and would highly recommend their services. They demonstrate consistent dedication to our centers and approach leasing with refreshing creativity. Our centers have certainly benefited from their tenacious approach to repeatedly seeing transactions all the way through to completion.” Nina Rogers, Kimco
It was our pleasure to have worked with Kimco, and specifically Nina Rogers, on this project. Equity Retail Brokers and Kimco proved to be a successful duo and we look forward to the next opportunity to work together.
It’s time to lease another project. Each tenant and every property present their own challenges. I would appreciate the opportunity to work with you to tackle the next set of obstacles.
