Watch out Vegas, here I come
Less than three weeks until RECon. This is the annual ICSC (International Council of Shopping Centers) trade show in Las Vegas. It is the largest convention for retail tenants, landlords and shopping center investors in the world and boasts over 37,000 attendees and 1,200 exhibitors. It is not just an educational experience, but a unique opportunity for networking and deal making. Many of the national and regional chains and franchises that are adding locations will be there along with their real estate managers for Michigan and the Midwest. There’s nothing like meeting face to face with a tenant to get them excited about a good building in a good location. The show takes up the entire convention center which is over 850,000 SF of space. That’s 20 acres of real estate dedicated to real estate!
In past years at ICSC, I’ve made contacts at CVS, Chipotle, Family Dollar, Dollar General, Denny’s, Auto Zone, 7/11, Dunkin Donuts, Bass Pro Shops, Hilton Hotels, AT&T, Verizon, Sports Clips, Menards, Big Lots, Subway and many others. Many of these have opened in Traverse City and others are on their way. This type of tenant offers the Landlord a credit-rated tenant with a lease term of 5-30 years. These tenants have a proven track record of success, the ability to pay market rents, put capital improvements into the landlord’s building and help attract other tenants to a center.
I have a number of properties listed by the mall, downtown and on major highways that are the type of locations franchises and national tenants are looking for. This year I plan to attend the ICSC show and find out which companies are looking at our area, show off my listings, make good contacts and get buildings leased. In addition to that I’ve met with a lot of the large development companies that own large properties in our area, like Brixmore and Rouse Properties who own the Home Depot center and the Grand Traverse Mall respectively. There are many large investors looking to purchase property in our area, ranging from single tenant net leased properties to large strip malls and shopping centers. If you have a property or know of someone with a property that would be suitable location for a national chain or is currently leased to national tenants, please tell them to contact me before the convention! I would be happy to represent as many suitable properties as I can when I’m in Las Vegas, and it will help keep me away from the poker tables.
-Dan Stiebel, CCIM