Retail

Willow Creek Village for Sale

April 11, 2017 By Donald Teel Leave a Comment

Willow Creek Village Prescott AZ
My involvement with Willow Creek Village has been a pleasure and an adventure. Ying…and yes, a bit of yang.

In just a few short months we have seen “The Village” transformed into a vibrant retail center in the core of Prescott trade area.

The Village – Newly Remodeled

We have completed the first phase remodel and attracted a new generation of exceptional tenants, including the national fitness brand Snap Fitness and the local and regional yarn and knitting experts, Fiber Creek.

There is some good news and some not-so-good news. First, the good news; There are two suites available. What’s the bad news? Well, there are two suites available.

Naturally, I would love to move your business into one of the remaining spaces. Click here to download the leasing information.

Willow Creek Village is the consummate neighborhood center. Anchored by Safeway, Cal Ranch, and Bealls.

The Village is positioned at the hub of trade area traffic. Our tenants include national, regional and local businesses.

Ideally Positioned and in the Flow

The convergence of Willow Creek Road, Iron Springs Road, Miller Valley Road and Whipple Street are now, according to the City of Prescott, driving ±44,400 vehicles per day through the intersection. WOW!

Commercial retail centers scratch and claw [Read more…] about Willow Creek Village for Sale

Prime Development Lots in the Core Trade Area of Prescott

March 22, 2017 By Donald Teel Leave a Comment

Can we talk? Thanks!

Prescott, Arizona’s downtown core is heating up and the opportunities are diminishing. In-fill lots are becoming scarce, and pricey.

Seven Lots: Ready

Located just a few blocks north of Prescott’s famous Whiskey Row and the Downtown Courthouse Square are seven contiguous lots, ready for development.

At the bend in the road where Montezuma Street becomes Whipple Street and at the 4-way controlled intersection of Merritt Avenue, you will find one acre of ready to develop prime real estate.

The property is positioned on one of Prescott’s most traveled corridors, Montezuma Street. It’s the artery most traveled by residents in the north-to-south movements… and, their east to west movements. It’s the primary route to Yavapai Regional Medical Center, Super Walmart, Safeway and Williamson Valley Road.

But let’s get back to Prescott’s trade core. Although the 10-mile market radius services about 125,000 people, the bulk of the traffic density is jammed into about 3 square miles. Peak traffic can hit 40,000 vehicles per day, depending on the time of year and the events that make Prescott a destination city.

CLICK HERE FOR THE MARKET BROCHURE

These parcels are contiguous, flat and zoned “Neighborhood Oriented Business” by the City of Prescott. [Read more…] about Prime Development Lots in the Core Trade Area of Prescott

Retail Trend Lines and Insights

August 11, 2016 By Donald Teel Leave a Comment

dst Macy’s stock is up this morning. Their physical market presence is predictably down.

Do not buy their stock just yet. Wait until Macy’s closes nearly 100 stores in what is now regarded as the biggest red flag in retail merchandising since the market crash of 2008.

The retail segment of the CRE market has been flipped over and is shaking out. There’s more change coming as digital consumers and their shopping habits continue to shape the retail industry’s commitment to bricks-and-mortar operations.

Our behaviors are transforming some of the most renown retail establishments in the nation. In the end, the change will make them better because it is customer-driven.

Small is the New Big

We are going to see retailers continue to shrink their physical presence within all trade areas as small becomes the new big, where bits and bytes become modern transaction currency.

For me, the tightening of operating costs and the reduction in square footage is making a lot of sense in a world driven by Facebook, Twitter, YouTube, Google+ and the entire spectrum of millisecond communications. And, I have not even mentioned Amazon’s 30% per year growth rate each year for more than a decade straight.

Let’s remind ourselves that Apple sold a lot of iPods, iPhones and computers without a lot of retail operations. [Read more…] about Retail Trend Lines and Insights

Lease Opportunity – Historic Prescott

February 28, 2016 By Donald Teel Leave a Comment

Drive through restaurants are in demand. Downtown drive through restaurants are in greater demand. Now, add to this fact that we have a former Jack in the Box drive through restaurant now available for lease and it’s located just three blocks from Prescott, Arizona’s historic downtown square and Whiskey Row.

Everyone in Prescott, and most repeat visitors, know the location. The traffic is an enormous 40,000± vehicles per day in the peak season.

Located on East Gurley Street, the property is on the main ingress/egress for nearly 1,000,000 annual visitors to Prescott.

DOWNLOAD THE FEATURE SHEET

In order to prepare the property for immediate availability, the initial demolition work has been completed by the Landlord, at Landlord’s cost. Environmental mitigation and clearance report is available.

The property was recently sold to a new owner and the City of Prescott completed curb, sidewalk and entry work on the west side of the property. According to Donald Teel, a Principal partner with Commercial Properties Northern Arizona, “This property is undoubtedly the best drive through entry and exit location for the downtown area.”

VISIT THE WEBSITE FOR MORE INFORMATION

For current availability and leasing information, please contact Donald Teel by email or, if you prefer, contact him by phone at (928) 777-8100.

Outside the Box Market Thinking

September 7, 2014 By Donald Teel Leave a Comment

Market thinking is critical to commercial property owners. Thinking small is, well, putting it bluntly, an old paradigm and counter productive in today’s big CRE world.

Network largess is now a central key to lease marketing. Shrinking your exposure is deadly, while opening the marketing floodgates encourages multiple tributaries leading to more tenant activity, more LOIs and more executed leases.

In too many cases property owners have gotten twisted up in the pretzel of narrow representation, carrying the concept of going solo to new detrimental heights.

Learning over Lunch

A few years ago I met with a southern California owner at the Biltmore in Phoenix, Arizona who had invited me to lunch discuss and consider marketing his retail properties in cooperation with more than one broker each having and “exclusive” right to lease agreement.

Initially, the concept short circuited my concept of representation but as I listened to this seasoned owner my thinking began to change. Of course the so called “exclusive” was actually a modified arrangement where more than one listing broker consented to step aside in the event another procured an executed lease. Yes, the devil, as always, was in the listing agreement details and convincing multiple brokers to share a so-called “exclusive” listing seemed more than challenging.

The conversation broadened my thinking and opened me up to new representation blueprints that can help owners and add possibilities to a broker’s inventory.

The notion of broadening exposure in this way included many brokers working on the same property rather than simply one. The model began to have some appeal in an overbuilt market where owners require more, not less, tenant exposure and leasing opportunities.

The Big, Big, Big CRE World

With the advent of websites, blogs, YouTube channels with video sharing permissions, LoopNet, Twitter, Facebook, LinkedIn, Google+ and the myriad of other avenues available to owners, it’s my opinion that the power of the multiplier is already at work…and, therefore, why not harness this power?
[Read more…] about Outside the Box Market Thinking

Seth Godin – Standing Out

February 12, 2012 By Donald Teel Leave a Comment

Retail real estate is changing…slowly, yes, but perhaps finally and forever!

In the retail world of Commercial Real Estate, what was big and fat is now being honed down in size, shape, color and message.

For most of my career retail centers, gerenally speaking, all looked the same. All shopping malls have been essentially the same and all open air centers were all the same. Town centers…same! Strip centers…yep, same! With few exceptions, there existed little or differentiation in the marketing or the appeal. With the exception of Outlets and higher end centers, retail has been essentiall the same, tame and lame story.

Design is free when you get to scale. The riskiest thing you can do now is be safe…safe is risky. — Seth Godin

One of the most important ingredients in retail today is the ability of a location to “stand out” as a unique place that delivers a constant stream of products that are remarkable and irresistible to “unique” people and groups. Emphasis on “REMARKABLE” and emphasis on “UNIQUE.”

Listen to Seth Godin from TED on the topic of standing out.

The Coming Price-Down, Pent-Up Collision

February 20, 2011 By Donald Teel Leave a Comment

The commercial real estate industry has been traveling a windy, dusty road since 2007.

There has been a lot of talk about pent-up demand, cash on the side lines and investors in the wings. So far we have not seen the long awaited collision of reduced prices and pent-up demand.

We travel down the road, wearied and parched, as months go by without our seeing a passing vehicle.

Small and intermediate investors, those most strapped for cash reserves, are running low on fuel waiting for the collision of buying power with what they fear is their last price adjustment they dare make before the notes are called and new refinancing is required. The NOI isn’t there, neither are the tenants or the buyers.

The good news is that we are seeing the dust of approaching vehicles just over the hill. There is the noise of oncoming traffic.

Those of us in the Northern Arizona commercial market are seeing a measurable increase in traffic. We are seeing more tenants, slight increases in rental rates and in general more activity on the retail and industrial fronts.

Although we are not yet ready to pop the corks on the Champaign bottles, we are least sipping some cheap wine in anticipation that perhaps 2011 will bring the collision between lower rates and pent up demand.

Barring any overreaching government intervention and further reluctance of lenders, I am now finally ready to at least acknowledge the prohibited collision is predictably logical.

Donald Teel is a Senior Associate and Principal with Arizona Commercial, an Arizona commercial real estate brokerage and property management firm, headquartered in Prescott, Arizona. Need more information? Please call 1-877-777-9100 or, if you prefer, you may email Donald Teel

Road Kill: Tenant Trough, Part 1

April 18, 2010 By Donald Teel Leave a Comment

Driving gives me an opportunity to think about what I am doing, some of the challenges we are facing in the buisness and how my clients can weather what I call “The Tenant Trough.” Rather than simply tool down the long and winding road, I have decided to utilize my drive times by engaging in a little Commercial Real Estate Road Kill.

The following video was shot on a recent drive to Phoenix and is the first of what I hope will be a regular feature entitled CRE Road Kill. In this installment, I am addressing what I call the Tenant Trough, what it is the problems it creates for owners. In Part 2 I will talk about solutions…stay tuned.

Merriam-Webster defines “trough” as follows:

a long and narrow or shallow channel or depression (as between waves);
the minimum point of a complete cycle of a periodic function;
the low point in a business cycle

Terminatio Simulatio Velociter

February 21, 2010 By Donald Teel Leave a Comment

richard_boone_Paladin - 175 My first Broker, the Del Webb Corporation, was big on fast failure. The principle and skill of what I now call Terminatio Simulatio Velociter was drilled into the head of each fledgling Sales Counselor whose job it was to meet, greet and qualify prospects who visited the Sales Pavilion in Sun City West.

Now, some nearly 25 years hence, I truly do recognize the importance of “sorting” and the notion of elimination has become more and more a part of representing my commercial real estate clients effectively.

Of late, and driven by market conditions, there has emerged a new brand of bottom-feeding. It’s a concept I call “LOI Shopping” or, maybe “Networking the Deal” for better terms.

There is no doubt in my mind that this carp-like behavior among prospective tenants is a product of too much inventory and the desire of often marginal tenants to continue their vain attempts to shrink or even collapse the pricing envelope.
[Read more…] about Terminatio Simulatio Velociter

Consumer Shopping Profile = New Marketing Approaches

February 13, 2010 By Donald Teel Leave a Comment

Retail shopping center owners, tenants and consumers are experiencing an unprecedented economic crunch. In short, all three are drifting in the same boat.

The International Council of Shopping Centers (ICSC), publishes a “Shopping Habits Report” in the first quarter following the end of a calendar year.

As a retail leasing specialist, I digested the entire 2009 report, subtitled, How the Recession has Impacted Consumer Shopping Habits, and discovered that indeed center owners need to be on top of the consumer game.

The “2009 Shopping Habits Report” contains invaluable information about the future consumer trends that will impact center owners, whether large or small in size.

You can read the report for yourself and draw your own conclusions. However, three things stuck out to me in the report:

58% of consumers believe their income will stay the same or become significantly less in 2010
Most consumers have and will continue to throttle their discretionary spending through 2010
Strip centers and “Lifestyle Centers” attract the highest frequency of repeat traffic

For those of you who are my clients, I want to briefly focus on the strip center/lifestyle traffic models, which run in the 70-75% repeat traffic level. In 2010 and 2011, my Company, is seizing on the concept of “life-styling” centers that have a higher than normal tenant mix by creating “Center Websites” that serve as a marketing destination point for Broker and tenant inquiries and present a center personality to the viewers.
[Read more…] about Consumer Shopping Profile = New Marketing Approaches