New Light Shed on “Shadow Retail” | News-Press, Gary Tasman

New Light Shed on “Shadow Retail” Most of us are frequent visitors to “Shadow Retail” locations, and though we may not realize the tactical strategy that brought us there, we appreciate the convenience and selection of retail stores. An anchor store is the largest, or one of the largest stores in the center. These stores “anchor” the center and draw significant retail traffic. They are generally the major demand generator to the center, and the traffic generated results in visits to the smaller (or inline) stores in the center. In addition to the inline space located within the center, a nearby shopping center could be considered as “Shadow Anchored” by the adjacent anchor stores. These anchors are in proximity, but not formally part of the same center.  Shadow Retail often benefits from the same access points into the center, traffic counts, and demographic profile. Shadow Retail further benefits at no cost from advertising dollars spent by the anchor retailers’ sales and promotions which enhance the number of visitors. Locally, Shadow Retail is rapidly escalating as national brand retailers continue expansion efforts with a key focus on “Class A” locations. Pre-leasing is occurring in all top locations in Lee County and interest from retailers is wide-reaching. Many tenants, including national, regional, and local businesses know how crucial the right location is, are willing to wait for it, and once they find it, are ready to pay for it. Shadow Retail centers are commanding rental rates between $30.00 and $40.00 per square foot (triple net). Local examples include: Colonial Blvd and I-75 (Fort Myers) To be developed as a 6,000+/- square foot local retail center shadow-anchored by The Forum at Fort Myers—a multi-tenant shopping center with Target, and Home Depot within a large master-planned development. The new center has already caught the eye of a several fast-casual restaurants and multiple national mobile phone companies. Daniels Pkwy and I-75 (Fort Myers) Proposed developed of approx. 9,000+/- square feet in proximity to I-75, shadow-anchored by a concentration of fast casual restaurants. While still in the early stages, significant interest is abound from national-brand coffee retailers, fitness centers, and new-to-the-market pizza retailers. Six-Mile Cypress Pkwy and Colonial Blvd (Fort Myers) A recently completed 6,000+/- square foot center is the new home of Tijuana Flats (fast casual Mexican restaurant) and the expanding national brand Mattress One. This center is shadow-anchored by Lowes, Hobby Lobby, Kohl’s, and 24 Hr fitness. US 41 Near Bonita Beach Rd (Bonita Springs) Former restaurant space to be redeveloped into a multi-tenant shadow retail center with interest from national coffee, mobile phone and restaurant chains. This location is shadow-anchored by a national brand discount department store, and a national fitness chain and grocery store. College Pkwy and Whiskey Creek Drive (Fort Myers) Not all Shadow Retail is anchored by retailers. Shadow Retail can also be located in proximity to a destination which draws considerable traffic. The former Bank of America branch at the corner of College Parkway and Whiskey Creek Drive in Fort Myers is an example of destination-based Shadow Retail. The site is being redeveloped by Creighton Development and will become a multi-tenant retail center anchored by Wells Fargo Bank on the east, and the signalized intersection of the College Parkway entrance to Florida SouthWestern State College. Development plans call for a 7-11 gas station with an adjacent 2-unit retail center. According to a recent advertisement, Dunkin Donuts is slated for the westernmost unit the remaining unit is listed for $35.00/(triple net). Santa Barbara and Veterans Memorial (Cape Coral) This proposed redevelopment of a former car wash site will soon become a 6,000+/- square foot center shadow-anchored by Target and Publix. National interest is already brewing from multiple mobile phone companies and a host of fast casual restaurants including Moe’s Southwest Grill. As our economy continues to improve and consumer confidence presses forward on an upward path, our local market is repeatedly on the drawing board for many new retailer’s expansion plans. The ability of these Shadow Retail centers to merge convenience with destination centers is a win-win for both retailers and consumers and a certain trend to watch in Southwest Florida.

left to Right: Janet Watermeier, Gene Van Vleck, Gary Tasman, Pamela Van Vleck Commercial Property Management Services (CPMS) and Watermeier Consulting Services announce their mergers with Cushman & Wakefield | Commercial Property Southwest Florida (CPSWFL) in order to better serve the region’s expanding and more diversified client base. “Together we become Southwest Florida’s only fully integrated commercial property services company with global resources,” says Janet Watermeier, the firm’s newly-appointed President. Commercial Property Management Services, under the direction of Pamela and Gene Van Vleck, brings over 30 years of commercial property management experience and a portfolio of more than 3.5 million square feet currently under management.  Watermeier Consulting Services, under the direction of Janet Watermeier, brings more than 20 years of real estate, economic development, strategic planning and management consulting services to the firm. “With consulting, brokerage and property management services, the firm is nowstrategically positioned to deliver distinct client-centric results,” says Watermeier. Janet Watermeier will serve as the company’s President, charged with executing the firm’s 5-year strategic growth plan, adding service lines, and overseeing the firm’s consulting practice. Pam Van Vleck will serve as the company’s Director of Property Management Services overseeing the firm’s commercial property, facility and association management services, and developing an integrated property management and leasing platform. According to Van Vleck, “C&W’s philosophy of property management as a strategic differentiator to maximize each property’s value, provides a new level of service to our current and future clients.” As part of its growth strategy, the firm has developed a highly-specialized fast-track training and mentoring program for new associates. Gary Tasman, the company’s Principal, states “The joining of these three firms is the first step of a vision that will vastly enhance real estate services in Southwest Florida. With innovative research, analytics, and technology, our professionals can now better serve each phase of an asset’s real estate cycle from concept to lease-up, to eventual sale—employing property management to develop best in class client-focused solutions.” Jim Underhill, CEO of the Americas for Cushman & Wakefield said “This is a significant and impactful addition for Cushman & Wakefield’s Southwest Florida operations, but most importantly, our clients.  Whenever a Cushman & Wakefield Alliance office expands or adds quality services, everyone within the global team becomes stronger”. Cushman & Wakefield | Commercial Property Southwest Florida is a member of the Cushman & Wakefield Alliance and part of the largest privately held commercial real estate services network in the world.  Cushman & Wakefield is the world’s preeminent real estate services firm.  Founded in 1917, the firm has more than 250 offices in 60 countries around the globe, and over 15,000 talented professionals.  Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process.  These solutions include helping clients to buy, sell, finance, lease, and manage assets.  C&W also provides valuation advice, strategic planning, research, portfolio analysis, site selection and space location assistance, among many other advisory services. For more information, please call 239-489-3600.