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THE NEXT GENERATION Evolving Mall Space Is Not Demise of Retail A publication by The Journal Record May 2017 THE NEXT GENERATION Evolving mall space is not demise of retail ASK THE INDUSTRY Biggest challenges in today’s architecture Sponsored by YOUR LIFE’S WORK DESERVES MORE THAN A DEADBOLT. Get Cox Business Security Solutions which offers Surveillance and Detection. View crystal-clear video in high definition, day or night, with our lineup of HD commercial cameras. Receive text and email alerts if an alarm is activated. On call 24/7, it goes the extra mile to SURVEILLANCE protect your business. AND DETECTION Security that means business. GET YOUR FIRST MONTH FREE* Call (877) 404-2523 Visit coxbusiness.com/securitysolutions *Offer ends 8/31/2017. First month free applies to the first month’s monthly service fees for Cox Business Security Solutions surveillance and/or detection packages. Equipment, installation, taxes and other fees not included. 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All rights reserved. FINANCING MATTERS. The right investment demands the right lender. Banks that don’t share your vision for expansion or the capital to make it happen lack the courage and confidence you deserve. We want to be your lender. We want to be your bank. okfidelitybank.com I 405.755.5330 17OFB11225 Financing Matters_8.625x11.25.indd 1 4/27/17 8:37 AM TABLE OF CONTENTS MAY 2017 4 8 10 12 A publication by The Journal Record May 2017 THE NEXT GENERATION Evolving mall space FEATURES is not demise of retail ASK THE INDUSTRY THE NEXT GENERATION: Biggest challenges in 4 today’s architecture Evolving mall space is not demise of retail 8 EVICTIONS: Sponsored by Do’s and don’ts of tenant removals ABOUT THE COVER: CK & Co., Nichols Hills 10 Brokers offer tips on negotiating real estate transactions Plaza. Photo by Brent Fuchs. 12 Brokers optimistic for multifamily, office sectors OTHER 14 Top projects SQUARE FEET is a 16 Ask the industry publication of The Journal Record 17 Big deals: produced quarterly 17 Industrial 19 Office Oklahoma City Office: 18 Multifamily 20 Retail & other 101 N. Robinson Ave., Ste. 101, 21 Sales Points Oklahoma City, OK 73126 405.235.3100 22 Properties for sale or lease For subscription information, call (800) 451-9998 or go to JournalRecord.com. 2 May 2017 Digital Marketing.Digital Marketing. Nobody Delivers LikeNobody We Delivers LikeDo. We Do. Propel Marketing is a one-stop shop for all yourPropel onlineMarketing is a one-stop marketing shop for all your online marketing services, connecting local businesses with theservices, people connecting wholocal businesses matter with the people most. who matter most. We help our customers improve their bottomWe line help our by customers providing improve their bottom cutting- line by providing cutting- edge digital solutions and industry best practices.edge digital solutions and industry best practices. With a full array of online marketing solutions,With we a full arraycan of online create marketing solutions, the we can create the perfect mix suited to boost your business. Someperfect ofmix suited our to boost services your business. Some include: of our services include: • Responsive and Website Design • Social Media• Responsive and Advertising Website Design • Social Media Advertising • Search Engine Marketing • Direct Email• Search Engine Solutions Marketing • Direct Email Solutions • Search Engine Optimization • Live Chat• Search Leads Engine Optimization • Live Chat Leads • Digital Display • Digital Display CALL TODAY! 405-278-2830CALL TODAY! 405-278-2830 WEBSITES. VIDEO. SOCIAL. EMAIL. SEARCH. TARGETEDWEBSITES. VIDEO. SOCIAL. DISPLAY. EMAIL. SEARCH. TARGETED REPUTATION. DISPLAY. REPUTATION. Powered by Powered by www.propelmarketing.com www.propelmarketing.com Trader Joe’s opened in Nichols Hill Plaza in 2016. Photo by Brent Fuchs THE NEXT GENERATION EVOLVING MALL SPACE IS NOT DEMISE OF RETAIL BY MOLLY M. FLEMING 4 May 2017 Enid’s Oakwood Mall sold in December for less than the asking price. Courtesy photo KLAHOMA CITY – Laci Jackson Ravina has been “The retail industry has always busy finding tenants for Nichols Hills Plaza, The Triangle at Classen Curve, and the Classen Curve been cyclical. It’s always been Oshopping center. stories of evolution. It’s not if a She said the tenants she’s seeking want their customers to drive to their front door and walk directly into the store. They retailer is going to die, but when.” don’t want their customers to have to trek through a department — Melina Cordero, CBRE’s head of store to find them, like they would do at a mall. retail research for the Americas “(These centers) are smaller, experienced-based shopping,” she said. “It’s a more customer-based experience.” The Nichols Hills center secured Trader Joe’s in 2016, with the grocery opening in the fall. Winter House Interiors and Carwin’s Shave Shop are moving to the center, leaving Classen Curve. a Cowen and Co. research study. Malls are only 1 percent of 1,200 Locally owned En Croute is open, with The Hutch on Avondale U.S. shopping centers and 15 percent of leasable space. doing updates on its patio. “Furthermore, although the rate of retail closures has “There are people shopping in Nichols Hills Plaza that have accelerated over the last several years, the number of malls has never been there before,” she said. “We’re definitely trying to overall been stable since the recession,” the investment firm said appeal to all customers. It’s been great having the grocery store in its study. “While we will likely begin to see mall closures over there. It brings in daily foot traffic. We only have a couple spaces the next decade, we believe a majority of shopping will continue left (in the Plaza) with deals working.” to take place in stores.” The growth in the three centers tells of a different situation Cordero said she disputes the idea that too much retail space than popular dialogue, with national retailers making daily was built in the 1980s. She said she has a different idea about announcements about store closures. The change seems to be felt what’s happening with malls. deepest at malls, where J.C. Penney Co. and Macy’s are leaving “We’re over regionally malled,” she said. “We’ll see the lowest large box spaces. tiers, like B and C-class malls, close up.” “The retail industry has always been cyclical,” said Melina Oklahoma City had four malls, while Norman’s Sooner Cordero, CBRE’s head of retail research for the Americas. “It’s Fashion Mall and Midwest City’s Heritage Park Mall brought the always been stories of evolution. It’s not if a retailer is going to metro total to six sites. die, but when.” See RETAIL, page 6 But evolving malls aren’t the death of retail, as pointed out in SQUARE FEET 5 RETAIL, continued from page 5 The 1960s I.M. Pei plan for a new downtown Oklahoma City included a $100 million regional shopping galleria. However, the Pei plan was scratched by the 1980s, after 40 percent of downtown’s buildings were demolished. Price Edwards & Co. retail broker Jim Parrack said he didn’t know if the mall could have ever attracted the tenants to make the site work in the first place. In Muskogee, the mall near the historic downtown was studied by the University of Oklahoma’s Institute for Quality Communities and the Tulsa-based Urban Design Studio. The entities looked at how to use the mall building and parking lot, and connect the area to the downtown. The city was scheduled to hear the final recommendations this month. In Enid, the Oakwood Mall was sold in December 2016, with the new buyers paying less than the asking price. Enid Regional Development Authority Executive Director Brent Kisling said the city is hopeful AMC Theatres will update the cinema since the property has new ownership. The city has seen retail development across Owen K. Garriott Road, with companies building shopping centers that attract Academy Sports + Outdoors, T.J. Maxx, and Old Navy. “We need to make sure the next generation of businesses move into the mall,” he said. As malls nationwide look at their next generation of tenants, Provision Kitchen opened in Nichols Hill Plaza in late 2015. Sooner Fashion Mall, Norman. 6 May 2017 Commercial Real Estate Loans Long Term Fixed Rates American Heritage Bank is uniquely positioned to oer 5 to 15 year terms and is looking for nancing For all of your Real Estate needs, opportunities in the contact Steven Burrus, Tulsa area. Executive Vice President and CLO (918) 248-3257 ahb-ok.com Purchase or Renance Industrial - Oce - Retail - Multifamily your commercial investment property with a long-term, xed rate loan and take advantage of historically low interest rates.
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