Commercial Real Estate Recap I February 2015 Retail Highlights

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9News I Denver’s population boom changing neighborhoods

OLYMPUS DIGITAL CAMERATravel a couple of blocks from your home and you’ll see it. Construction projects are popping up everywhere in our city and in the suburbs. Whether we like it not, Denver is becoming a popular place to live.
Long-time residents remember a city without the Stapleton and Lowry neighborhoods. Many of those folks also remember a time when the Highlands neighborhood was a quiet area of mostly older homes.
Gail Wheeler remembers when her neighborhood was quiet too. We met her in July when her neighborhood in Jefferson Park was just beginning to change.
“They start early. They work late, and most of my neighbors say this is only the tip of iceberg, wait until the power tools start up,” Wheeler said, describing the sound of non-stop construction.
Wheeler lives near West 21st Avenue and Decatur Street in northwest Denver. She is living at the crossroads of modern and tradition. Modern is the word used to describe the 27 new townhomes going in on either side of Wheeler’s home. Her home would fall under the traditional category.

Read more: 9News I Denver’s population boom changing neighborhoods
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USA TODAY I The 10 richest cities in America

Downtown Denver

Downtown Denver

When you think of a rich city, do you think of a place with a ton of million dollar homes? Maybe a place with a lot of culture, job opportunities, or beauty? Many of the richest cities are in high-demand for these very reasons.

But, while some cities may be rich –that is, they have a lot of high earners — the cost of living in these places is really high as well. Your geographic location plays a large role in your cost of living — housing costs, utilities, food prices, and even how much you pay the sitter. So, things kind of balance out in a way.

Using information from FindtheBest, we created a list of the 10 richest cities in America. The list includes cities with a population greater than 500,000 that have the highest percentage of households earning at least $150,000 per year.

We’ve also included information on the corresponding salary a person needs to live comfortably in each of these cities. The salary a person needs to be comfortable in each city is based on studies finding the magic salary number — $75,000 — as the salary amount at which comfort is achieved.

We’ve adjusted this $75,000 upwards or downwards based on living costs in each city, using a cost of living calculator and comparing each city to Phoenix, Ariz. — a city with a moderate cost of living and a median income that’s close to the nationwide benchmark.

The richest cities

These are the 10 richest cities, and the salary a person would need to live comfortably in each of them:

1. San Francisco — You’d need $124,561 to live comfortably in SF.
2. San Jose — You’d need around $115,515 here.
3. Washington, D.C. — $108,092 would be a comfortable salary in the nation’s capital.
4. Seattle — $93,634 would be ideal here.
5. San Diego — You could be comfortable with a salary of $101,984.
6. Boston — $106,082 is what you’d need to be financially comfortable in this northern city.
7. New York City — To live comfortably, you’d need $131,365 in Brooklyn, $169,639 in Manhattan, and $116,907 in Queens.
8. Los Angeles — $102,061 would have you sitting pretty in LA.
9. Denver — $82,036 would be an ideal salary here.
10. Austin — Surprisingly, in spite of the high percentage of people earning over $150,000, you’d only need $72,912 to be comfortable in this Texas city.

Read more: USA TODAY – The 10 richest cities in America
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Crosbie Real Estate Group I Recent Deals

RecentDeals_Dec2014

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ICSC PRESS RELEASE : CitySet Wins 2014 ICSC U.S. Design & Development Award

Press release below, featuring our listing at CitySet in Glendale, CO!

FOR RELEASE UPON RECEIPT

ICSC Contact

Jesse Tron: (646) 728-3418

jtron@icsc.org

ICSC

Cityset Wins 2014 ICSC U.S. Design & Development Award

NEW YORK, December 5, 2014 – Throughout its history, the International Council of Shopping Centers (ICSC) has recognized and honored the shopping center industry’s most cutting-edge properties, innovative solutions and creative responses to market trends, as well as outstanding examples of design and development throughout the world through its Global Awards programs. As part of the shopping center industry’s premier awards competition, ICSC is pleased to announce that Cityset, Glendale, Colorado has been chosen as a Silver Design and Development Award winner in its annual U.S. Design and Development Awards. ICSC’s U.S. Design and Development Awards are designed to recognize outstanding projects for excellence in the creation of new retail projects, and in the expansion or redevelopment of existing projects, solely within the continental United States. [Editor’s note: For complete details on this awards and a list of all winners, visit ICSC’s global awards web gallery]. 

Cityset is a seven-acre mixed-use development located in the city of Glendale/Cherry Creek, Colorado, an “island” of sorts as it is surrounded by the city and county of Denver. What started as a hotel remodel, this project became a 250,000-square- foot open-air plaza concept to include an experimental blend of high-profile restaurants, hotels and retail establishments.

Professional regonition was given too Sonely Retail, LLC, Sonely Lodging, LLC & Cherry Creek Lodging, LLC , Owner; Stonebridge Companies, Management/Development Company; Stantec ViBE, Design Architects/Lighting Designer; G3 Architecture, Inc. Production Architects; TCI, Wells Fargo, Finance Company; Milender White Construction Co; Martines Palmeiro Construction, LLC; Waner Construction Co, Inc., General Contractor; and Crosbie Real Estate Group LLC, Leasing Company.

ICSC announced the winners of the 2014 U.S. Design and Development Awards during an awards ceremony at ICSC’s annual CenterBuild Conference in Phoenix, Ariz. The competition was open to shopping center owners, developers, management companies, architects, designers, retailers, or other professionals responsible for any retail project or retail store design that demonstrated unusual development or redevelopment characteristics with a high degree of creativity and uniqueness within the continental U.S.   The competition focused on three general categories: Renovation or Expansion of an Existing Project; New Developments; and Retail Store Design.

In addition, all Gold U.S. Design and Development Award winners are automatically eligible to win ICSC’s VIVA Best-of-the-Best Award.  The ICSC VIVA Best-of-the-Best Awards, which recognize the shopping center industry’s most cutting-edge properties, innovative solutions and creative responses to market trends, throughout the world, will be presented during ICSC’s annual convention, RECon, May 17, 2015 in Las Vegas, Nev.

Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 67,000 members in over 100 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials.  For more information, visit http://www.icsc.org.

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Supermarket News I Zell confirms bid for Albertsons spinoffs

AlbertsonsNoted private equity investor Sam Zell has confirmed his interest in acquiring stores to be spun off in the Albertsons-Safeway deal.

In a televised interview Sunday, Zell said Albertsons and Safeway’s focus on completing the $9 billion, 2,400-store deal has created an attractive price for 140 stores those companies may be required to divest in order to meet regulatory approval of the merger.

Zell, who leads Chicago-based Equity Group Investments, at one time owned Quality Food Centers, the Seattle supermarket chain now belonging to Kroger Co.

“Obviously, like any deal, it starts with the price,” Zell said in the interview with Fox News. “In this particular case, this is a $9 or $10 billion merger of Safeway and Albertsons and this is 140 stores that they were forced to divest. So their focus is on getting the big deal done, which creates an opportunistic environment on taking care of the remnants.”

Zell is said to be working with Stuart Sloan, a former QFC president, reports said.

“We have a lot of confidence in the supermarket business,” Zell told Fox. “We’ve been in it before, very successfully, and we think this is an interesting opportunity, and a good deployment of capital.”

Oaktree Capital Management and Convest Partners are also said to be bidders for the Albertsons-Safeway divestitures, according to reports. Neither Safeway nor Albertsons have commented on possible divestitures. They expect their merger to completed shortly.

Read More: http://supermarketnews.com/retail-financial/zell-confirms-bid-albertsons-spinoffs#ixzz3KlPLtdPl
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Business Insider : Quiznos Has One Last Hope For Its Business

Quiznos’ US business has been in a tailspin.

quiznos_logo1_fullThe sandwich chain has closed 3,000 restaurants in recent years and filed for bankruptcy protection.

Now the company is focusing on opening restaurants in Asia and the Middle East to drive profits, writes Venessa Wong at Bloomberg Businessweek.

The company hopes that growing overseas demand for US restaurants will help its business.

Wong notes that the company will have to contend with already-established competitors like Subway and KFC.

KFC now has more restaurants in China than in the US.

Serious flaws in Quiznos’ business model led to the company’s demise in America, The Wall Street Journal wrote last year.

The chain’s franchise owners have long complained that Quiznos charges too much for ingredients, eating into profits.

The company has also made key mistakes in its production process.

Read more: Business Insider : Quiznos Has One Last Hope For Its Business
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Denver Westword I Fast-Casual Pizza Chains Vie for a Slice of the Denver Market

pizzaRestaurateurs around Denver are really hoping you’ll get on board with their fast-casual pizza concepts; time and money are being spent perfecting dough recipes, building health-conscious angles, and firing up custom ovens to blister crusts in the amount of time it takes you to swipe a debit card. Businesses are welcoming comparisons to other successful fast-casual operations — after all, if consumers have made the lowly burrito the king of the quick lunch, success seems more likely for newer chains if they mimic Chipotle’s service model and goals. Pizzeria Locale, Modmarket and Project Pizza are all competing for a slice of the pie market and are learning as they go.

Boulder-based Modmarket just announced that it has retooled its dough recipe, adding stone-ground wheat to the mix along with sea salt, olive oil, agave sugar and an overnight rise, which, according to the company’s press release, adds more flavor and strength to the finished dough. The new dough is now available at all eight Colorado Modmarket locations. A recent article on Thrillist included Modmarket in a list of small chains that could someday reach Chipotle-like proportions. The company also builds sandwiches and salads, capitalizing on the healthy-food trend in case the fast-casual pizza boom fizzles.

This comes right as the latest Pizzeria Locale opened in the West Highland neighborhood and owners Bobby Stuckey and Lachlan Mackinnon-Patterson (both of Frasca fame) announced that they’ve rolled out a new 100 percent stone-ground wheat dough, some of which is actually ground in-store in a custom-built mill. Pizzeria Locale plans to retrofit its original fast-casual restaurant on Broadway with the same equipment and processes to make the new dough, which will also be the standard for all future locations. Comparisons with Chipotle are accurate when it comes to Pizzeria Locale; Stuckey and Mackinnon-Patterson teamed with the burrito giant to streamline the concept, based on their original Boulder pizzeria, for the fast-casual market.

Read more: Denver Westword I Fast-Casual Pizza Chains Vie for a Slice of the Denver Market
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Forbes I Wal-Mart Really Wants To Be Your Bank, Retailer Launches Mobil Checking Account

Wal Mart newWednesday Wal-Mart and prepaid card provider Green Dot launched GoBank, a mobile-first checking account that aims to serve the nation’s under-banked.

“GoBank is breaking down the barriers to traditional banking and brings the benefits of a FDIC-insured checking account that’s loaded with features to a large segment of Americans,” said Green Dot CEO Steve Streit in a statement. The accounts will have no minimum balance, no overdraft fees will be charged and account holders will gain access to 42,000 free ATMs.

At $8.95 a month (plus $2.95 for a “starter kit” purchased at a Walmart store) GoBank is not the cheapest checking account around, but the monthly fee will be waived for customers who set up a direct deposit of $500 or more. According to Streit an independent Bretton Woods study found that customers pay approximately $218 to $314 annually for a basic checking account. That means even folks paying GoBank’s monthly fee ($107.40 annually) should come out ahead.

Echoing a sentiment shared when the retailer launched its Bluebird prepaid card with American Express in 2012, Daniel Eckert, senior vice president of services for Walmart U.S. added, “Walmart customers want easier ways to manage their everyday finances and increasingly feel they just aren’t getting value from traditional banking because of high fees.”

Read more: Forbes I Wal-Mart Really Wants To Be Your Bank, Retailer Launches Mobil Checking Account
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NY Daily News I Burger King to buy Tim Hortons, move headquarters to Canada

Burger KingBurger King is buying the coffee and doughnut chain for $11 billion with help from Warren Buffett. The new company’s headquarters will be based in Ontario.

Burger King just delivered Uncle Sam a real Whopper.

Burger King Inc. is buying Canadian doughnut outfit Tim Hortons in a move widely seen as a bid to lower its tax bills.

The Miami-based burger chain will plunk down $11 billion — some of it from billionaire Warren Buffett — to buy the iconic Canadian chain, and the new fast food behemoth will be headquartered in Ontario.

The move, confirmed Tuesday, will create the world’s third-largest fast food chain and signals BK’s strong play to capture bleary-eyed breakfast and coffee customers who typically flock to McDonald’s and Starbucks.

But the deal also appeared to be a ploy to lessen Burger King’s tax burden, a so-called tax inversion strategy that has been criticized by President Obama and Congressional leaders.

Setting up shop in the Great White North will allow Burger King to pay Canada’s friendly 26% corporate tax rate, a steep break from the U.S.’ nearly 40% rate, Forbes reported.

In the run-up to the deal, Burger King’s parent company said its flagship restaurant brand, which operates 14,000 locations, and the Tim Horton brand would be run independently, and Burger King’s operations would remain in Miami.

Read more: http://www.nydailynews.com/news/national/burger-king-buy-tim-hortons-move-headquarters-canada-article-1.1917058
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