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— Retail Properties Quarterly — May 2015
CONTENTS
Letter from the Editor
Steady retail investment in a seller’s market Garrette Matlock & Ryan Bowlby Retail in the north moves at a brisk pace Debbie Tamlin First-quarter 2015 numbers up across the board Jay Carlson Shopping center cap rates vary according to type Reagan Hardwick Property owner and developer sales tax traps Bruce Nelson Colorado’s next-generation restaurant design Leila Schwyhart Retail spaces provide challenges for restaurants David P. Goode Fast-casual franchises spark the retail real estate market Ryan Gager The future of retail: FasTracks and urban consumers Ken Himel Unleashing the potential of aging retail centers Timothy T. Nelson Is the traditional shopping mall dead? Angelo Carusi & Gar Muse Creative retail space for a custom homebuilder Ryan Gager 4 6 8 10 12 14 16 18 22 24 26 27T
he annual International Coun-
cil of Shopping Centers Recon
event in LasVegas has arrived.
The global convention for
the shopping center industry
attracts thousands of retail real estate
professionals and exhibitors.The Colo-
rado Real Estate Journal is proud to
join the many local retailers, brokers,
owners, developers, architects and real
estate service pro-
viders at this event,
and demonstrate
just howmuch the
Colorado retail mar-
ket is thriving.
Foreign and
domestic markets
are looking to Colo-
rado for expansion.
The ICSC confer-
ences are great for meeting with pro-
spective retailers and getting them
interested in opening stores locally,
said Brian Phetteplace, senior manager
of economic development with the
Downtown Denver Partnership.
Retail investment remains strong in
Colorado and especially in the Denver
metro area. Garrette Matlock and Ryan
Bowlby explain these strong funda-
mentals in their retail outlook on Page
4. However, Denver is not the only area
along the Front Range that is seeing
retail growth.The Northern Colorado
and Colorado Springs markets reported
robust first quarters this year as well.
Restaurants continue to be a major
driver of retail properties. Franchise
opportunities at fast-casual restaurants
are giving owners several different
options for shopping centers, and the
eateries are competing for prime loca-
tions in the centers.
Traditional restaurants are evolving
and catering to current and future gen-
erations as comfort, atmosphere, décor
and furnishings play a major role in the
dining experience. As restaurants com-
pete for space, retail locations become
targets but offer many challenges. Find
out how restaurants are adapting in
the restaurant update section.
The expansion of FasTracks from
Union Station to Denver International
Airport also will have an effect on
the retail industry at rail stations.The
shopping trends section explains what
this means for the future of retail in
these areas.
Thank you to everyone who contrib-
uted articles, met for interviews and
helped create a publication packed
with information on the present state
of Colorado’s retail real estate market.
Without the help of these industry
experts, this special section would not
be possible.
As you read this publication, please
contact me with thoughts about arti-
cles and ideas for upcoming issues of
Retail Properties Quarterly.
Thanks for reading,
Ryan Gager
rgager@crej.com Colorado’s retail is strong leading up to ICSC Recon