August 2016 — Retail Properties Quarterly —
Page 13
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CLIENT FOCUSED.
PROJECT DRIVEN.
ST. LOUIS • KANSAS CITY • DENVER
University Park - Denver, CO
I
began leasing commercial
retail space in Denver nearly
three years ago and soon
realized that several poten-
tial clients were excluded in
the current commercial real estate
equation. While international and
coastal retailers are vying to have
a go in the Denver market, many
smaller retailers without sophis-
ticated financing and connections
are unable to compete for space.
But small businesses are no lon-
ger a small part of the economi-
cal equation. According to the U.S.
Small Business Administration, the
small-business sector in America
now occupies 30 to 50 percent of all
commercial space, an estimated 20
billion to 34 billion square feet.
Thankfully in Denver there are
resources available to help smaller
businesses get support. The Nation-
al Community Development Fund
is an impact investment fund that
empowers mission-driven, minor-
ity-owned and designated small
businesses. The organization not
only funds small to medium busi-
nesses so that they may grow, but
also it strategically advises them so
that they may be profitable and tar-
get the appropriate customer base
from its new “Gates Center” accel-
erator offices.
In addition to the support pro-
vided by the NCDF, assistance with
real estate is another significant
need for the minority business
owner community. After several
years of immersing myself in the
technicalities of commercial real
estate, I realized my Spanish lan-
guage skills and connection with
Denver’s growing
immigrant com-
munity uniquely
positioned me to
help minority- and
women-owned
business owners
who had previ-
ously been under-
served.
The follow-
ing takeaways
are applicable to
members of the
small-business
community.
n
Foresee potential challenges.
Platinum Elegance Bridal is a busi-
ness owned by two savvy African
American businesswomen, recently
recognized as top bridal planners
in Denver. After meeting them, I
quickly became impassioned with
their goal to open a retail showcase
space. In spite of having a num-
ber of years of successful business
behind them, the owners lacked the
sophisticated financial backing that
would allow them to get the space
they desired in such tight market
conditions.
I realized that the NCDF could
help them obtain formal financing.
By coordinating with the NCDF in
advance, Platinum Elegance Bridal
is in the process of securing a loan
as well as using proceeds to pur-
chase a cash-flowing complimen-
tary bridal business. Once closed on
the initial location, I will work with
the owners to find additional retail
locations for growing the brand. The
ability to foresee and tackle clients’
broad-based issues is key in helping
them move into retail space they
deserve.
n
Make the right connections.
SHINE with Salon Noëlle is another
client that was assisted by NCDF.
Its lease in Cherry Creek North was
coming to an end, which coincided
with the owner’s expansionary
plans. This small hair salon was in
the process of transforming into a
one-stop-shop for fashion-forward
urban women. The salon, which
offers boutique clothing for women
of all sizes, an aesthetician and
make-up and hair stylists, needed
an accommodating space for its
services.
While I wanted to assist the
owner with her real estate needs,
I knew that many landlords would
overlook her for financial reasons.
After introducing her to the NCDF,
she managed to secure a small-
business loan backed by the U.S.
Small Business Administration,
when other banks already had
turned her down.
The salon is moving into a new
space on Old South Pearl Street.
By making the right connections
and using contacts of a minority-
owned contractor, we were able
to triple the size of her space and
relocate her business to the heart of
her desired customer base next to
the light rail on a transit-oriented
development that will bring signifi-
cant foot traffic.
n
Evaluate and apply industry
trends.
Instead of being zeroed in
on the way a small business has
always done things, it’s important
to take stock of the overarching
industry trends and whether these
trends should influence your real
estate strategy.
For example, I am helping the
owner of El Señor Sol, a family
owned Mexican restaurant, relocate
its Denver Tech Center location to
another site in south Denver. How-
ever, before narrowing in on sites,
we first evaluated the space needs
based on the changing nature of
the dining industry. Instead of a
large-format restaurant that caters
to diners looking to maximize their
time in the restaurant, we have
downsized our focus as customers
want a more fast-casual experience.
In another example, following
the trend of more medical centers
embracing retail locations, I am
working with Gleam Laser Hair
Removal and Med Spa to move its
office from a hidden-away medical
office building to a retail location
with a sufficient level of customer
interface.
One of the wonderful things about
helping Denver’s small-business
community is that when they
succeed, we all benefit. It serves
both the individual and the com-
munity to have a diverse array of
local retailers. It also is important
that the growing minority popula-
tion is adequately represented in
commerce. Often with inadequate
financial experience, small-business
owners may have trouble breaking
into the market or competing for
space and customers with more
scalable, well-backed or bankable
businesses.
s
Joella Rodarte
Associate, CBRE
Retail Services,
Denver
Broker Insights
