Retail pro Chase Welles is a man with a mission. The executive vice president of SCG Retail represents some of the biggest tenants—Whole Foods, Kohl’s, LA Fitness—and is always looking for new locations for them. He and David Firestein owned Northwest Atlantic until a couple of years ago when the company merged with the Atlanta-based Shopping Center Group. Today, the duo owns 90 percent of what became SCG Retail, the Shopping Center Group’s New York division. On the week of the International Council of Shopping Centers’ RECon in Las Vegas, Commercial Observer sat down with Mr. Welles in his Columbus Circle office to chat about his Williamsburg Whole Foods deal, Tinder and boating.
About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.
Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors.
Some city landlords are kicking and screaming back after an article published in The Commercial Observer yesterday morning cited sources who allege that a new wave of city landlords are leapfrogging brokers to get at retail tenants directly—but many continue to claim that the landlords do just that.
Wharton Properties’ Jeff Sutton, who sources name among several landlords, sought to set the record straight yesterday, claiming that “95 percent of the deals I do have brokers” and calling the implication that he does otherwise “disgusting.”
“Some deals where I’ve had relationships [with] tenants for many years, who don’t have brokers, I do myself, but how could you put me in that category,” he said. “I’ve never ever gone around anybody.”
Au Bon Pain has signed a long-term lease for roughly 2,600 square feet of retail space at 111 Fulton Street in the Financial District, The Commercial Observer has learned.
Ross Kaplan of Newmark Grubb Knight Frank represented the landlord, while Jacqueline Klinger of The Shopping Center Group represented the tenant.
“There’s a perfect storm going on Downtown,” said Mr. Kaplan, who has represented the landlord over the course of the last year. “The dense commercial and residential population, as well as the tourism in the area, is a great draw for retailers.”
Whole Foods is set to open a new location on the Upper East Side.
The natural and organic supermarket has inked a long-term deal for a 39,000-square-foot space at 1551 Third Avenue. The store will span three stories that consist of a lower level, first and second floor.
“We’ve been looking for the right store Read More