From 2020 to 2022, cap rates have compressed throughout nearly all commercial investment types. Many factors have led to this compression, including rising inflation, a recent flight to hard assets, changes in the political landscape, re-opening of the economy and, of course, less supply coupled with increased demand overall. One investment type that has been especially pronounced is the retail quick service restaurant (QSR) segment.
When Bobby Benjamin was fortunate enough to find Rural King over 15 years ago and help the company acquire several new store locations over the following years, it was hard to envision how dynamic the broker and client relationship would evolve to be today. Rural King is now represented by Goodman Real Estate Services Group LLC on all real estate acquisitions, dispositions, investment sales, and marketing services throughout the US.
Rural King is a farm and home supply store with 130 locations across 13 states. Their store expansion rate has increased since Randy Goodman and Alex Justice began managing the account in 2015. Goodman and Justice have since sealed 39 acquisitions, with many more to come in 2021.
Goodman and Justice work closely with Rural King’s Real Estate Department and several other Rural King and third-party team members to accomplish all acquisition and sale/lease projects. What started out strictly as new-store-location purchases has since expanded to include a portfolio of owned-property sales/leases and investment properties bought or sold by Goodman Real Estate Services Group for Rural King.
According to Justice, “Our company has an all-hands-on-deck approach when working with Rural King. Randy and I are the Rural King-Goodman team leaders and deal makers. We work together to manage and complete our list of tasks while making the most of the team we have behind us both in-house and out of state* to get everything accomplished.”
Goodman Real Estate Services Group’s marketing team has played a pivotal role in promoting Rural King’s brand and properties. The team launched and still manages Rural King’s real estate , which currently includes a portfolio of approximately 50 properties that are available for sale or lease. All marketing materials, including property brochures, portfolio books, site planning, demographic reports, digital and physical maps, etc., are planned and created in-house by the marketing team.
Kyle Hartung, Director of Investment Sales, and Jeff Sabo, Investment Sales Advisor, manage the investment sales portion of the Rural King account. Hartung and Sabo provide pricing analysis and leasing recommendations, nationally market and source buyers for Rural King-owned shopping centers, and examine potential acquisitions. The investment sales team has transacted on behalf of Rural King throughout the Mid-Atlantic, Mid-West, and South.
On March 13, 2021, Rural King opened six new locations in Indiana (Avon and LaPorte), Ohio (Chillicothe and Cambridge), and Pennsylvania (State College and Hanover). Goodman Real Estate Services Group is always looking for more big boxes of at least 75,000 square feet or shopping centers with a vacant big box for Rural King to acquire to continue their strategic growth.
*Goodman Real Estate Services Group LLC partners with Veritas Realty, Interstate Realty Company, Petroplus & Associates, Inc., KP Commercial Real Estate, Pinpoint Retail Company, LLC, and Cojak Land Services, LLC to sell/lease properties in Indiana, Florida, Tennessee, Virginia, West Virginia, Alabama, Pennsylvania, and Illinois.
Berg’s Baby & Teen Furniture celebrates centennial
Berg's Baby & Teen Furniture is located at The Greens of Lyndhurst on Mayfield Road. There are current spaces available at The Greens of Lyndhurst to join this well known and established business. For current opportunities, contact Zachary Sogoloff or Seth Marks.
Starbucks is NOW OPEN in Groveport, Ohio! Located at 3850 S Hamilton Road, Starbucks is in the new Hamilton Road retail development, joining Rally's, and Pizza Hut "coming soon".
2,380 SF endcap with patio is currently remaining. For additional opportunities in the Hamilton Road retail development, contact Daniel Clark or Jessica Sonders.
Retail Development information: https://lnkd.in/dCZU-Mc
#cre #commercialrealestate #goodmanre #starbucks #nowopen #GroveportOhio #GroveportOH #restaurants #restaurantnews #restaurantindustry #hospitality #realestate #development
Congratulations Anytime Fitness on your new location!
For other opportunities is Parkway Plaza, contact Randy Goodman at Goodman Real Estate Services Group LLC.
#cre #commercialrealestate #goodmanre #anytimefitness #CambridgeOhio #retailnews #retail #retailrealestate #nowopen
During this holiday season and as we approach the end of the new year, we want to thank all of you, our clients, colleagues, friends, and customers. You have helped make Goodman Real Estate Services Group successful by working with us this year and, for many of you, throughout the past 22 years. It is gratifying that you have continued to place your trust in our team, and we truly appreciate the opportunity to work with each and every one of you. Thank you!
We say this every year, but it's more applicable this year given the pandemic that we are all struggling to survive. In the rush and excitement surrounding the holidays, we need to pause to remember those individuals, especially the children, who are less fortunate and rely on charitable organizations to provide them with essentials, such as food, educational supplies and resources, clothing, and shelter. In consideration of these individuals and promotional organizations, in lieu of material gifts this holiday season, Goodman Real Estate Services Group has chosen to make monetary donations to over 40 organizations.
On behalf of our team at Goodman Real Estate Services Group, we wish you and your loved ones a joyful holiday season and a healthy and prosperous 2021.
The Goodman Real Estate Services Group Team
December 10, 2020 ---- What once was a vacant discount bookstore on the corner of Heisley Road and Mentor Avenue, is now a beautiful, newly redeveloped, multi-tenant pad building with large modern facades and a new street-side monument sign. Heisley Pointe is now home to Starbucks, Beyond Juicery + Eatery, Penn Station East Coast Subs, and many other retailers.
Rick Ferris, owner of Heisley Pointe shopping center, reached out to Zack Sogoloff, Senior Vice President, and Seth Marks, Senior Associate at Goodman Real Estate Services Group, to discuss ideas and potential values for his center. Zack and Seth’s first move was to replace the defaulting Ruku’s restaurant with a concept that would bring different customers to the center. The duo found a modern, healthy, meal-prep restaurant, Clean Eatz, to lease the 2,400 SF space. Clean Eatz offers meal plans, catering, and dine-in options and acts as the hub for a healthy lifestyle in the community.
Heisley Pointe is comprised of two buildings, a large 24,000 SF multi-tenant building with various local businesses that faces Heisley Road, and an 8,000 SF pad building. The intersection is shared with Walmart, Walgreens, and Speedway. Retail anchors, Meijer, Lowes, Target, and Kohl’s, are all within a one-mile radius.
Zack and Seth then prepared the owner to invest in a massive redevelopment of the 8,000 SF bookstore pad building. The redevelopment resulted in an 8,000 SF multi-tenant space facing Mentor Avenue.
After Clean Eatz joined Heisley Pointe, the property became of high-interest to national restaurants. Starbucks and Penn Station signed leases to occupy two of the four spaces in the redeveloped building. The existing My Kids Childcare expanded its space to 4,800 SF, and American Shaman and Sequoia Realty joined the main building at the center.
Zack and Seth's plan to convert the former bookstore pad into a modern, multi-tenant building enabled the landlord to raise the potential value of the pad building from under $800,000 to over $3,750,000. In addition to creating this value, Zack and Seth stabilized the main center, added new tenants, and helped the owner position its asset for sale.
There is only one 2,100 SF space remaining in the newly redeveloped pad building. Please contact Zack Sogoloff or Seth Marks for additional information on this property.
Five Guys is NOW OPEN at the University of Akron! Located at University Edge, a retail and housing development across from The University of Akron, Five Guys joins other quick service restaurants, including Chipotle, Arby's, Penn Station, and more. Zachary Sogoloff, Senior Vice President, and Seth Marks, Senior Associate, with Goodman Real Estate Services Group, represented the landlord in this transaction. Richard Edelman, Senior Vice President/Principal of Goodman Real Estate Services Group LLC, represented Five Guys in this transaction.
First Watch, The Daytime Cafe, is making waves in the industry in the eyes of not only their customers but also the community, as well. Their new location and commitment to end child hunger is giving us plenty to be thankful for this season.
The Florida-based company is known as the Daytime Café because of its limited hours and commitment to serving the highest quality breakfast, brunch and lunch from 7 a.m. to 2:30 p.m. The concept first opened in 1983 by John Sullivan and Ken Pendery, who currently holds the chairman position within the company.
A new location just opened in Belden Village, the restaurant company’s 10th in the Cleveland-Akron area, on September 30th. This new location is First Watch’s first stand-alone restaurant locally, residing in a space once occupied by The Rustic Barrel. The cafes have historically been situated within strip centers. The new First Watch will employ 30 to 40 people with seating for 200.
Discount retailer, Zayre Corp, was responsible for the opening of the first two T.J.Maxx stores in the U.S. in 1977, which were both located in Massachusetts. T.J.Maxx was considered an off-price store, which was different from a traditional discount store because a retailer buys merchandise from manufacturers that have excess inventory and negotiates prices below wholesale. By the late 1980s, Zayre Corp was reconstructed and formed three brands – T.J.Maxx, Hit or Miss, and Chadwick’s of Boston. These stores were the initial brands that would eventually become The TJX Companies. Today, the retail giant encompasses T.J.Maxx, Marshalls, HomeGoods, HomeSense, Sierra, Winners, and T.K.Maxx.
Experiment retail is somewhat of a new term that gives reason to why customers should visit a brick and mortar.
The fate of brick and mortar has been a hot topic for years but one thing is for certain: There is opportunity for stores to create experiences where customers want to come in – opportunities that online shopping cannot provide.
The prominent orange that covers the massive store fronts of The Home Depot stores across the world began as the idea of two DIYers who wanted to help people create the homes of their dreams.
Bernie Marcus and Arthur Blank talked up the idea of creating a space where shoppers could come in, find supplies and tools they needed, and receive knowledge from trained associates eager to help. They imagined a store where not only could you find everything you needed for your next project in one place, but also somewhere customers could learn how to do the project from a knowledgeable staff.
That vision became a reality in 1979, when the first two Home Depot stores were built in Atlanta, Georgia. The company then went public in 1981.
To honor Earth Day this year, we’re taking a look at how the day came to be and how certain restaurants and food-related retailers are making strides to adapt and become more eco-friendly.
Earth Day is celebrated on April 22 of each year and began as the modern environment movement in 1970. During a time in America when leaded gas, industrial building smoke stacks, and air pollution were not highly contested, the first Earth Day was introduced by Gaylord Nelson, then a U.S. Senator from Wisconsin, who witnessed the devastating effects of the 1969 oil spill in Santa Barbara, California. His goal was to enforce environmental protection into the national political agenda. By the end of 1970, that first Earth Day led to the creation of the United States Environmental Protection Agency and the passage of the Clean Air, Clean Water, and Endangered Species Acts. By 1990, Earth Day went global and encouraged those around the world to participate in a day that put environmental consciousness on the forefront. While much has been done to protect the Earth since 1970, issues such as global warming and plastic pollution in our oceans have forced changes in the consumer experience.
It's not surprising that big box retailers have felt the effects of this digital age, which has forced many, including Toys”R”Us, Sears, Macy’s and more to close stores. So, what happens to that space and how are investors and real estate professionals attempting to make use of it?
Most often, people seek to reuse the space. This option is the most environmentally friendly but with carbon footprint aside, this option also helps retailers looking for smaller space. By dividing these large big boxes, real estate developers can accommodate multiple tenants. The age of massive retail space may be over, since consumers are gravitating towards online purchasing but retailers are adjusting to this and downsizing, now offering less inventory in-store and giving consumers the option to order the products they see, online. Showrooms are something retailers are experimenting with as well. This allows customers to get that physical touch a brick and mortar provides and then allowing them to make a purchase online and have the product delivered.
Chick-fil-A in Mayfield Heights, Ohio is now open and they made sure the community was involved with its debut.
The popular restaurant chain typically gives away free food for a year when opening a new location but with this opening in Mayfield Heights, there was a twist. The first 100 people to arrive at the restaurant before 9am the day before the grand opening, slated for Thursday, January 10th, were invited to board a charter bus that would take them around the community and volunteer before getting back to the restaurant in the afternoon to claim their prize of a weekly Chick-fil-A sandwich meal for a year. This “First 100 Road trip” encourages participants to get involved with their community and allows Chick-fil-A to get acquainted with some of their new neighbors. Operator Billie Federer told WKYC that they “would rather do something and make sure they’re being a positive influence in the community”. The group was able to donate canned goods and books to local charities.
Chick-fil-A is the newest tenant at Golden Gate Shopping Center, located on Mayfield Road in Mayfield Heights, OH. They join other tenants including Fresh Thyme Farmer’s Market, PetSmart, Marshall’s, Joann and Cost Plus World Market. The 371,748-square-foot shopping center recently went under a $5 billion improvement plan that was completed in 2018.