In recent years, Walgreens has steadily pared down growth of their 14,000+/- SF stores in favor of the new 2,500 SF prototype. Many of these stores are relocations of older models with a long history of store sales, giving Walgreens the ability to shift those sales to a store format that is more conducive to current retail shopping patterns and sign new, long-term leases. A combination of store size, building layout, and favorable lease terms makes these relocation stores ideal for real estate investors. With a 2,500 SF building featuring drive-thru access and full vehicular circulation, these buildings are not only a fit for Walgreens but also for the plethora of quick service restaurants (QSR) that are rapidly expanding in the same markets. Investors acquiring these buildings can enjoy a 10-year, NNN, Walgreens-backed lease while having a prototype desirable to many other sought-after QSRs and small-format retailers, many times at a higher rental rate if the buildings were to become available after the initial 10-year lease term. This combination of a long-term, hands-off corporate lease along with a layout that is highly desirable to future users gives retail investors the best of both worlds — guaranteed long-term cash flow with upside in the future. 

For more information, please reach out to Kyle Hartung, Vice President and Director of Investment Sales at Goodman Real Estate Services Group, LLC.

Creativity flourished in 2022 as big retailers found new ways to grow with smaller formats and reduce existing square feet by subleasing space to other companies that benefit their businesses. The trend is likely to carry over to 2023 and beyond. According to commercial real estate and property investment firm Jones Lang LaSalle (JLL), in its “U.S. Retail Outlook Q4 2022” report, retailers will continue to explore new store formats, including mini-department stores, “shop-in-shop” formats, and even smaller digital concepts.

In Q4 2022, the average size of new leases dropped to 3,185 square feet (JLL). Macy's department store is one example of a retailer that is moving small to grow bigger. Macy's currently has eight small-format Market by Macy's stores and two Bloomie's stores. Compared to their larger-format mall stores, these shops have seen success across the board in customer approval with two and a half times higher foot traffic and significantly higher conversion rates. Macy's is likely to continue this strategy by exiting mall spaces to open new stores in open-air shopping centers where competitors such as Kohl’s, TJX companies, Nordstrom Rack, and others have found success. According to Macy's CEO Jeff Genette, the retailer plans to open four new Market by Macy's locations and one new Bloomie's store in 2023 (Retail Dive).

Similarly, Kohl's announced plans in May 2022 to open around 100 smaller footprint stores, reducing their size from 80,000 square feet to around 35,000 to 55,000 square feet, depending on the market, over the next four years. Additionally, about 850 of their locations will offer a Sephora shop in 2023 (Chain Store Age). Many retailers have expanded their footprint with the "shop-in-shop" strategy, by placing a smaller version of their store inside stores of other larger retailers. For instance, Ulta Beauty's partnership with Target in 2021 resulted in increased traffic, awareness, and loyalty for both brands. In 2023, Target plans to open about 20 new stores varying in size, and their goal to fuel growth and create a differentiated guest experience will be aided by opening more Ulta Beauty mini-shops, as well as mini-Apple stores that started in 2021, at Target shop-in-shop experiences (Target). The “shop-in-shop” partnership allows the featured retailer to pay much less than it would cost to rent and operate a full store location while getting immediate access to the foot traffic and consumer base of the larger retailer. On the other hand, the larger retailer mitigates operational costs by subleasing a portion of their space while broadening their own consumer base. Other retailers participating in this trend include Petco in Lowe's and Toys R Us in Macy's.

Further, consumer behavior has shifted since the pandemic, and stores have accelerated their adjustment to the demand for online shopping ease with instore pickup options, self-checkout options, and the overall desire for a frictionless experience. One retailer that is breaking the mold to follow these changes is Best Buy, who in July 2020 introduced a small-format digital QR code store that only carries the best-in-category products and uses QR codes to order other products online from inside the store. The QR codes are also used to scan the products that are available in-store as customers are browsing, and the scanned products are then placed at a pick-up counter for the customer to take on their way out for a more efficient shopping experience. The store also offers 24-hour outdoor pickup lockers for products that are not stocked in the store but are ordered from Best Buy online (Best Buy) The store is only 5,000 square feet in comparison to Best Buy's typical store size of anywhere from 35,000 to 60,000 square feet. 

Internet sales have pushed retailers to adjust their store sizes and formats to remain viable in their current markets. However, to continue to grow their business, many companies are reducing their size and overall cost structure so they can expand into smaller markets. For example, Ulta Beauty, Michael’s, Kohl’s, and Ross Stores have smaller format store models depending on the market they are entering, whereas in the past these retailers would typically open the same size in every market. These smaller-format stores are filling vacancies and creating new developments in small cities throughout the U.S., while also providing much needed new store and revenue growth for their companies.

While there are many retailers that have embraced smaller footprints, some retailers have not reduced their size at all and have actually increased their size in several markets. Target is one example of a company that is experimenting with both smaller and larger store formats. In 2022, Target opened its first larger-format store at 150,000 square feet, which is about 20% larger than the current chain average (ChainStore Age). The new store is able to accommodate online orders and same-day services through a backroom fulfilment area that is five times bigger than other stores. Further, the Target Drive Up service allows customers to place their order online and pick it up or drop off a return, all from the comfort of their car. Target expects nearly all store locations will offer Drive Up Returns by the end of the 2023 summer season (Target).

As more retailers explore options to lease smaller spaces, sublease to other retailers for a “shop-in-shop" experience, experiment with more digital-friendly formats, and push the boundaries of where they will locate, it will be interesting to see which direction retailers go in the future to grow their businesses.

Cousins Randy Goodman, President and Managing Principal, and Richard Edelman, Senior Vice President and Principal, started Goodman Real Estate Services Group LLC 25 years ago this April with only a few eager employees and some passion for success. Through diligence and a team that strives to reach company and client goals, Goodman Real Estate has become a frontrunner in the commercial real estate industry in Ohio and surrounding states.

In 1998, Randy and Richard left The Hausman Companies, where they had been working together, with an ambition to build a commercial real estate brokerage company in their own vision. They saw the demand for dedicated real estate professionals and sought out a team with the same mentality. Beginning with just around 20 properties, a team of two that quickly became three with the addition of Zack Sogoloff, a newly licensed recent college graduate, and one support person, the cousins worked incredibly hard to develop their business.

Goodman Real Estate Services Group LLC has continued this mentality over the years and now has 24 employees, many of whom have been part of Goodman Real Estate since the early years. Adhering to fundamentals based on Creativity, Market Knowledge, Relationships, Loyalty, and a Corporate Services approach, Goodman Real Estate now represents over 100 tenants and buyers, markets over 11.5 million square feet of property for landlords and sellers, offers national investment brokerage and advisory services, and has a long list of clients that have stayed with them throughout the years. 

Richard Edelman

Senior Vice President/Principal and Co-Founder

Richard Edelman has been in the commercial real estate business for over 30 years and is a founder of Goodman Real Estate Services Group LLC. He specializes in restaurant and tenant representation, retail site selection and analysis, retail leasing and sales, site acquisition, expansion, and reposition planning.

Richard's extensive experience in the industry, along with his commitment to hard work and diligence to succeed, has given him a vast understanding of all aspects of the retail real estate process. He represents national and regional retailers, including Chipotle, Chick-fil-A, Five Guys, Bloomin' Brands, BJ's Wholesale Club, Barnes & Noble, Choolaah Indian BBQ, Mission BBQ, Northstar Café, Brassica Sandwiches & Salads, and more.

Q: Richard, which accomplishments in your career are you most proud of?

A: Representing Chipotle and Chick-fil-A for 25+ years each. 

Q: What do you think are the most important skills that a successful professional needs to have?

A: Hard work, creativity, honesty, and understanding the client's business and how it does or doesn't mesh with a landlord or seller’s needs.

Q: What has been one of the most important lessons you’ve learned throughout your career?

A: Don’t get too high or too low, figure out how to solve the problem in front of you.

Q: What do you love most about your job?

A: Coming to work "unemployed" every day to challenge myself to find deals for each client and make them work for all involved. Plus, the lifelong friends I’ve made with the people I have worked with!

In the beginning, there were hair salons for women and barber shops for men. The traditional idea of a one-stop beauty or barber shop has shifted over the years but has recently been deconstructed into many other businesses.

For a service that is considered essential for many, the beauty industry has been steadily changing over the years. One transition within the industry has been the use of "salon suites," such as Salon Lofts, My Salon Suites, and Sola Salon Studios. In this environment, stylists have their own space or "suite" to conduct their services, where they are free to set their own hours and run their own business. Stylists rent their own individual space, clients stay separated, and the interaction occurs in a private setting. While this trend has been on the rise for about a decade, as many beauty professionals decided they would rather rent a suite than be staffed at a hair salon, the shift to suites accelerated following the 2020 pandemic, as customers preferred less human contact. In the same stroke, many salon owners have stopped requiring stylists to be on staff and actually prefer to rent out salon chairs due to the uncertainty of staffing longevity in a post-pandemic world.

Further, the hair salon has splintered off into several separate businesses, creating a sort of deconstructed hair salon. While nail salons split off from hair salons decades ago, other components of the beauty salon such as waxing, threading, and laser hair removal have opened as separate businesses in recent years as well. For example, European Wax, Milan Laser, skin care concepts such as Allure MedSpa, hair blow out concepts such as Drybar (which focuses solely on washing, blow drying, and hair styling), and other typical spa services such as massage and tanning all represent concepts that used to be exclusively offered in a traditional beauty salon or spa, but are now entirely separate businesses. The success of these individual concepts has hurt traditional salons, as many clients opt for a specialized professional they can visit in a separate trip verses going to the same business for all salon and spa services.

The shift from traditional salon services has also put pressure on discount hair salons, such as Great Clips and Supercuts. These locations have typically attracted men and children rather than women. Now, salon concepts designed specifically for children have entered the scene, such as Cuts N Curls for Boys & Girls, Rock Paper Scissors Kids Hair Salon, and Sharkey’s Cuts for Kids. Many men have also made the transition from discount hair salons to more of a classic men’s salon, like a traditional barber shop with a modern spin. These concepts, such as Sport Clips, Hammer & Nails, and Lady Jane’s Haircuts for Men, cater to the beauty grooming needs of men and provide more of an experience. These concepts also resemble a reconstructed version of the classic barbershop that discount hair salons pushed away in the first place, but now with more services. 

While the demand for more beauty services has played a role in the creation of these individual businesses, the deconstruction of the traditional salon has also been accelerated by the rise in independent suite businesses. This idea of individuals leasing a small space on their own, coupled with the many individual businesses that have spawned from many services commonly found in the classic hair salon and spa “all-services-in-one-location” approach, has certainly reduced sales in traditional hair salon establishments. The newer, personalized concepts may not replace the typical hair salon completely, but they have surely limited their growth going forward.

“The Middle of Everything” slogan perfectly describes the City of Middleburg Heights. With its proximity to Cuyahoga County’s most densely populated communities, Cleveland Hopkins International Airport, active Metroparks and Emerald Necklace greenway path, downtown Cleveland, the Cuyahoga County Fairgrounds, excellent hospital systems, and high-traffic interstate and highway systems, Middleburg Heights is an excellent base for all that Northeast Ohio has to offer.

Retailers are drawn to the City because it is situated along the busy I-71 corridor, just a few exits south of I-480, and is easily accessible from Berea, Strongsville, North Olmsted, Parma, and Brook Park. It boasts a strong daytime population with numerous businesses, 16,000 affluent residents, and Baldwin Wallace University Campus. Middleburg Heights has nurtured its strong economic base and market-friendly community, making it an exceptional environment for businesses, resulting in strong commercial growth. Over the past 25 years, Goodman Real Estate Services Group LLC has successfully completed seven new developments in the area and currently has six active listings in the City. 

18055 Bagley Road (2006) - Richard Edelman, Senior Vice President/Principal, at Goodman Real Estate Service Group LLC, represented a developer acquiring the property to construct a new two-tenant retail building for Chipotle and the first Caribou Coffee drive-thru in northeast Ohio. In 2013 Caribou rebranded all the Cleveland area stores to Peet’s Coffee, however subsequently closed the remaining locations at the end of 2014.  In 2015, Steve Altemare, Senior Vice President with Goodman Real Estate Services Group LLC, represented Starbucks' leasing of the drive-thru endcap and the building is currently 100% occupied.

Bagley Road Development (2018) - Dan Clark, Vice President and Manager, Columbus Office, at Goodman Real Estate Services Group LLC, represented a developer in acquiring a three-acre site to develop a Marriot Residence Inn and a 10,000 SF multi-tenant shopping center. Tenants include: The Great Greek Mediterranean Grill, Pulp Smoothie, Antonio’s Pizza, The Joint Chiropractic, Firehouse Subs, and Mooyah Burgers, Fries, & Shakes. The development is currently 100% occupied.

The Shops at Bagley (2020) - Robert Yaskanich, Senior Director, at Goodman Real Estate Services Group LLC, represented The Niki Group on the redevelopment of the former Damon’s Grill into a new 7,600 SF multi-tenant retail shopping center. Tenants include: IHOP, Jersey Mikes, and Tropical Smoothie.

Pearl Plaza (Opening 2023) - Zachary Sogoloff, Senior Vice President, at Goodman Real Estate Services Group LLC, represented a developer in acquiring a 100,000 SF older retail center at 6850 Pearl Road to build a 35,000 SF new multi-building retail development, now under construction. Tenants will include Chipotle, AT&T, Citizens Bank, and SVS Vision.

Pearl Crossings (Opening 2023) - Robert Yaskanich, Senior Director at Goodman Real Estate Services Group LLC, represented WXZ Development in the acquisition of a 3.85-acre site for retail redevelopment. Wet-Go, Starbucks, and McAlister’s Deli are all slated to open in this project in late 2023.

18000 Bagley Road (2023) - Steve Altemare, Senior Vice President at Goodman Real Estate Services Group LLC, represents a developer that acquired a former Burger King and a vacant parcel of land on Bagley Road in front of a closed Kmart. This development project consists of two pad sites. The former Burger King pad will be redeveloped as a two-tenant building with a planned opening later this year. The remaining 0.79 AC parcel is available for ground lease. The Cleveland Clinic and Premier Development Partners announced in September 2022 that the Cleveland Clinic Middleburg Heights Family Health Center will be built in the former Kmart location. 

Interchange Retail Site (2023) - The most recent development opportunities on Bagley Road include the 1.25-acre high-traffic interstate site and a 1.5-to-3.0 AC interchange gas station site, both handled by Zachary Sogoloff.

Goodman Real Estate Services Group has been thrilled to work in this area and looks forward to continuing to foster growth and support economic development in the City. For more information on available opportunities in Middleburg Heights, please visit our property page. 

Tristan Palmieri

Sales Associate

Tristan Palmieri joined the Cleveland office of Goodman Real Estate Services Group LLC in November 2022. He grew up in Shaker Heights, Ohio, and other eastern suburbs, attending and graduating from University School. In 2018, Tristan graduated from The University of Denver with a Bachelor of Science degree in Economics and a Property Development minor. Following graduation, Tristan stayed in Colorado accepting a job offer from ClearChoice Dental Implant Centers as Construction Project Manager, where he worked on new center build outs in California, Colorado, Florida, Indiana, Massachusetts, Missouri, and Ohio.  

Upon his return to Cleveland in 2020, Tristan joined his family’s business, Palmieri Builders, as a Residential Construction and Property Development Manager. At that time, he also obtained his Ohio real estate license. Tristan's education, combined with real life experience in retail construction management and residential land development, will help him thrive quickly in his new career. Today, Tristan is working alongside Zack Sogoloff, Senior Vice President; and Seth Marks, Senior Director, at Goodman Real Estate Services Group LLC, on landlord and tenant representation. Outside of the office, Tristan is passionate about scuba diving, skiing, the Cleveland Cavaliers, and spending time with family. 

Opening in 2024, The Shops at Emerald Acres Sports Connection is the retail, restaurant, and hotel component of the 150-acre Emerald Acres Sports Connection development. The $60 million indoor and outdoor sports complex is projected to draw 580,000 visitors, generate $23.8 million in direct spending, and 59,000 hotel room nights sold on an annual basis. This is a next generation best-in-class youth and amateur sports experience for families and athletes of all ages. It will have a high-quality, program-driven design, including indoor basketball/volleyball courts, outdoor baseball/softball and multi-purpose turf fields, family entertainment, medical sector partnerships, food and beverage, and special events such as concerts, rodeos, and other sports and entertainment experiences. This exciting development is in the Central Illinois-Mattoon-Charleston Trade Area; and its proximity to Chicago, Indianapolis, and St. Louis and numerous micropolitan statistical areas will draw customers from up to 200 miles. Youth sports is a $45 billion industry and continues to be a reliable, recession-resistant driver of traffic and is forecasted to grow by 10-15% per year over the next five to seven years (Wintergreen Research). This project will be developed and managed by the Sports Facilities Companies Network (SFM Network). SFM Network is the youth and amateur sports industry leader in design, development, and facilities management. They manage the largest single network of sports tourism venues in the country. The Emerald Acres site will offer walkable access to retail, restaurant, and hotel amenities for players, families, and coaches. Ninety percent of the money in youth travel sports is spent outside of the walls of the venue, and customer analytics confirms that the youth sports tourism audience represents some of the wealthiest lifestyle segments in America today with strong buying power.

The Shops at Emerald Acres Sports Connection is a 127,956 square foot shopping center, which is 68% leased. There remains opportunity with 51,070 square feet still available.

PHASE II: Outlots - Seeking Hotels and Restaurants

Negotiations are underway on the outlots shown below north of The Shops at Emerald Acres Sports Connection with restaurants as well as tenants for a multi-tenant, small-shop building. Outlots remain available east of the shopping center and adjacent to The Emerald Acres Sports Connection indoor arena for additional restaurants and hotels.

Emerald Acres Sports Connection

 Indoor Fieldhouse: 8 basketball courts/16 volleyball courts, 66,560 SF

Outdoor Fields: 8 baseball/softball fields and 8 soccer/multi-purpose sports fields, 85.8 AC (including parking)

Joe Belinske joined the Columbus office of Goodman Real Estate Services Group LLC in June 2022. Joe graduated from The Ohio State University in 2022 with a Bachelor of Science in Business Administration and Finance Specialization. While in school, Joe worked at Belinske Development Company assisting with property management and leasing.

Since joining Goodman Real Estate Services Group, as Joe begins his career in commercial real estate, he has been working alongside Dan Clark, Vice President and Manager.

Samantha Goad is a Marketing Specialist at Goodman Real Estate Services Group LLC. Samantha originally began as a Marketing Intern at Goodman in June 2020, and she joined the team full time in July 2022 after graduating from John Carroll University with a Bachelor of Arts and Sciences degree in Communication, minors in Entrepreneurship and Italian, and an emphasis in Digital Media.

She primarily manages Goodman website content, crafting original content for blogs, email newsletters, and press releases. Samantha also works on designing brand-consistent marketing collateral, including brochures, literature, maps, and presentations, that support trade shows and the company’s overall marketing efforts. Using her target audience marketing and multimedia platform experience, Samantha works to promote the goals of the sales agents.

Anchored by Giant Eagle, Dick’s Sporting Goods, Burlington, Marc’s, T.J.Maxx, Ross Dress for Less, Ollie’s Bargain Outlet, Ashley HomeStore, and BJ’s Wholesale Club, the bookstore chain has officially opened for business at The Plaza at Chapel Hill in Cuyahoga Falls. This center is located within one of the most densely populated suburban trade areas in northeast Ohio, with over 200,000 people residing within 5 miles. 

Books-A-Million occupies a 10,697 SF space between Game Stop and Ross Dress for Less. Zack Sogoloff, Senior Vice President; and Seth Marks, Senior Director at Goodman Real Estate, represented the landlord in this transaction. There are several opportunities still available at The Plaza at Chapel Hill. Please contact Zack Sogoloff or Seth Marks for more information.

Cap rates across nearly all property segments compressed significantly since late 2020. Pent-up demand, lack of supply, eagerness to return to business, and the close of a contentious presidential election all led to the frenzy in buying over the past nearly 24 months. Now that the Federal Reserve has decided to tackle inflation by aggressively increasing the Federal Funds Rate and as interest rates for commercial mortgages have risen between 175-250+ basis points in a matter of months, shouldn’t those compressed cap rates follow? Not necessarily. Cap rates for STNL retail have shown strength during the past few months as interest rates have rapidly increased. The reason? Strong demand for the product type amongst a constantly growing number of individual investors, private equity funds, and others have kept the market in balance. Many STNL transactions are being closed with all-cash or lowly leveraged positions, neither of which are greatly affected by fluctuations in interest rates. That being said, we have begun to see highly leveraged investors require lower pricing to offset higher interest rates. As this continues and more deals need to be re-priced to accommodate these high leverage positions, we would expect cap rates to eventually creep upwards to accommodate the needs of the market.

If you have questions about buying or selling on a national basis, you can reach out to Kyle Hartung, Vice President and Director of Investment Sales at Goodman Real Estate Services Group, LLC.

Each quarter, the CoStar Power Broker Deals Award recognizes the top commercial real estate deals made by brokers.

Zack Sogoloff, Senior Vice President at Goodman Real Estate Services Group LLC; and Seth Marks, Senior Director at Goodman Real Estate Services Group LLC were recipients of two CoStar Power Broker Quarterly Deals Awards in 2022's second quarter. These awards were received in recognition of their deal with Boot Barn for 12,000 SF in Akron, Ohio, and their deal with HomeGoods for 28,095 SF in Warrensville Heights, Ohio. Zack and Seth represented the landlord in these transactions. These were the top retail leasing deals and largest completed transactions in the Cleveland and Akron markets for this year's second quarter.

To date, Zack Sogoloff has now received a total of 17 CoStar awards, and Seth has received a total of 12 CoStar awards.

Before the pandemic, the fitness industry was greatly expanding its presence in the retail scene by occupying space in malls and shopping centers. According to CoStar Group, the amount of square footage leased within malls by fitness concepts and gyms had increased by 70% since 2013, with Planet Fitness leading the way in leasing more vacant mall and empty big-box store space than any other company (Fitt INSIDER). Today, big gyms have adapted to the decline in memberships following COVID-19 by offering livestream workouts, as many prefer to continue digital workouts. While memberships are beginning to rise again, the future of fitness will likely remain a balance between virtual and in-person options. 

Further, smaller concepts have become an increasingly popular option amongst gym-goers. After learning to exercise in an at-home setting, many are hesitant to return to an overwhelming, larger gym setting. Although these smaller-sized fitness options pose a higher price point than larger-scale centers, some consumers have shifted from the big-gym scene to a more personalized experience. Creative forms of fitness, such as Orangetheory Fitness, which offers one hour HIIT focused workout classes; Club Pilates, which offers a more low-impact mind and body exercise; TITLE Boxing Club, which provides users with an explosive full-body boxing experience; and CycleBar, one of the many growing cycling concepts that motivates each class with exciting music and a self-empowering group mentality, have taken the fitness scene by storm. These “boutique studios” do not require big-box space and seem to be popping up at every turn. There is a newfound emphasis on mental health and achieving a balance between healthy exercise habits together with maintaining overall well-being. Many are prioritizing emotional and mental fitness as well as traditional physical exercise. These smaller concepts are at the forefront of this thought process. 

For its new retail concept, pOpshelf, Dollar General has pledged to open approximately 1,000 stores by the end of the 2025 fiscal year (pOpshelf). The brand offers affordable and trendy merchandising, and their mission is to create an exciting environment for shoppers to enjoy the fun and unique things in life. The company sells a wide range of products, such as home décor, party goods, beauty supplies, toys, entertainment items, and much more. pOpshelf emphasizes the experience of shopping and encourages the customer to explore their products in an almost treasure hunt-like fashion, with their merchandise on a constant rotation to keep consumers excited to come back for more!

As of July 2022, the company has opened 75 pOpshelf locations in the U.S. across seven states, including Georgia, North Carolina, Tennessee, Alabama, Texas, South Carolina, and Florida (ScrapeHero). The retail concept occupies spaces of roughly 9,000 SF and targets younger and wealthier women as opposed to Dollar General’s slightly older and more rural target market (RetailWire). According to Dollar General, “over 90% of the merchandise sold by pOpshelf costs $5 or less” (CNCB). Dollar General is well on its way to achieving their expansion goal since its announcement in December 2021, and they are continuing plans to reach new markets across the country. 

Zack Sogoloff, Senior Vice President at Goodman Real Estate Services Group, and Daniel Clark, Vice President and Manager, Columbus Office, at Goodman Real Estate Services Group, have secured tenant representation of pOpshelf throughout Ohio, excluding the Cincinnati and Dayton markets. Zack Sogoloff is actively seeking locations and working on deals in the Northeastern and Northwestern Ohio markets, and Daniel Clark is actively seeking locations and working on deals in Central and Southeastern Ohio. pOpshelf is considering inline, endcap, and freestanding locations ranging from 9,000 to 12,000 square feet, with a minimum of 68 feet of frontage. 

The greater Columbus, Ohio, market is quickly becoming one of the nation’s fastest growing areas. Early this year, Intel announced its plan to invest in Ohio as the new site of two cutting edge chip factories. With construction beginning in the Columbus suburb of New Albany (a $20 billion investment in the initial phase), the Columbus metro area is preparing for intense economic impact and a forever-changed market. According to Intel, this decision will influence the state of Ohio immensely; "As the largest single private-sector investment in Ohio history, the initial phase of the project is expected to create 3,000 Intel jobs and 7,000 construction jobs over the course of the build, and to support tens of thousands of additional local long-term jobs across a broad ecosystem of suppliers and partners" (Intel). While the Columbus area has seen growth in several local sectors over the past decade, Intel suggests that this profound impact will reach much further than just Ohio. The investment has already attracted several suppliers and ecosystem partners to aid in supporting Intel's operations, and their investments will further improve the U.S. Semi-conductor system on a national scale (Intel). 

To gain real insight into Intel’s potential impact on the region, greater Columbus residents need look no further than Intel's chip plant in Chandler, Arizona. Production began at the Arizona Intel plant in 1980, when the agricultural city of Chandler had a population of 10,000. Now, in part to Intel's investment, Chandler, Arizona, is home to more than 270,000 people and provides a significant economic boost to the region. According to a 2019 report, Intel contributed a total of $3.89 billion to Arizona's GDP (Phoenix Business Journal). 

Amidst the big Intel news, the City of Columbus continues to work to promote job and population growth, having signed an economic development agreement this year containing a strong job growth incentive, specifically, a "40% break on income taxes for the next 25 years on new jobs in the district" for Ohio State University’s Innovation District. The University pledged to create "12,000 net new jobs, create about 300 affordable housing units out of 1,500 new residential units overall, and involve minority- and women-owned construction companies in the 270-acre project southwest of Lane Avenue and Kenny Road" (Columbus Business First). This is in addition to the more than $700 million in construction in progress surrounding Ohio State University’s campus.

Bringing these new jobs to the region will require many more residents, and the accelerated population growth will present several obstacles for housing development to keep the city’s economy running smoothly. According to Realtor.com, Columbus is among the top 10 housing markets projected to see the most growth in 2022, predicting sales will increase by 13.7% and prices will rise by 6.3%.  As more residents try to find suitable housing the market supply will most likely continue to be constrained, even with rising interest rates.

With a history of steady population and economic growth, the greater Columbus area continues to put itself on the national stage with the significant financial commitments made by both a new-to-the-region company in Intel and a long-time Columbus ambassador in The Ohio State University. Thanks to these companies and institutions, along with many local and regional companies, the greater Columbus area will continue to grow and thrive for many years to come.

For more information on the greater Columbus area, please contact Daniel Clark, Vice President and Manager, Columbus Office, at Goodman Real Estate Services Group. 

The Las Vegas ICSC Convention is making its way back to pre-COVID levels of excitement! Following a two-year pause on the late-May convention, thousands of industry professionals gathered in the Las Vegas Convention Center, creating the perfect platform for networking, forming connections, and building new deal-making opportunities.

According to ICSC, there were approximately 22,000 people in attendance at the May conference. Although that is much lower than attendance numbers before the pandemic, it is still more than double that of the December Las Vegas conference, which attracted approximately 10,000 attendees (Chain Store Age). Regardless of the number of those who participated in this May's show, the floor was buzzing with activity. 

Goodman Real Estate Services Group would like to thank all those who stopped by our booth and extend our appreciation to everyone who contributed to such a successful event!

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.

Congratulations, Chipotle! Their new location in now open in Defiance, Ohio!

#cre #commercialrealestate #goodmanre #chipotle #nowopen #DefianceOhio #DefianceOH #growth #restaurants

#restaurantnews #restaurantindustry #hospitality #realestate

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.

Link to full article

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

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.

Sincerely,

The Goodman Real Estate Services Group Team

Slim Chickens Inked Agreements to Open 150 Units // QSRmagazine.com