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.
The Cross County Mall in Mattoon, Illinois recently came under new ownership. Rural King Realty LLC took over the 300,000-square-foot enclosed mall which is currently anchored by JCPenney. Rural King is set to open January 2019 in a 75,000-square-foot former Sears, and Scotty’s Brewhouse will also be joining within the year. These two new additions will draw residents from up to 45 miles away for a more experience-driven shopping destination. Rural King caters to a rural consumer, offering sporting and outdoor goods, lawn and garden, working apparel, food, household, farm, and livestock accessories. The retailer provides a unique shopping experience as customers are welcome to grab some popcorn and a cup of coffee as they shop. Rural King has their corporate office and distribution center in Mattoon.
Scotty’s Brewhouse will be serving up craft beer and their fresh, signature ground chuck that is used in every burger while making most sauces and dressings in-house. The restaurant entices the sports fan with lots of TVs and lively atmosphere.
The mall, which is located at the crossroads of Interstate 57 and State Route 16, is the primary shopping destination in the Charleston-Mattoon area, a market of over 100,000 people and home to two colleges.
Americans spent more money dining out than in grocery stores for the first time ever in 2015. Since then, restaurants have made changes to accommodate today’s consumer. These changes can be a huge payoff for investors looking to contribute to an already successful, established corporation such Starbucks, Chick-fil-A, and Chipotle. But why should investors, more now than ever, choose to invest in restaurants such as these? Customers want quality, convenience, and a unique experience while dining and because these companies have capitalized on these trends, they offer a unique and stable opportunity for investors
Larger and more established restaurant chains aren’t necessarily looking for constant expansion opportunities. This allows the companies to pay out more of their profits to shareholders, instead of investing in new business. For example, Starbucks generated $23.1 billion in net income from 2008-2017 while paying owners $5.2 billion and reinvesting $17.9 billion back into the company. With this, companies like Starbucks can dabble in craft markets such as health-focused and high end experiences without much risk. Starbucks has already seen success in its luxury reserve roasteries that offer higher-priced menu items in a unique store layout.
Our Senior Vice President/Principal, Richard Edelman, recently had the opportunity to visit the site of the first Chipotle Store in Denver, Colorado.
This location opened in 1993 and at that time only served burritos. Currently, the location is a hot spot for University of Denver students and Chipotle history buffs alike.
Richard has been working with Chipotle since 2000 and has successfully negotiated 70 transactions, including the milestone 500th location in Fairview Park, OH. Seeing where it all began for one of Goodman Real Estate Services early clients, who have helped build our company into what it is today, was a homecoming and an exciting encounter!
Recent work for a franchisee of WingStop (a Top-50 national chain in the quick-serve restaurant industry) proves that local broker knowledge can be indispensable, even when the chain itself has strict guidelines.
The issue was demographics, where the head office in Dallas instructs its operators to pursue only certain neighborhoods with an “ideal” mix of incomes, density and ethnicity.
When following the guidelines, one unit here in northeast Ohio turned in a less than stellar performance, even though it hit every requirement of a typical WingStop.
In acquiring the next site, we were able to convince the franchisor to get behind a different sort of ethnic and income mix, that provided steady traffic at all hours of the day (especially from 6:00 pm to midnight, when most wings and fries are sold) due to road patterns, other quick-serve food players in the vicinity, and demand generators like hotels or a cinema. Because the name WingStop is not generally known here yet and customers may think it’s a mom-and-pop (they recently exceeded 1,000 stores), the sales started slowly but have been steadily building, to the point where year two performance was 30% over year one and continues to grow.
Thanks to our Senior Vice President, Steve Altemare, Wisconsin’s well-known Culver’s is headed to Northeast Ohio soon. The chain, represented exclusively by Altemare in Northeast Ohio for all of its transactions, features buttery cheeseburgers and smooth custard with enough variety to make dairy lovers swoon. But there’s more to this family-owned business than just cheese curds and fries. Click "Continue Reading" to learn 10 interesting facts about Culver's that will have you jonesing for your very own ButterBurger.
A shopping center located at the northeast corner of Whipple Avenue and Everhard Road in Canton, Ohio, has come a long way since DeVille Developments hired Goodman Real Estate Services Group to market a shopping-center-turned-office-building into the beautifully redesigned, highly competitive retail destination it is today. The conversion of this former Hills Department Store into a call center 15 years ago practically killed this 40,000-vehicle-per-day intersection. Now, retailers and restaurants are again clamoring to locate there.
With 16 years of success in the Pacific Northwest under their belt, Portland, Oregon-based Bishops Cuts / Color has embarked on an extensive national expansion program that now includes Columbus, Ohio.
Bishops, a co-ed hair salon who describes themselves as offering “on-demand, on-trend hair care at affordable prices with a street style aesthetic” will be opening its first location in the Midwest in Clintonville, a trendy neighborhood in the heart of Columbus just north of The Ohio State University’s campus.
They join the recently-opened second location of Columbus staple Hot Chicken Takeover in a brand new multi-tenant retail center at the southwest corner of High Street and Deland Avenue. Bishops will occupy a 1,330 SF space with 10 retro-style barber chairs. Their grand opening will be on Saturday August 5, 2017.
Bishops Cuts / Color currently has 14 locations in Greater Portland, Oregon, 3 in Seattle, Washington, and one in Tempe, Arizona. The company will also open a location in San Diego, California this September.
Steven Dorsky, Senior Executive/Director of our Columbus office, represents the Columbus franchisee for Bishops Cuts / Color.
Over Memorial Day Weekend 2017, Starbucks Coffee welcomed customers to the grand opening of its very first location in New Philadelphia, Ohio.
The location is part of the brand new Shoppes on Bluebell, a 10,400 SF retail development on 2 acres of land just off of Interstate 77 and conveniently located halfway between Cleveland and Interstate 70. Other tenants new to the market that are scheduled to open this summer at Shoppes on Bluebell are Smoke the Burger Joint, a fast-casual burger concept founded by the owners of Old Carolina Barbecue Company, and Chipotle Mexican Grill. In addition to this, two more tenants are currently under negotiation with the property owner and client of Daniel Clark and Heather Bowden-Ebright, Witness Hospitality.
Five new Starbucks locations are planned to open throughout Ohio, in Columbus, North Canton, Westerville, Macedonia, and Medina. The Wilson, a new mixed-use retail and residential development located at the corner of E. Lane Avenue and N. High Street, a main gateway to The Ohio State university campus in Columbus, Ohio, will welcome Starbucks, Chipotle, and CoreLife Eatery. Starbucks will also be coming soon to a new retail strip at the intersection of Polaris Parkway and Cleveland Avenue, part of a broader development anchored by a HealthSouth rehabilitation hospital, in Westerville, Ohio. Starbucks will be joined by Local Cantina and Bru Burger Bar in the 14,500-square-foot strip called The Corner In Westerville, Ohio. Starbucks plans to open approximately 12,000 new stores globally by 2021. Steve Altemare, Senior Vice President, and Dan Clark, Vice President at Goodman Real Estate Services Group, Columbus Office, represented Starbucks in this transaction.
Taco Bell will be joining one of Northeast Ohio’s most successful regional trade areas on Detroit Road in Avon. The new site will be placed in between Burger King and Fifth Third Bank. The fast food chain will be joining a vibrant community, with French Creek Square, Avon Commons, and City Centre of Avon all located just minutes down the road. The area continues to grow, and a new HomeGoods just moved into Avon Commons this past April. Michael Solomon, Senior Director at Goodman Real Estate Services Group, represented the buyer in this transaction. Zack Sogoloff, Senior Vice President, and Seth Marks, Senior Associate with Goodman Real Estate Services Group, represented the seller in this transaction.
Worthington, Ohio will soon have another fast-casual dining option on North High Street just south of the interchange for Interstate 270.
Blaze Pizza will be opening in the northern Columbus suburb in a space formerly occupied by Cosi at 7166 North High Street. The Pasadena, California-based fast-casual pizza chain joins existing tenants Starbucks, ImmediaDent, Jimmy John’s, and Sport Clips in a center located just across the street from the Kroger-anchored Shops at Worthington Place.
This marks the second location for Blaze Pizza, which boasts 191 locations in North America. They first entered the Columbus market in February of 2015 with a location near the Ohio State University’s campus. Blaze is known for its create-your-own “Fast Fire’d” personal pizzas, which are then cooked in an open-flame oven for about three minutes at temperatures averaging around 700 degrees Fahrenheit.
Dan Clark, Vice President of our Columbus office, exclusively represents Blaze Pizza in all of Central Ohio.
Columbus’ Gateway will soon be adding another restaurant to its mix. This time, it’s daytime café First Watch. The 195-unit chain has begun construction in the southern entertainment and restaurant hub of the Ohio State University’s campus at 1567 North High Street in Columbus, at the northwest corner of North High Street and West Tenth Avenue. The space is the southern-most end of a building occupied by, among others, Panera Bread, Five Guys Burgers & Fries, AT&T, Sprint, and the Aveda Institute. First Watch is working diligently toward a Summer 2017 opening.
In addition to this new location in Columbus, First Watch will be opening its very first location in the greater Toledo area around the same time, with construction set to begin in early April. The breakfast-brunch-lunch concept will open at the brand new Secor Square, a retail project anchored by the first Whole Foods store in Toledo. The center is approximately 68,000 SF and First Watch will have great visibility in the prime position at the corner of Secor Road and Executive Parkway.
Dan Clark, Vice President of our Columbus office, exclusively represents First Watch in all of Central and Northern Ohio.
Being referred to as “the Chipotle of Middle Eastern food”, Naf Naf Grill has entered the Ohio market. The fast-casual Middle Eastern restaurant hosted their grand opening in Independence on March 16th, complete with free pita. This opening marks the 30th store for Naf Naf Grill. About 50% of their restaurants are in suburban locations, and Independence made history as the strongest suburban opening to date. Naf Naf Grill is located at 6714 Rockside Road in Independence. Jim Becker, Senior Executive/Director with Goodman Real Estate Services Group had the pleasure of making this deal come to life.
Storage Zone is a self-storage company with 20 locations in Northeast Ohio. The vast majority are free-standing buildings on the fringes of major metropolitan areas. One of the challenges for Storage Zone is finding new locations in middle to high income communities. Zoning in those areas often prevents their “use” from operating. Contrary to these restrictions, there is a need for self-storage and the units in comparable markets generally have high occupancy rates.
One such high-end market is Rocky River. Finding a site to build a self-storage in this municipality has never seemed possible…until October of 2016. The City of Rocky River told Wald & Fisher, the owner of Rockport Shopping Center, that it would consider self-storage for a conditional use as a part of the center’s redevelopment. The city considered it a viable solution for anchor space that has been empty for many years. Jim Becker contacted Storage Zone immediately. They were excited about the opportunity to break into the market and made a deal with Wald & Fisher in record time. Storage Zone presented rough plans and elevations to Rocky River in mid-December and the city approved their application.
If all goes well, Storage Zone will open in the second quarter of 2017.
Fort Wright, Kentucky can now enjoy all there is to offer at Chick-fil-A! It is my pleasure to announce Richard Edelman, Senior Vice President & Principal of Goodman Real Estate Services Group LLC, closed the deal after a three-and-a- half year process. Beginning in 2013, Mr. Edelman contracted to purchase the piece of property for Chick-fil-A, but ran into a predicament of needing additional land. Reaching out to the adjacent property owner, Mike Brandy, Richard attempted to purchase the property. Not willing to sell outright, they negotiated a deal where Mr. Brandy would buy the parcel Chick-fil-A was negotiating to buy and then Chick-fila would lease the combined parcels from Mr. Brandy. To make matters even more complicated, to meet parking codes the development required the acquisition of right-of-way owned by the Commonwealth of Kentucky. Mr. Brandy, Chick-fil-A and Mr. Edelman worked well together to make this requirement attainable. When you have an ideal location, you strive to make it happen. All of the obstacles were worth it in the end!