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Welcome to our blog! Our blog will give us the opportunity to share news, updates and success stories we have going on here at Goodman Real Estate. Thank you for visiting!

The Deconstructed Hair Salon

 

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.

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Middleburg Heights, Ohio: Retail Development Sparked by Goodman Real Estate Services Group

“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. 

 

 

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New Employee Spotlight

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. 

 

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The Shops at Emerald Acres Sports Connection

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)

 

 

 

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New Employee Spotlight

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.

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Books-A-Million Now Open at Akron’s Largest Power Center

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.

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Resilience in the Single-Tenant-Net-Lease (STNL) Retail Market

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.

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Zack Sogoloff & Seth Marks Receive 2 CoStar Power Broker Quarterly Deals Awards for Q2

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.

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Fitness Industry Run Down

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. 

 

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The pOpshelf Expansion

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. 

 

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Growth in the Columbus Market

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. 

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Success at ICSC Las Vegas 2022

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!

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“Retail-tainment” on the Rise

It has been 2 years since COVID-19 brought our daily life to a halt, and consumers today are constantly seeking new experiences and thrills. Entertainment concepts that took a hit from the pandemic seem to be getting back on track, and forward-thinking big box entertainment concepts continue to evolve. Further, many entertainment franchises have entered the retail scene, occupying space in shopping centers and malls following a trend known as “retail-tainment.”
 
Dave and Buster’s, the restaurant and entertainment chain, suffered greatly throughout the pandemic. Now, they are on their way back to pre-pandemic success levels, boasting 6% higher revenue’s than the chain made in 2019. The video game arcade company has learned to adapt to the changes brought on by the pandemic, and have even introduced a mobile app that allows users to pay and play right off their phones (National Restaurant News). Recently, Dave & Buster’s acquired Main Event, a state-of-the-art "all you can play" entertainment concept, for $835 million according to Shopping Center Business.
 
Many developers are accepting that entertainment is a major player in the future of retail. In 2018, Jim Becker, Senior Executive/Director at Goodman Real Estate Services, represented Main Event in the deal that introduced the entertainment venue to the Northeastern Ohio market in Avon, Ohio. Jim Becker currently represents Launch Entertainment, an exciting leader within the family entertainment industry that offers trampoline courts, dodgeball, rock climbing, laser tag, virtual reality rooms, ninja courses, an in-house restaurant, beverage services, and more. On a mission to rapidly grow their national reach, Launch Entertainment has recently opened new locations in Florida, Massachusetts, Michigan, Virginia, Texas, and are looking to expand to Ohio. The franchise currently has 80 centers open and under development.
 
Scene75 is a similar concept, with a full restaurant, bar service, and over 100 games available to play. The company was named the #1 Entertainment Center in the world by the International Association of Amusement Parks and Attractions in 2016 and 2021. Scene75 offers several attractions, including Indoor go-karts, laser tag, blacklight mini-golf, virtual reality room, a 4D motion theater, bumper cars, arcade games, bars, a restaurant, and more. 
 
Topgolf International is an excellent example of an entertainment concept that continues to evolve. Each Topgolf facility offers an engaging way to eat, drink, socialize, and play a game of simulated golf. High-tech golf balls are hit from climate-controlled hitting bays, aimed at targets throughout the giant outfield, and the balls score themselves. Every location is created differently, varying between single-level and multi-level venues. The Nashville location is home to a two-story live performance venue, over 200 HDTVs, a rooftop terrace with a skyline view, and a VIP deck with a private balcony and bar. The chain opened 10 new venues in 2021, and there are 9 new facilities currently being built (GolfPass).Topgolf has built over 74 facilities in the past two decades, and they are continuing to expand and innovate to improve customer experience.
 
Beyond Golf and X-Golf are similar golf entertainment concepts, but they operate indoors and on a much smaller scale, fitting well in shopping centers. Beyond Golf is a venue that allows players to enjoy gourmet food, craft beers, and cocktails, all while playing games on popular golf courses around the world through a high-definition simulator. X-Golf also offers games of simulated indoor golf with over 50 open locations in the U.S., occupying roughly 10,000 square foot spaces. At X-Golf, players can take golfing lessons, play on virtual courses, enter tournaments, and enjoy a full bar and restaurant. In 2021, Steve Altemare, Senior Vice President; and Rob Yaskanich, Senior Director, at Goodman Real Estate Services Group LLC, represented the landlord in the transaction that brought X-Golf to the Avon Commons shopping center.
 
The "retail-tainment" trend has excelled as the population shifts more towards online shopping, and many shopping centers and retail spaces are seeking tenants that will appeal to consumers in different ways. Decades ago, it would be uncommon to find entertainment and restaurant concepts anchoring shopping centers. Now, movie theaters, restaurants, arcades, bowling alleys, and new forward-thinking concepts have become an attractive addition to retail centers, and even help to boost the success of surrounding retailers. 
 
 
 
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Goodman Real Estate Announces Zack Sogoloff and Seth Marks as New Leasing Agents for First Interstate Properties 2,500,000 SF Retail Portfolio

Zack Sogoloff, Senior Vice President; and Seth Marks, Senior Associate at Goodman Real Estate Services LLC, have been selected as the leasing agents for First Interstate Properties’ northern Ohio portfolio of retail property. These assets include two of the Midwest's largest super-regional shopping centers, Steelyard Commons (808,619 SF) and Avon Commons (775,103 SF). Other highly notable properties include Willoughby Commons (468,131 SF), Oakwood Commons (297,552 SF), One University Circle, and the Avon 611 development. Goodman Real Estate Services Group LLC has represented these significant developments from the ground up, including involvement in the design, pre-leasing, leasing, and phase II and phase III development; and the company continues to represent them today.
 
Zack Sogoloff has been in the commercial real estate business since 1997 when he joined Goodman Real Estate Services Group LLC. Since then, he has been a top producer in power-center development and leasing throughout Ohio. Seth Marks has been in the business for 12 years and has extensive experience in shopping center leasing across more than 15 states. Zack and Seth have been partners for eight years, since Seth joined Goodman Real Estate Service Group LLC. Together, the agents work on pre-leasing, leasing, and developing shopping centers for their clients, and are responsible for over 6.5 million square feet of existing retail space.
 
First Interstate Properties is a full-service real estate development and management company. Mitchell Schneider, President of First Interstate Properties, created the company in 1989. Since then, First Interstate Properties has become a highly respected developer of projects throughout Northeast Ohio and is known for creating significant value and providing high-quality work. Goodman Real Estate Services has worked with First Interstate Properties since its beginning in 1998 and is excited to continue this professional relationship. 
  
“We are grateful to have worked with the team at Goodman Real Estate since it’s inception. The team has deep market knowledge and strives to develop quality relationships with landlords and tenants alike. People trust this team because they have a proven history of integrity and success – a terrific combination! It bears out in the success of the centers they lease in our portfolio, which have averaged above 96% occupied for many years." 
 
– Mitchell C. Schneider
President, First Interstate Properties
 
 
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"Medtail" Mania

Healthcare has become more local as medical retailers strive to offer convenient alternatives to hospitals or geographically distant office spaces. Medical providers across the country are seeking sites in retail locations such as storefronts, malls, and shopping centers to repurpose as both urgent and primary care facilities. In 2020, nearly seven in 10 adults in the United States were visiting a health care provider in a shopping center or enclosed mall or strip mall, following a survey done by ICSC. This trend of healthcare retail has only escalated since the pandemic. 
 
According to The New York Times, medical providers are taking advantage of depressed rents to open facilities within malls and shopping centers located in suburban and rural areas, even entering big-box spaces vacated by department stores. Following a pandemic that forced many retail stores to close, Landlords are also seeing the benefits of working with medical tenants who typically sign long-term leases and are financially reliable (Advisory Board).
 
WellNow Urgent Care, recently purchased by Aspen Dental, is a company that has followed suit by opening urgent cares in retail locations throughout New York, Ohio, Michigan, Illinois, and Indiana. In Rochester, New York, a former Sears department store will soon be the home of a 350,000 square foot orthopedic healthcare campus, offering surgical services amidst several fashion, sports, and entertainment retailers at the Marketplace Mall (The Wallstreet Journal). Concierge medicine has also been on the rise, providing a popular option for patients looking for accessible healthcare, personalized services, direct access, and shorter wait times. Concierge doctors are more affordable than ever, and they do not require traditional medical real estate spaces. From minute clinics to surgery centers, medical retail has turned into a new commercial real estate norm. 
 
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The Future of Gas Stations

As we continue to transition into a world of electric power, one thing remains clear: change is inevitable.
 
Electric cars have been around for a while, but they may dominate the market faster than we think. BCG predicts that sales of electric vehicles will amount to one third of the market by 2025, and 50% by 2030. Volvo plans to be purely electric by the year 2030. What does this mean for the future of gas stations?
 
The truth is that most gas stations do not make their money from selling gas. The real profit comes from the convenience stores located within the gas stations. According to the National Association of Convenience Stores, there are 148,026 convenience stores operating within the United States, and 116,641 of those stores sell motor fuel (NACS). 80% of all motor fuel sold in the U.S. is sold by convenience stores. Further, a study done by NACS shows that 44% of gas station customers go inside, and 1 in 3 people end up purchasing a good from the convenience store. These in-store purchases make up roughly two thirds of the average gas station's overall profits.
 
Many fuel and convenience retailers, such as Sheetz and Wawa, are paying well above market price for sites located at prime corners. Location might make the difference in whether these gas station convenience stores see substantial profit or not. As electric cars become more popular, the need for charging stations will only increase. Especially considering the recent spikes in gas prices, electric charging itself presents a cost-efficient and overall more progressive choice. Fuel retailers might see this as an investment opportunity for charging stations. It is also likely that these electric chargers will bring customers inside of convenience stores similar to traditional fuel pumps. Charging an electric vehicle takes longer than filling up a gas tank, leaving consumers more time to shop. In the future, gas stations may be repositioned as “service stations,” offering more fast casual restaurants or food delivery to enhance consumer experience, as suggested by CNET. Ultimately, gas stations will need to adapt to the imminent changes within the automotive industry, and seek sites that are likely to increase in-store traffic.
 
 
 
 
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Cap Rate Compression in the Drive-Thru Sector

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. 

Throughout 2020 and the few years leading up to it, average closing cap rates for new Starbucks and Chipotle leases with 10 years of term were in the 5%-5.35% range. Within only 6-12 months, these compressed to 4.25%-4.75%, depending on lease type and location, for an overall drop of up to 75 basis points. Not only have cap rates compressed significantly for the asset type, NNN-leased QSR’s as a whole are difficult to find for many 1031 investors, compressing cap rates further even for the smallest of franchisees. What does this mean for buyers in continued competition for quality (and even lesser quality) QSR deals? Owners of these properties should evaluate their portfolios and consider divesting of any non-core assets they may have previously thought about selling to take advantage of record high pricing.
 
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.
 
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Jersey Mike's: Solving the Online Order Frenzy

It is no secret that the demand for online orders and third-party food delivery has been on the rise since the beginning of the pandemic. For many restaurants, this increase has been monumental in maintaining business over the past few years, but it has also created new challenges in ensuring a satisfying in-store experience for customers. Confronted with a challenging labor market, many restaurants are not running with a full staff. It is not uncommon to enter a restaurant with the hopes of a speedy transaction only to find long lines and overwhelmed employees due to an influx of online orders. Many major companies in the quick-service industry are taking different actions to adjust to the growth of virtual ordering. The following is one way that our client, Jersey Mike’s, is solving the in-store inconvenience for those who choose to order in-person.
 
WLZ Restaurant Group, LLC, a franchise operator for Jersey Mike’s Subs in northeast Ohio, is looking into plans to open strategically placed remote kitchens to keep online orders and in-store exchanges separate. With the customer in mind, these kitchens will be used solely to prepare the online orders and to provide a unique pick-up location for third-party food delivery drivers without disrupting the flow of in-store purchases. Jersey Mike’s aims to create a smoother experience in the restaurant as well as improve online order preparation, all while cutting labor cost and lessening the burden on employees and customers alike.
 
Michael Weiss, Senior Director at Goodman Real Estate Services Group LLC, and an eight-unit franchise owner, are working with Jersey Mike’s Subs on this project. 
 
 
 
 
 
 
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Fight for the Site

Securing real estate for medical marijuana dispensaries is no easy feat. The expansion of the medical marijuana industry has rapidly increased the demand for cannabis commercial properties. For a site to be deemed suitable for marijuana retail, it must adhere to local zoning requirements, state laws, and federal laws. For example, Ohio state law does not allow any medical marijuana retail dispensary to be located within 500 feet of a school, church, public library, public playground, or public park. Due to such unique circumstances, the number of potential sites is very limited.
 
Cannabis companies have learned to move quickly to find locations in order to navigate this complex real estate process. Before owners can obtain a cannabis license, they must first acquire a property. Therefore, securing a purchase or lease agreement for a certain location is vital. Competition for sites has been so fierce that many companies even put down non-refundable deposits for a chance at acquiring a site. Certain landlords have deals with multiple dispensaries on the same location, providing the landlord with a substantial stream of income on a vacant space. Further, marijuana dispensaries are extremely profitable. According to Marijuana Business Daily’s 2021 Marijuana Business Factbook, data shows that the average marijuana dispensary makes $974 in revenue per square foot of space, making each site worth fighting for.
 
The State of Ohio has begun the process of awarding the next round of medical marijuana dispensaries. The winning bids are selected randomly through a lottery, and there will only be 73 new licenses granted throughout the entire State, adding to the existing 57 established locations.
 
 
 
 
 
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Goodman Real Estate Joins #1 Retail Brokerage Network in North America

Cleveland, Ohio - February 8th, 2022 - Goodman Real Estate Services Group and ChainLinks Retail Advisors are proud to announce that Goodman Real Estate Services Group is the new Northern Ohio partner of ChainLinks Retail Advisors, the nation’s leading retail-focused real estate services and commercial property brokerage organization. 
 
“ChainLinks has had a strong presence in Northern Ohio for many years. The opportunity to align with Goodman Real Estate Services Group (the premiere retail brokerage company in Northern Ohio) solidifies our presence in a key Midwest territory. We are very excited to have the unparalleled relationships and platform they will bring to the organization. Our ability to further extend the reach of our clients through Goodman Real Estate Services Group will exponentially leverage the strength and capacity of our team,” stated Geoffrey Mackler, Co-Chairman of the Board, ChainLinks Retail Advisors.
 
Since 1979, ChainLinks Retail Advisors has served America’s top retailers, landlords, and investors as the leading team of retail real estate service companies. ChainLinks provides superior connections and expertise to service clients, with over 750 brokers in the top 50 North American markets. Each company is independently owned and operated and is considered the best within their respective markets, especially by ChainLink’s rigorous standards. Combining the representation of the member offices, ChainLinks exclusively represents over 1,500 retailers and 4,000 properties consisting of over 300 million square feet of retail space.
 
“Since founding our company in 1998, Richard Edelman and I have been interested in becoming a part of this premier organization. We have always been impressed with the quality companies that ChainLinks’ members represent and their exceptional brokers that produce great locations for their customers. We are excited to join the best in retail real estate.” - Randy Goodman. 
 
“Our company is eager to contribute its local expertise and services to the ChainLinks organization. We look forward to the new partnerships and existing relationships we will broaden by joining the 55 other esteemed offices that make up this national team. It will be a great benefit to connect to a wealth of market knowledge and exchange information, ideas, and resources. Meaningful collaboration is critical to thriving in our business. It is key for us to continue excelling at our main goal: producing the most positive results and success for our clients.” - Richard Edelman.  
 
Goodman Real Estate Services Group has been a Midwest market leader in commercial real estate services for 24 years, specializing in retail, representing more than 100 companies in site selection, and currently marketing over 10.7 million square feet of property for sale or lease. As the new ChainLinks Retail Advisors representative of Northern Ohio, Goodman Real Estate Services Group will provide this organization with comprehensive services and local expertise in buyer and tenant representation, property marketing, and investment sales.
 
For more information, contact Kristine Lemmex at This email address is being protected from spambots. You need JavaScript enabled to view it..
 
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Eight New Deals Signed in 2021 at Ridge Park Square

Goodman Real Estate Services Group's exclusive contract to represent  Zeisler Morgan Properties Ltd.'s Ohio properties has been extended for a ninth year after completing eight deals at Ridge Park Square in the past year alone. The 2021 NEW deals at Ridge Park Square include Red Crab – Juicy Seafood, Pulp Smoothie (open), Hibbett's (opening soon), DTLR (open), Five Guys (under construction), Click It (open), Crumbl (under construction), and Firehouse Subs (under construction).  
 
Zack Sogoloff, Senior Vice President at Goodman Real Estate, and Seth Marks, Senior Associate at Goodman Real Estate, have served Zeisler Morgan as its exclusive listing agents on Ridge Park Square, Westwood Town Center, and French Creek Square for the past eight consecutive years. Their shared success only confirms our belief that strong communication builds relationships and leads to multiple transactions.
 
For more information on opportunities at Ridge Park Square, Westwood Town Center, or French Creek Square please contact Zack Sogoloff - This email address is being protected from spambots. You need JavaScript enabled to view it. or Seth Marks - This email address is being protected from spambots. You need JavaScript enabled to view it.
 
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Is the Chicken Takeover Here to Stay?

Since the beginning of fast food, the hamburger has been the reigning champion of the fast casual restaurant industry. In recent years, however, it seems that the American fast food craze has shifted its focus to the chicken sandwich. Perhaps fueled by the famous “Chicken Sandwich Wars,” beginning in 2019 between Chick-Fil-A and Popeyes, quick-service chains have seen a rise in demand for fried chicken sandwiches in drive-thrus across the country. As a response, many franchises upgraded their chicken sandwich recipe, and even restaurants that are known for burgers rolled out new chicken sandwiches to participate in the trend.
 
According to industry statistics, the market size of fast food chicken franchises in the United States has grown 4.8% annually between 2017 and 2022, and it is expected to increase another 4.5% in 2022 (IBISWorld). Goodman Real Estate Services Group represents several quick-service chicken restaurants, such as Slim Chickens, Chick-fil-A, and Dave’s Hot Chicken, who have experienced this growing success. According to QSR Magazine, Slim Chickens has had a groundbreaking year, opening almost 40 new locations and being named the Breakout Brand of the Year by QSR Magazine in 2021. Chick-fil-A has also continued steady growth even throughout the pandemic, and was named #3 in The QSR 50: The Fast-Food Industry's Leading Annual Report. Dave’s Hot Chickens was named one of the Top 10 hottest brands by Fast Casual in 2021. It appears that the chicken restaurant takeover will not be slowing down any time soon. 
 
 
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Goodman Now Marketing Retail, Restaurant, and Hotel Sites at THE LINCOLN LAND OF SPORTS Development in Mattoon, Illinois

Mattoon, Illinois, will be home to a brand new $60M indoor and outdoor sports complex situated on 150 acres. The Lincoln Land of Sports Complex is slated to open in 2023 as a first-rate sports, wellness, and events venue. The development will be centrally located on the west side of the Interstate 57 and Charleston Avenue interchange between several major metropolitan statistical areas (Chicago, Indianapolis, and St. Louis) and numerous micropolitan statistical areas. The site offers walkable access to retail, restaurant, and hotel amenities. Sports Facilities Companies Network (Sports Facilities Advisory, Sports Facilities Development, and Sports Facilities Management) will be developing and managing this project.
 
The sports complex will feature 16 outdoor multipurpose fields for a wide range of field sports. The indoor fieldhouse will have the capacity to accommodate 8 full-size basketball courts and 16 volleyball courts. As the youth sports tourism industry is expected to grow by 15% annually over the next five to seven years, the sports center is predicted to have a substantial economic impact on the area (Wintergreen Research). Market research conducted by Sports Facilities Advisory projects that there will be 580,000 visitors annually, $423.8 million in direct annual spending, and 59,278 hotel rooms booked annually. With 55 acres of retail, restaurant, and hotel opportunities, the Lincoln Land of Sports Complex presents dynamic leasing opportunities with strong buying power.
 
Together with the State of Illinois licensed broker, Cojak Land Services, LLC, Randy Goodman, President of Goodman Real Estate Services Group, and Alex Justice, Sales and Leasing Associate at Goodman Real Estate Services Group, are marketing the retail, restaurant, and hotel components of this exciting new development.
 
For leasing opportunities and more information on The Lincoln Land of Sports Complex, please contact Randy Goodman - This email address is being protected from spambots. You need JavaScript enabled to view it. or Alex Justice - This email address is being protected from spambots. You need JavaScript enabled to view it.
 
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New Development Under Construction - Worthington Gateway in Worthington, Ohio

The City of Worthington in Ohio is undergoing major change at the intersection of North High Street and Wilson Bridge Road, with new developments under construction and proposed. Goodman Real Estate Services Group LLC has had a hand in the redevelopment and revitalization of this well-known destination.
Since 1972, when what was then called The Worthington Square Shopping Center opened its doors, this area has featured restaurants, retailers, and a full-service Holiday Inn hotel that served the local community and community at large.  In 2011, The Worthington Mall, as it was known locally, was redeveloped and changed to The Shops at Worthington Place. Over a dozen stores were added to The Shops at Worthington Place including Pies & Pints, Panera Bread, Orvis, Piada, and First Watch. In December 2018, demolition began on the 7-acre Holiday Inn hotel, paving the way for a new mixed-use development called Worthington Gateway which will include retail, restaurants, service industries, and office space to be developed in its place.
 
Fast forward to today, and Worthington Gateway is well under construction welcoming the first new tenants in spring of 2022. The Shops at Worthington Place is under proposal to redevelop a portion of the shopping center into new Class A office buildings with mixed-use retail/restaurant.
These developments have been approved by the City of Worthington to transform the area into a destination catering to the current needs of retailers, restaurants, and office tenants.
Goodman Real Estate Services Group LLC Vice President and Columbus Office Manager, Daniel Clark, and Goodman Real Estate Services Group LLC Columbus Office Sales Associate, Jessica Sonders are the listing agents for Worthington Gateway, assisting the owners in bringing quality tenants to the development. The three tenants slated to open their doors once the buildings are completed include Club Pilates, Orangetheory, and Tropical Smoothie Café. Club Pilates offers a variety of Pilates classes for any age or fitness level and will take up a 1,675 SF space. Orangetheory provides a space for fitness such as rowing, cardio, and strength training, and will enter a 3,000 SF space. Tropical Smoothie Café offers quality power food and smoothie options to customers on the go and will join Worthington Gateway in a 1,407 SF space. Other new tenants are expected to be announced in December 2021. 
 
For leasing opportunities and more information on Worthington Gateway, please contact Daniel Clark - This email address is being protected from spambots. You need JavaScript enabled to view it. or Jessica Sonders - This email address is being protected from spambots. You need JavaScript enabled to view it..
 
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Costar Powerbroker Award Winners for Q2 & Q3 Zack Sogoloff, Seth Marks, and Rob Yaskanich

The CoStar Power Broker Quarterly Deals Award recognizes commercial real estate's top deals made by brokers in each quarter.
 
Three of Goodman's agents were recipients of the CoStar Power Broker Quarterly Deals Award in Quarter 2 and Quarter 3 of 2021.
 
Zack Sogoloff, Senior Vice President at Goodman Real Estate Services Group LLC and Seth Marks, Senior Associate at Goodman Real Estate Services Group LLC were awarded a Top Retail Leasing Deals Award in Quarter 2 for brokering the Lowe's 20-year lease extension in Mentor, Ohio. Zack and Seth represented the landlord in this transaction.
 
Rob Yaskanich, Senior Director at Goodman Real Estate Services Group LLC, was awarded a Top Retail Leasing Deals Award in Quarter 3 for leasing 3,461 SF to Dave's Hot Chicken in Lakewood, Ohio. Rob represented the landlord in this transaction.  
 
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Landlord Feature: Wald & Fisher Inc.

Wald & Fisher, Inc., is a multi-generational, family-owned and operated real estate development company located in Beachwood, Ohio. The company began serving the real estate needs of Cleveland-area residential neighborhoods until post-war opportunities led to the acquisition and development of apartment complexes, office buildings, and shopping centers. Today, Wald & Fisher’s portfolio of self-developed properties exceeds 1,000,000 square feet and includes some of the most well-known shopping centers in Greater Cleveland. The Greens of Strongsville (Target, Heinen’s, and T.J.Maxx), The Greens of Lyndhurst (Applebee’s, Fifth Third Bank and Sam Ash), and River Square (Whole Foods) are among their most notable assets. Since 2000, they have been growing outside of Northeast Ohio and currently have properties in Dayton, OH; Augusta, GA; Winston-Salem, NC; and Raleigh-Durham, NC. 
 
Currently, Wald and Fisher, Inc., is developing Pearl Plaza with three new drive-thru anchored, multi-tenant retail buildings and one NEW anchor opportunity. Preliminary site plan approval has been received from the City for the property which is located at 6850 Pearl Road in Middleburg Heights, Ohio. 
For over 20 years, Zack Sogoloff, SVP at Goodman Real Estate Services Group LLC, has worked with Wald & Fisher, Inc., on portions of their portfolio. Today, Zack and Seth Marks, Senior Associate at Goodman Real Estate Services Group LLC, serve as the leasing team for Wald & Fisher’s impressive real estate portfolio. 
 
“Zack and his team have been great partners to Wald & Fisher over the past 20 years and have played an important role in the continued success of our portfolio.
While their market knowledge is second to none, it is the time they take to achieve a detailed understanding of each property that allows for a streamlined deal making / tenant retention process.
We appreciate their dedication to the long-term health of our portfolio, and they are consistently willing to “make the right decision" by viewing them through the property owner’s perspective.”
 
-Marc Glick, Director of Leasing at Wald & Fisher, Inc.
 
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Youngstown, Ohio – New Wingstop Locations to Open in the Youngstown Retail Trade Area

Wingstop will debut two new locations in Youngstown, Ohio.
 
A Wingstop franchisee purchased a shopping plaza at 48 Boardman Poland Road (U.S. Route 224) in Boardman Township, Ohio, which will include the new Wingstop and more available space to be offered at this location. 
 
Wingstop will also open a new location in Niles, Ohio. The restaurant will be located at 6261 Youngstown Warren Road (U.S. Route 422) and will join Little Caesars Pizza, Red Wing Shoes, Subway, and other retailers at Gentry Plaza. The shopping center is on the corner of Youngstown Warren and Niles Cortland roads (State Route 46). Bobby Benjamin, Associate Broker at Goodman Real Estate Services Group LLC, represented Wingstop, the buyer and tenant in these transactions. 
 
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Coming Soon to Mentor, Ohio - BIBIBOP

BIBIBOP Asian Grill is coming soon to Mentor, Ohio, and will be located at 7851 Reynolds Road. Construction is in progress to retrofit the existing building for BIBIBOP. The new location is set to open in December 2021.
Restaurants surrounding the Korean-inspired, fast casual spot include DiBella’s Subs, Red Lobster, Mission BBQ, TGI Fridays, and Bob Evans. The 1,985 SF BIBIBOP will offer customers fast and healthy food options for dine-in, delivery, to-go orders, and catering services. Larry Klein, Senior Executive Director, at Goodman Real Estate Services Group LLC, represented the landlord in this transaction.
 
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JUST CLOSED: Morgantown Commons

Goodman Investment Group is pleased to announce the sale of Morgantown Commons in Morgantown, West Virginia. This is the third shopping center sale for a repeat client, Rural King. The 100% leased, nationally anchored shopping center was sold to a private west-coast based investor for 98% of list price. Morgantown Commons, with a vacant Kmart box that was still paying rent, was purchased by Rural King for a brand-new store to add to the thriving retail market.
 
Prior to marketing the property for disposition, Randy Goodman, Alex Justice and Bobby Benjamin were able to lease a 44,620 SF vacancy (32% of the GLA) to Goodwill on a brand new 12-year lease. Additionally, Randy and Alex were able to work on behalf of Rural King, in conjunction with local broker Petroplus & Associates, to extend the leases of the current tenants, adding long-term value to the shopping center.
 
To learn more about the sale, please contact Kyle Hartung, Director of Investment Sales, at This email address is being protected from spambots. You need JavaScript enabled to view it.
 
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Project In Progress: Aldi Coming Soon

Tremont Plaza in Upper Arlington, Ohio is getting a new anchor and façade. Aldi will fill the 18,084 SF former Barnes & Noble Bookstore and will join existing retailers CVS Pharmacy and Panera Bread at the center. Tremont Plaza is prominently located at the intersection of Tremont Road, Northwest Boulevard and Fishinger Road.
 
Tremont Plaza is now fully leased. Zachary Sogoloff, Senior Vice President; and Seth Marks, Senior Associate; at Goodman Real Estate Services Group LLC, represented the landlord in this transaction. Cardinal Commercial Real Estate, represented Aldi in this transaction.
 
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Coming to Ohio - Dave's Hot Chicken

Los Angeles-based restaurant, Dave’s Hot Chicken, will be landing new locations in Ohio with the help of Goodman Real Estate Services Group LLC. Out-of-state restaurant franchises have been looking to Ohio and surrounding Midwest states to expand and create new opportunities for growth. Dave’s Hot Chicken is actively looking to open 28 locations in the Midwest, with plans for 15 locations in Indiana, and 13 in Columbus, Ohio.
 
Goodman Real Estate agents Daniel Clark, Vice President and Manager, Columbus Office; and Chad Hamrick, Senior Director, Columbus Office, have been assisting the Dave Diggity LLC franchisee in finding prime tenant space in the Columbus area. The Nashville-style restaurant was started by best friends Dave Kopushyan, Arman Oganesyan, and Tommy and Gary Rubenyan in an East Hollywood parking lot in 2017. Since then, they have perfected their hot chicken recipe to satisfy customers in California, Toronto, Oregon, Nevada, Colorado, Texas, and soon Ohio and Indiana. They specialize in mouthwatering hot-chicken sandwiches and tenders, along with homemade sides and secret sauce. Already secured Dave’s Hot Chicken locations in Columbus are anticipated to open as soon as late 2021 or early 2022. For leasing opportunities and more information on remaining space please contact Daniel Clark at This email address is being protected from spambots. You need JavaScript enabled to view it. or Chad Hamrick at This email address is being protected from spambots. You need JavaScript enabled to view it..
 
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Landlord Spotlight: Zeisler Morgan Properties Ltd.

Zeisler Morgan Properties Ltd. is a privately-owned, full-service shopping center development company headquartered in Cleveland, Ohio. Ridge Park Square, a 564,000 SF shopping center with approximately 50 tenants, is among their most notable assets.
 
For seven years, Goodman Real Estate Services Group LLC agents, Zack Sogoloff and Seth Marks, have served as the leasing team for Zeisler Morgan’s 900,000 SF, Class A shopping center portfolio in Northeast Ohio. Bi-weekly meetings, monthly leasing reports, premier marketing tactics, and strong communication with all parties have been the backbone of this relationship. Zack and Seth work directly with Goodman's marketing team to attract best-in-class tenants and ensure that all properties within the Zeisler Morgan's portfolio maintain high occupancy levels. This process has created numerous successful tenants, which include Ross Dress For Less, Starbucks, Bank of America, Chase Bank, Dollar Tree, Taco Bell, Five Guys, and more.
 
"ZM’s relationship with Goodman is in its 7th year now which says a lot about how we have found an excellent formula for working together as a unified team. Above all else, it is Goodman’s knowledge, experience, and client focus, that we value the most."
-Shannon Blackwell, President & Chief Operating Officer at Zeisler Morgan
 
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Goodman Real Estate Introduces Lease Renewal and Restructuring Program

Many tenants today do not have the staff, time, or industry insight to concentrate on lease renewals or restructurings. For our clients, we provide thorough analysis of their leases and offer strategy and advice to develop and achieve short-range solutions or long-range real estate planning.
 
Businesses needs change over time. We educate ourselves on our customers' current requirements and advocate on their behalves with their landlords to effectuate the change required by their current business model.
 
Whether it’s restructuring leases for savings, securing capital for improvements, lengthening terms, handling dispositions, or solving other problems, we have the industry knowledge and expertise to offer tenants comprehensive guidance on their leased property.
 
To learn more about our lease renewal and restructuring program, please contact Larry Klein at 216-381-8200 and at This email address is being protected from spambots. You need JavaScript enabled to view it..
 
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Car Wash Wars

The car wash industry proves to withstand the negative real estate impacts that came with COVID-19. It is a solid example of necessary brick and mortar real estate that cannot be replaced by the internet. Car washes are shifting towards a subscription-based membership program, much like a fitness center, to guarantee revenue, create loyalty, and decrease long-term income risks.
 
With the increased interest of real estate investors in the car wash business, corporate and franchised companies are looking to turn what is typically identified as a locally owned specialty, into a multiple-location chain business.
 
Dozens of these corporate car wash companies are looking to enter and expand into the Northeast Ohio market. These companies have quickly realized that they need to compete for real estate and fight for each and every site. The demand for car wash sites is extremely high, while the supply of high-traffic real estate in densely populated markets is low. Landing in the market first with multiple locations will help push one car wash brand ahead of the other. Investors and operators are more willing to pay premium prices to outbid their competition on the best commercial real estate to secure market dominance.
 
 
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Net Lease Assets for Sale

Since the start of the pandemic, net-lease real estate has gone through a time of uncertainty while investors determine how the market will shift. However, during this time of hesitation from investors, the market for investment grade, single-tenant assets has remained strong. Credit tenants contain a credit rating of BBB- or higher from credit rating agencies such as Standard & Poor’s and Moody’s. Private and institutional investors view these assets as less risky while producing stable returns.
 
The Goodman Investment Group has closed numerous single-tenant net-lease assets since the start of the pandemic that contain a strong credit rating. Recently, the Goodman Investment Group sold an off-market Walgreens to a West Coast- based private buyer at full ask price for a repeat client.
 
Please inquire directly with Kyle Hartung or Jeff Sabo for information regarding other net-lease assets for sale.
 
This email address is being protected from spambots. You need JavaScript enabled to view it.
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Rural King Relationship Continues to Thrive

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.

 

 

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Drive-Thru Experience - Changing the Game of Quick-Service Restaurants

In wake of the COVID-19 pandemic, the importance of quick service restaurants having drive-thrus soared in 2020. While many dine-in services remain closed or limited capacity, research shows that drive-thru windows are not only here to stay, they are rapidly growing. Restaurants are starting to see the benefits and results of elevating the ordering experience. Many Chick-fil-A locations revamped their hospitality service design by investing in dual-lane drive-thrus to handle the large capacity of customers. A new and evolving alternative is the pick-up lane or walk-up window option. 

 

Starbucks has introduced a drive-thru-only model that incorporates a special walk-up window for customers ordering through the Starbucks app. Restaurants like Chipotle and Wingstop, who have historically been sit-down, are now introducing pick-up windows for customers to grab their food and go. Several restaurants incapable of accommodating the new trend are actively seeking fresh locations that will allow them to offer customers a seamless drive-thru or pick-up experience. 

 

In the last year, Goodman Real Estate Services LLC has completed 36 drive thru deals with clients such as Starbucks, Chipotle, Chick-fil-A, Dairy Queen, Slim Chickens, and Panda Express. It is estimated that 55 more transactions are to come in 2021. As quick-service experiences change over time, one thing is certain: every client of Goodman Real Estate Services LLC wants to provide the best possible experience for their customers.

 

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Chipotle's New Location in Defiance, Ohio

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

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

#restaurantnews #restaurantindustry #hospitality #realestate

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The Greens of Lyndhurst - Berg’s Baby & Teen Furniture Celebrates Centennial

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

 

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Starbucks NOW OPEN in Groveport, Ohio

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

 

 

 

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Earth Fare Now Open at The Venue at Belden

Earth Fare reopens at The Venue at Belden!
 
The supermarket closed all of its locations in February 2020. A team of current and past Earth Fare professionals reclaimed the brand and revitalized the top-performing stores. Due to its prior success in the market, the Earth Fare in Canton, Ohio, reopened in December 2020.
 
Earth Fare rejoins T.J.Maxx, HomeGoods, Kirkland’s and more at The Venue at Belden. The shopping center is situated directly across the highway from Belden Village Mall and has excellent visibility and access to I-77. Randy Goodman, President at Goodman Real Estate Services Group LLC, represented the landlord in this transaction.
 
To join Earth Fare at The Venue at Belden, contact Randy Goodman for current opportunities.
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
 
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Real Estate Partner: PNC Bank

Today, banks recognize that branches are a high-cost distribution channel. The banks strategically look for ways to consolidate their branch locations that provide the least amount of customer disruption.
 
PNC recently announced that they will close several more branches in their portfolio. Due to the effects of the coronavirus, more consumers are turning to digital banking. Many customers are visiting branches less often due to the availability of technology. The banks hope to see that their digital sales compensate for the loss of the brick and mortar locations.
 
Goodman Real Estate Services Group LLC has worked as an outsourced real estate partner with PNC Bank since 2013 and has completed more than 15 transactions. Our responsibilities include negotiating leases for remote ATMs and the sale of PNC-owned bank branches as well as the sub-leasing of surplus properties and lease terminations.
 
For more information, please contact Steve Altemare.
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
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Smoothie King Now Open in Painesville, Ohio

Smoothie King is NOW OPEN at 1188 Mentor Avenue in Painesville, Ohio!
Zack Sogoloff, Senior Vice President; and Seth Marks, Senior Associate at Goodman Real Estate Services Group LLC, represented the landlord in this transaction.
 
Hours of Operation:
Monday - Friday: 6:30 a - 9 pm
Saturday: 8 a - 9 pm
Sunday: 10 a - 8 pm
 
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Anytime Fitness NOW OPEN in Cambridge, Ohio

Anytime Fitness is NOW OPEN in Cambridge, Ohio. Located in Parkway Plaza, Anytime Fitness joins other major retailers and restaurants including Rural King (coming soon), Starbucks, Chipotle, Great Clips, Dollar Tree, Cato, Taco Bell, Burger King, Walmart, Aldi, Curves, Buffalo Wild Wings, Arby’s, Tractor Supply Co, and more!

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
 
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Be Thankful!

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

 

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Slim Chickens to open more than 50 locations in 2021

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

 

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Mentor, OH - Heisley Pointe Transformation - From Construction to Completion

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.

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The Newly Opened Glick's in Mattoon, IL

 
Glik's opened last month in Mattoon, Illinois! Glik's joined Rural King, Marshalls, JoAnn, JCPenney, and McQuarter's Pub at Cross County Mall, as well as The Home Depot, Walmart, AMC Theatres, PetSmart and many other retailers within close proximity to the mall. For additional opportunities at the Cross County Mall, contact Bobby Benjamin or Alex Justice.
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T.J.Maxx Coming to Alliance, Ohio

T.J.Maxx is currently under construction in Alliance, Ohio. Opening in Spring 2021, T.J.Maxx will join Dollar Tree, Verizon, Sally Beauty and Sleep Outfitters just outside Carnation City Mall at 2600 West State Street.
Randy Goodman, President, and Alex Justice, Sales and Leasing Associate at Goodman Real Estate Services Group LLC, represented T.J.Maxx in this transaction.
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Five Guys Now Open at The University of Akron!

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.

 

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