OLSHAN SHARES INSIGHTS ON PORTFOLIO PERFORMANCE
May 24, 2016 -- Retail transactions in the first half of the year are surging at Olshan Properties following a flurry of deal activity in late 2015, the private owner, developer and manager of mixed-used real estate reported.
Olshan said leasing momentum remained strong throughout its national commercial portfolio during the past six months and that its core retail portfolio continues to exhibit resilience despite the increasingly uncertain economic outlook that characterized the start of the year.
“Compared to the first quarter of 2015, our total leasing volume based on the number of retail transactions increased by approximately 24% during the first quarter of 2016 and much of that activity was generated by a flurry of late 2015 deals,” said Andrea Olshan, CEO of Olshan Properties.
Highlights from Olshan Properties’ retail portfolio over the past six months include the following transactions:
· At Bayshore Town Center in Glendale, Wisconsin, a new 17,000-sq.-ft. Old Navy store was constructed and officially opened in late 2015.
· At Kansas City’s Zona Rosa Town Center, Unite Private Networks (UPN), a provider of high-bandwidth, fiber-based communications networks and services, relocated its Kansas City headquarters office to Zona Rosa. The center also announced two new retail tenants to include Pure Barre and Google Fiber Store.
· The Shoppes at Webb Gin, located near Atlanta, GA, welcomed several new tenants, including Cigar Bar, Fuzzy’s Taco Shop and Orangetheory Fitness.
· The Greene Town Center, in Dayton, Ohio, announced new tenants, Ulta Beauty, J. Crew Mercantile, World of Beer, and Mattress Firm; in addition, Lululemon opened its doors for business in late 2015.
· At Mercury Plaza Shopping Center in Hampton, VA a new, 22,000-sq.-ft. Marshall’s opened in late 2015.
· In Midtown Manhattan’s Third Avenue at 60th Street, cutting edge fitness chain Flywheel recently opened a 4,500-sq.-ft. studio.
· At Siegen Lane Marketplace in Baton Rouge, La., bowling anchored entertainment chain Main Event Entertainment signed a 49,810-sq.-ft. lease for its first Louisiana location with plans to open for business in 2017.
· At Akers Mill Square, located in Atlanta, two new tenants signed leases – Bonefish Grill and Sport Clips.
“Our portfolio incorporates the strongest elements of each individual asset class into the properties that we own and operate, and, as a result, more than half of our retail properties are located in mixed-use environments,” Olshan said. “It is abundantly clear that this strategy resonates with our consumers and our tenants, both of whom see mixed-use environments as holding far greater growth potential than any single-use development could offer.”
-- By Mike Troy