Real Estate Investment
Kimco Realty Corporation | August 25, 2023
Kimco Realty® North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, today announced the acquisition of Stonebridge at Potomac Town Center, a 96%-occupied, 504,000-square-foot, grocery-anchored lifestyle center in Woodbridge, Virginia, for $172.5 million.
The center, which has an estimated population of over 230,000 people and an average household income of $125,000 within a five-mile radius, is anchored by a 138,500 square foot Wegmans, one of the state's top-ranking grocers with a trade area of 40 miles, and the only Apple store in the greater trade area. The center's diverse tenant mix features a complementary blend of leading national brands, including REI, Ulta Beauty, Starbucks, Cava, Firebirds Wood Fired Grill, as well as a variety of local shops which include boutique fitness, personal services, restaurants and medical uses.
"We’re excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “This center boasts a robust growth profile that will complement and solidify Kimco’s position as the leading retail player in the suburban Washington D.C. market.”
This acquisition presents a variety of growth prospects, including the potential to develop three outparcel retail buildings, increase density through mixed-use development, and enhance the existing merchandising mix through the recapture of below market leases.
Strategically located at the intersections of I-95, Dale Boulevard, Route 1, and Opitz Boulevard, the center benefits from 5.5 million annual visits, ranking in the 97th percentile nationally. Construction of a municipal park and ride garage adjacent to the center demonstrates continued government investment in the area and is expected to drive additional traffic upon its completion in mid-2024.
About Kimco Realty
Kimco Realty is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of June 30, 2023, the company owned interests in 528 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space.
Real Estate Technology
Business Wire | September 01, 2023
American Real Estate Partners announced a partnership with Unstuck Labs, an award-winning tech accelerator and mobile app developer that works with early-stage startups, founders, and innovation programs. United by a shared goal of providing environments for people to feel and perform at their best, Unstuck Labs chose one of AREP’s custom-designed SuiteX office spaces for its new startup studio location at the company’s newly transformed Rosslyn City Center (RCC) in the heart of Arlington, Virginia. And every week, RCC will be home to Unstuck Tuesdays, a free workshop for the brave, curious entrepreneur looking to level up.
“We are incredibly proud to partner with Arlington Economic Development, Rosslyn BID and Unstuck Labs to support and bring new businesses to Rosslyn,” said Paul Schulman, Principal and COO at AREP.
RCC isn’t your typical office building. With innovation and technology ingrained in its DNA, AREP developed RCC to accommodate the ever-changing customer and digital landscape, incorporating prop tech to elevate the tenant experience. RCC offers tech-advanced workspaces that foster innovation and connectivity and leverages broader tech partnerships like Wired Score, Datawatch and VTS to better serve and understand its customers. Each tenant has exclusive use of AREP’s award-winning tenant engagement app AREPx to seamlessly access exclusive events and programming, building features, and amenities in and around the building.
Unstuck Labs’ jargon-free, no-fluff approach to accelerating startups’ growth and commitment to building a learning community of passionate founders who help each other succeed perfectly aligns with AREP’s mission. And there’s no better place for the two companies to lock arms than the gateway to the nation’s capital. Ranked No. 3 on Niche’s list of Best Cities to Raise a Family in America and No. 5 on its list of Best Cities for Young Professionals in America, Arlington has emerged as one of the nation’s premier destinations for new businesses, especially in the technology field. RCC’s prime location in the heart of Rosslyn coupled with its unapologetic customer-first philosophy and world-class amenities make it a premier destination for growing businesses - not to mention its location above one of the Washington region's busiest Metro transit stations, providing seamless access to the wider DMV area.
"You know, at Unstuck Labs, we're not just about lighting up creativity or speeding up innovation. We're about dreaming big, about building a future where ideas have no limits, and RCC? Well, it's the perfect place for us to make this happen," said Wa'il Ashshowwaf, CEO and Co-founder of Unstuck Labs. "Just think about it.
We're right in the middle of this amazing hub, with big-name corporations and top universities as our neighbors. We're surrounded by incredible talent and folks who are just as eager to make a difference as we are. And our new spot at RCC? It's not just an office with a killer view, it's a place where dreamers and doers come together. After a day of shaping the future, we can kick back at the Assembly Food Hall, get our sweat on at Gold's Gym, or just jump on the Metro and be home in no time. It's all part of the journey. We're super excited to be a part of the Rosslyn BID and Rosslyn City Center community, and together, we're going to make a future where every idea has the potential to change the world. And you know what? We can't wait to get started."
“Rosslyn is attracting innovators from all over the country, and RCC is the epicenter of it all,” said John Chesley, AREP’s MD Asset Management. “More and more tech companies are choosing AREP because we offer connectivity, accessibility, and world-class amenities in bustling, walkable communities. And with a prime location in one of the nation’s top cities for startups and incubator businesses, RCC provides companies like Unstuck Labs with everything they need to grow their business and thrive.”
"Arlington has always been an excellent location for tech companies to grow and thrive, and the region's local tech startups are some of the most innovative in the nation," said Michael Stiefvater, Acting Director of Arlington Economic Development's Business Investment Group. "The resources of Unstuck Labs will allow for some of these early-stage startups to collaborate and expand on opportunities available locally. We are proud to support Unstuck Labs in Rosslyn via the Arlington Innovation Fund.”
“Rosslyn is designed to help companies like Unstuck Labs plug into an ecosystem in a prime location with business amenities and connections that support growth and expansion at any stage,” said Mary-Claire Burick, president of the Rosslyn Business Improvement District (BID). “When I met the Unstuck Labs team, I knew that their commitment to dreaming big and building the future of innovation would be an asset to Rosslyn and, in turn, could help them thrive and excel within our connected and vibrant neighborhood. I can’t wait to see what the future of this relationship will hold.”
ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis in key markets along the East Coast.Since the company’s founding in 2003, AREP has deployed over $5.3 B across targeted geographies, acquired more than 21 million SF of Class A real estate, and currently oversees over 10 million SF. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors.
ABOUT UNSTUCK LABS
Unstuck Labs is an award-winning digital agency, venture-building studio, and hyperlearning community based in Arlington, Virginia. Founded by a team of career professionals turned entrepreneurs, Unstuck Labs helps early-stage startups and innovation programs to validate ideas, build products, and launch ventures. Unstuck Labs offers a range of services, including mobile and web development, branding and marketing, pitch decks and fundraising, and advisory and mentoring. Unstuck Labs also runs a 12-week startup studio program that provides hands-on support, deliverables, and perks to selected founders.
Mortgage and Lending
PR Newswire | August 24, 2023
RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, announces a groundbreaking relationship with the CCIM Institute, the premier provider of commercial real estate education. This collaboration, unveiled during the 2023 RE/MAX Broker Owner Conference, opens up new possibilities for growth and success for commercial brokers and residential agents interested in expanding their expertise.
RE/MAX® affiliates can now access the comprehensive educational resources at discounted rates through RE/MAX University® and the CCIM platform. The courses range from foundational knowledge for beginner agents to advanced topics for seasoned brokers.
RE/MAX provides a wide variety of educational opportunities that enable agents to expand their knowledge and stay cutting-edge. "At RE/MAX, we support the growth and development of our affiliates, and this relationship with CCIM is a testament to that dedication," said Shawna Gilbert, Senior Vice President of RE/MAX Global and Commercial. "We recognize the growing demand for expertise in commercial real estate, and through this alliance we offer our agents and brokers unparalleled access to valuable education and resources."
With CCIM Institute's offerings integrated into RE/MAX University, learners can conveniently engage with the courses at their own pace and on their own time. Broker/Owners can track their agents' progress, fostering a culture of continuous learning and development within their offices.
Aside from the new education CCIM Institute will provide, real estate professionals who are interested in commercial real estate can attend the 2024 RE/MAX Global Commercial Symposium from June 10 – 12 in Tampa, Florida. The annual event provides agents with insights from leaders in the commercial space and ample opportunities for networking.
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities.