Rising from the ashes of 2008, retail properties in the commercial real estate market are starting to recover. Developers and retail shop owners alike are spending more of their time and money on existing properties instead of on new retail locations. By enhancing their existing facilities they are seeing an improvement in their investment. Improvements range from a simple renovation to a complete redevelopment.Greystone South Shopping Center
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| Greystone South Shopping Center, owned and managed by Block Real Estate Services |
This property was an excellent candidate for redevelopment because of its densely populated and well established area of Lenexa, making it a perfect location for successful retail tenants.
Before 2008 the focus for owners and developers had been on new developments causing some properties to become neglected, rundown and outdated.
The latest renovations for Greystone included:
- New tower features
- New mansard roof
- New column features
- New LED lighting
- New parking lot, curbs and sidewalks
- New landscaping with irrigation system
- New signage
- Coming soon, pad site opportunity.
And is now home to:
- Parker Payne, Inc. a floral and interior home store which will open in November of 2014-who took a total of 7,300 SF
- Arris' Pizza, a Greek pizza restaurant which was founded in Jefferson City, Missouri. They will be opening their first Kansas location (5,000 SF) in December of 2014 adding to the growth Greystone is seeing.
Redevelopment can add benefits such as:
1. Bringing new life into neglected properties.
2. Increase your lease-up opportunities by attracting new types of tenants
3. Provide opportunities for more diversified tenants
4. In many cases the cost of redeveloping is much more cost effective than new construction.
Before these renovations Greystone wouldn't have been considered by retailers such as these.
Even with the retail market returning, the industry is seeing a trend of retail chain owners choosing to direct their money to the improvement and maintenance of their existing locations over the development of new sites. Block Real Estate Services, LLC (BRES) is working on many sites in the Kansas City area to give them a new life. If you are interested in locating a retail location, or are looking for a site to develop, contact a BRES associate for more information.
Contributor:
Kim Bartalos, CLS
Vice President of Retail Leasing
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