Sunday, September 1, 2013

Retail Update September 1, 2013

I'm all about taking short cuts..... So while I would love to elaborate on all the exciting progress we've made in recent retail growth, I'll instead provide the following email I sent to an area representative for Harbor Freight Tools, as inspired by Mike Hernandez in our Laveen FB group. The only major development that comes to mind that I missed in this email is the opening of Sinbad's Grocery, just outside Laveen in SoMo (27th Ave. & Baseline) -- go check it out on a weekend, when they have huge spreads of prepared Middle Eastern food available for take-out or (standing) dine-in. We also just got Chipotle and Barro's Pizza, both near Fry's at 51st Ave. & Baseline, so we are finally getting more dining options!

Without further ado, here goes (please let me know what I might have missed):

To: Chris Malherbe
cmalherbe@ngkf.com
(405) 306-7774
http://www.harborfreight.com/real-estate.html

As a former regional director for Choice Hotels International, I know how challenging it can be to manage a large territory and constantly keep up with every corner of every market (mine was essentially "the West" at one point). Therefore, I hope you are as receptive to local insight as I always was in that role, especially if it makes your job a little easier in identifying ideal submarkets with solid locations available. So I have one for you: 

Laveen Village Center, NWC of 35th Ave. & Baseline
Managed by Hinkson Company, LLC
Property Flier: http://hinksoncompany.com/13_0506_laveen_vlg_marketing.pdf
Space available: 15,600 sq ft in-line with monument signage in a newer shopping center

Other major tenants: Big 5, 99 Cents Only, Big Lots, Circle K, Wendy's (just announced), and several local businesses

Key demographics (from property flier): 
1 Mile: 10,685 population, $68,915 avg income
3 Mile: 60,508 population, $72,206 avg income
5 Mile: 146,657 population, $61,764 avg income

Traffic (from property flier):
Baseline Road  29,275 CPD
35th Avenue 17,813 CPD

More about the area:
  • Proven demand: Home Depot located 2 miles west at 51st Ave. & Baseline, Lowe's located 2 miles east at 19th Ave. & Baseline.
  • 1, 3, 5-mile radii can be misleading; as you can see from the street/freeway configuration and the area's population growth, There is a rather large residential population located to the south and west (85339 ZIP) that travels Baseline Rd. for their daily commute, many of whom turn north on 35th Avenue or 19th Avenue, toward downtown and the large government complex located directly north-northeast of this site.
  • Large population to the east in ZIPs 85041, 85042, 85040 may also be drawn to this location.
  • Large industrial area to the north and interspersed ranch/agricultural properties indicates significant likelihood that lifestyle/psychographic analysis will yield a sizable DIY market, where Harbor Freight will likely thrive.
  • C-A-L Ranch is currently opening a location 1 mile north (35th Ave. and Southern) to reach a similar demographic. 
  • This site has direct visibility to the large municipal area directly across the street: park, library, golf course, and school(s); this means great weekday and weekend traffic/visibility

Please let me know if you have any additional questions about the area. I am passionate about this part of town and involved with a great group of like-minded volunteers who come from professional backgrounds and are able to help provide more contextual area information, (besides that readily available to you through ESRI and CoStar reports). This could be helpful if your client, Harbor Freight, decides to pursue this option further. I think it's a slam dunk for you, and this shopping center's owner/manager are working to get deals done quickly, so please do look into it as soon as possible. 

Best regards,

Patrick T. Brennan
@Home Properties and Management
http://www.patrickbrennan.us
Direct | 480.559.9429
Fax | 602.467.3165

1 comment:

Odisha Real Estate said...

This is very informative post. Thank you so much for sharing.
Odisha Real Estate