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H2 2020 Retail

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Retail fundamentals showing signs of distress

Key Takeaways:

  • Henrico County has approved plans and has proceeded with next steps for an indoor sports complex at Virginia Center Commons. The county sanctioned $8.3 million to purchase 25 acres of land to develop the 4,500-seat center containing 12 basketball courts. Final approvals are slated for June of 2021.
  • JC Penney closed their store in Regency Mall and sold the building to the developers, Rebkee and Thalhimer Realty Partners for $3 million. Although plans have not yet been made for the space, the mall has made strides to adapt to the shift in consumer preferences for experiential retail, as the mall introduced its first new anchor in October - an indoor trampoline park.
  • Burlington and Hobby Lobby have signed on to anchor Bermuda Square Shopping Center in Chesterfield. Both stores opened at the end of the year. These moves highlight the increase in activity of discount retailers in the market. Brands such as TJ Maxx, Marshalls, and Ross have become increasingly popular during the pandemic as the economic uncertainty has increased the price sensitivity of shoppers. 

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H2 2020 Retail

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Related Experts

Peter Vick

Senior Vice President

Richmond - North

As Senior Vice President and Co-Director of the Retail Services Team, Peter Vick specializes in site selection, tenant and landlord representation, land sales and investment sales.

Peter has handled project leasing for existing and ground-up developments. Recent signature assignments include West Broad Village, The Row at GreenGate, Libbie Mill Midtown, and Winterfield Crossing, all mixed-use projects located in Richmond, VA. He has handled the disposition of numerous commercial investment sales that include grocery anchored shopping centers as well as single tenant NNN sales. Working with numerous local and national retailers, Peter has been involved in the leasing of over three million square feet of commercial space and the disposition/acquisition of over $300M in sales.

Peter is responsible for the leasing of a portfolio consisting of four million square feet of retail space throughout Virginia for clients that include, Sauers Properties, Site Centers, Markel Eagle, Rebkee Properties, Gumenick Properties, Blackwood Development, Spy Rock Real Estate Group, Sugar Oak Properties, Riverstone Properties, Colterra Capital, Pruitt Companies, Frontier Development, W.S. Carnes, Premier Companies and numerous other local, Regional and National Landlords and Developers. Additionally, Peter is part of the Colliers team that overseas the National retail expansion of LL Flooring (Lumber Liquidators).  

Prior to joining Colliers, Peter was Senior Vice President of Retail Sales and Leasing at Divaris Real Estate in Richmond, VA. Before that, Peter began his real estate career in 2008 with The Wilton Companies in their third-party brokerage department. In 2010, he joined NAI Eagle as a founding partner and principal.

 

Notable Tenant Transactions
• Lidl
• Bloomin’ Brands
• Diamonds Direct
• Golfsmith
• Crunch Fitness
• Verizon
• TitleMax
• Burger King
• McDonald’s
• Mellow Mushroom
• Richmond Restaurant Group
• EAT Restaurant Partners
• Starbucks
• Xfinity
• Kona Grill
• Cook Out
• Zaxby’s
• Chipotle
• First Watch
• Hand and Stone
• Bon Secours
• Venture X
• VA ABC
• Food Lion
• Crunch Fitness
• Hibbett Sports
• Chipotle
• Panda Express
• Lumber Liquidators

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Harrison Hall

Senior Vice President

Richmond - North

As Senior Vice President and Co-Director of the Retail Services Team, Harrison specializes in retail site selection, landlord and tenant representation, land assemblage, land sales and investment sales.

His intimate knowledge and experience in the industry has afforded opportunities to work with tenants including Whole Foods, Lidl, Bloomin’ Brands, Diamonds Direct, Golfsmith, Crunch Fitness, Verizon, TitleMax, Burger King, McDonald’s, Rite Aid, Mellow Mushroom, Richmond Restaurant Group, EAT Restaurant Partners, Starbucks, Xfinity, Kona Grill, Cook Out, Zaxby’s and many other high profile national and local tenants. He has also worked on both the acquisition and disposition side of numerous investment sale transactions varying from grocery-anchored retail centers to single-tenant, triple-net properties. Harrison has been involved in the leasing of over four million square feet of commercial space and the disposition/acquisition of over $300M in sales.

Recent signature assignments include West Broad Village, The Row at GreenGate, Libbie Mill Midtown and Winterfield Crossing, all mixed-use projects located in Richmond, Virginia.

Harrison began his commercial real estate career in 2003 working for The Shopping Center Group. In 2005, he joined the Wilton Companies and assisted in creating their Third-Party Brokerage Group. After five years, Harrison left the Wilton Companies to become a principal and founding member of NAI Eagle, a full-service real estate firm specializing in retail and mixed-use real estate. Most recently, Harrison was Senior Vice President of Retail Sales and Leasing at Divaris Real Esate in Richmond, VA.

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Robby Brownfield

Senior Vice President

Richmond - North

Robert Brownfield has been a member of the Retail Brokerage Services Group since 1996 and earned his associate broker's license in 2002. He works in landlord and disposition services as well as tenant representation, market analysis and retail property and investment sales.

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Rob Black

Senior Vice President

Richmond - North

Mr. Black has over 30 years of experience in the commercial real estate industry as a manager and broker. He primarily focuses on Tenant representation and site sourcing. Mr. Black has completed a number of Investment Sales transactions. Previously, he was Director of Retail Leasing for Robinson Sigma Commercial Real Estate. Mr. Black was also Senior Vice President and Director of Retail Services for CBRE|Richmond. He is presently Senior Vice President with Colliers International. He has received production awards for the last 17 years. Mr. Black was a Top 10 Producer for the Richmond Office in 2008, 2010 and 2016. He was awarded the GRACRE Retail Deal of the Year for 2014 and 2016.

  
Rob is presently working with CMX, Cinebistro and Cobb Theatres securing sites in the Southeast. He exclusively represents Discount Tire, Floor & Décor, Sola Salons, Capital One, NAPA, Haverty’s, Boot Barn, and Second Charles for expansion in Virginia.

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Chris Doyle

Senior Vice President

Richmond - North

Chris Doyle has over 33 years of experience in the commercial real estate industry, the last 25 as an Associate broker.  His primary area of expertise is site selection for local, regional and national retailers and developers as well as implementing all aspects of retail shopping center development.  During Chris' 33 years in the industry, he has consummated over $400 million in sales and leases.  

Chris has involved himself in the brokerage, leasing and/or development of over 40 shopping centers from Virginia to Florida.  Previously, he was Vice President for the Richmond office of Trout, Segall and Doyle from 1993 to 1996.

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Madison Spear

Associate

Norfolk - Main

Maddy Spear joined the Retail Leasing and Sales Team as an Associate, following her graduation from the University of Mary Washington with degrees in Business Administration and English. In the Summer of 2017, Maddy interned with the firm and through this experience she was able to partner with all service lines within the Hampton Roads office. Currently, Maddy travels between Richmond and Hampton Roads and is very familiar with both markets.

In 2019, Maddy and another associate leased 15 spaces in two months at Lynnhaven North, a 173,191 square foot center in Virginia Beach. They back filled 2 box spaces (totaling over 68,000 square feet) that has been vacant for 1 and 3 years respectively.

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Hamilton Shaheen

Associate

Richmond - North

Hamilton specializes in general tenant and landlord representation.  Hamilton assists private clients, regional, and national firms in selling, acquiring, and identifying land development opportunities for a variety of uses including industrial, retail pad sites, mixed use, and multifamily.

Prior to joining Colliers, Hamilton worked for Marcus & Millichap in their San Diego office located in La Jolla, California. Hamilton provided value to a top multifamily investment sales team as a financial analyst and researcher. He gained significant exposure working alongside a team that specialized in the selling of multifamily apartment buildings in San Diego County, as well as facilitating clients' 1031 exchanges into like-kind properties such as apartments, triple-net, retail, and mobile home properties.  Additionally, he was involved in the process of providing valuations for properties both nationally and throughout San Diego County.

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Will Bradley

Executive Vice President

Richmond - North

Will Bradley is an Executive Vice President for Colliers International specializing in investment sales across the country. With over 15 years of experience and $1+ billion in sales, Mr. Bradley brings a holistic strategic approach to his client’s goals and needs facilitated through a highly sophisticated and creative process that provides unparalleled results and long-term, multi-transactional relationships. 


Mr. Bradley’s relationships with a wide composition of capital from institutional to high-net-worth and experience transacting across a variety of asset types including office, industrial and flex assets provide him a unique perspective in today’s capital markets. Prior to joining Colliers International, Mr. Bradley spent a decade with CBRE where he grew from the region’s sole analyst to its #1 producer.

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Mark Williford

Senior Vice President

Richmond - North

Mr. Williford specializes in investment sales transactions nationally with a primary focus on the Mid-Atlantic and Southeast and brings an unparalleled level of passion and expertise to the business. With 10 years of commercial real estate experience, he has successfully represented private, high-net worth and institutional clientele in the successful disposition of industrial, office, retail and mixed-use assets totaling over $1.2 billion across 10 states. 


Prior to joining Colliers International, Mr. Williford was a Director at HFF in Denver, Colorado, one of the largest and most successful commercial real estate capital intermediaries serving the United States and Western Europe. Prior to joining HFF, Mr. Williford was a leasing broker with SullivanHayes focused on tenant and landlord representation, where he completed more than 500,000 square feet of lease transactions. 

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