Finding a 31-Flavor Lease
The Metroplex’s retail occupancy climbed to a record high level in Q1 at 92% and while that’s good news for landlords, it can wreak havoc on the smaller tenants, says NAI Global SVP Joe Cicardo. So, when landlords are dealing with the last 5% to 10% of their centers, they’ll lean toward the national tenant over a small local owner if given the option. Such was the case for a Baskin Robbins in Preston Center. Joe (here with his daughters) repped Baskin Robbins in the search for a new location. He found the franchisee a spot nearby (but it took more than a year to find the right one). Joe says the owners’ long operations, credit history, and national brand benefited them. (Plus they were offering 31 flavors.) There's a place in shopping centers for the mom and pops, but they need to meet a continuous demand for a neighborhood service (dry cleaners, nail salons, etc).
