By Bill Jeansonne, Commercial Investment Specialist for Saurage Rotenberg Commercial Real Estate | June 14, 2016
From the standpoint of investors in the southern Louisiana market, breakups of big box retails are an occasional event. But local real estate retail investors can take a few pointers from adjustments made in other markets.
Several comments concerning inevitable adjustments apply to most retail space investors in the article “Big Box Breakup” subtitled “Retail experts puzzle out shrinking store footprints and excess space” by Beth Mattson-Teig which appeared in the May/June issue of Commercial Investment Real Estate.
· Some of the biggest challenges in re-leasing are knowing what size spaces are in greatest demand.
· One solution is to divide a larger space — flexibility of construction becomes a key
· Retail industry is in transition — tenant needs are often evolving
· An overabundance of vacant space may be on the market
· Older building may require consideration of alternative uses.
· Changes in the trade area may be necessary to target suitable tenants
Finally, the loss of a primary tenant “may be a catalyst for revamping” an entire retail center allowing the owner to “review all leases and re-merchandise the property with a better tenant mix.”
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Bill Jeansonne, a native of Alexandria, Louisiana, received both his undergraduate degree and master’s in business administration (MBA) from Louisiana State University (LSU). Bill has 18 years experience in the commercial and industrial real estate business and 14 years experience in commercial and industrial warehouse design and sale of handling equipment. His specializations include commercial and industrial development, brokerage, and leasing, as well as lease negotiations and tenant build outs.
A Designee member of the Certified Commercial Investment Member Institute (CCIM), Bill’s professional memberships include Baton Rouge’s Commercial Investment Division(CID), the LSU MBA Alumni Association, a founding member of the board of managers for the Louisiana Commercial Data Base (LACDB), a member of Louisiana REALTORS®(LR), a member of the National Association of REALTORS® (NAR), and a member of the International Council of Shopping Centers (ICSC). Bill has also served as a president of CID, a chairman of the CID Trends Program, a chairman of the LSU MBA Alumni Association Louisiana Looking Up Program, and on the Baton Rouge Area Chamber (BRAC) Trends committee. His current civic affiliations and past service include board chairman of the Baton Rouge Speech and Hearing Foundation, president of the Capitol SERTOMA Club of Baton Rouge. He is currently a member of the Cadets of the Ole War Skule, an alumnus of Omicron Delta Kappa (OΔK) and a member of the Lakeshore Lions Club.
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; theBaton Rouge Growth Coalition; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers(ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute(CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).
