225,000 sq. ft.
The S. Hekemian Group has broken ground for The Shoppes at DePiero
Farm, a 225,000-square-foot lifestyle retail marketplace in Montvale,
New Jersey. The walkable town center is rising on the site of the iconic
28-acre DePiero farm. Its architecture and landscaping are inspired by
the region’s farming and equestrian heritage. A 140,000-square-foot
Wegmans supermarket will anchor the center, which will feature six
electric vehicle charging stations, walking and biking paths, dark sky-friendly exterior lighting and a green vegetative roof.
118,000 sq. ft.
Cresset has broken ground on renovations to 65 Grove Street in Watertown, Massachusetts, to appeal to creative of;ce and R&D tenants. The
118,000-square-foot building, which was originally constructed in 1945
as a three-story
of;ce, R&D and
facility, is being
updated to LEED-certi;able standards with a new
and a new 300-car
garage. The existing masonry exterior is being replaced with a glass curtain wall. All base
building renovations are expected to be complete by spring 2016.
socialize or relax in a large, two-story
open space with tables, comfortable
chairs and beanbag seating as well as
free Wi-Fi and discounts on pastries
and coffee for bank customers.
Roaming bank employees help people
conduct basic banking business.
Capital One uses this welcoming
approach — which it has expanded
to 10 other cafes in seven cities — to
introduce visitors to its brand, while
staff “soft sell” banking services like
loans and credit cards.
Despite all the talk about e-commerce
and how it has driven retail sales
during the current recovery, a study
published by the National Bureau
of Economic Research concluded
that warehouse clubs and supercenters like Sam’s Club and Costco
have played an even stronger role
than e-commerce in shaping retail
since 2000. The study found that
e-commerce and catalog sales combined grew by a factor of 10 between
1992 and 2013, moving from $35
billion to $348 billion in annual
sales. At the same time, sales in the
warehouse or supercenter category
grew by a factor of 10. 5, rising from
$40 billion to $420 billion.
Ray Wong, director of Americas
Research Operations for CBRE,
suggested that the big box format is
appealing “because you never know
what they will have; there is a surprise
each time you visit.”
Finally, participants discussed the
industrial sector. For an overview of
that presentation, see “Five Trends
That Will Shape the Industrial Sector
in 2016,” by Aaron Ahlburn, on the
following page. ■
By Margarita Foster, vice president, knowledge
and research, NAIOP, and editor in chief,
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