Trade area, not the site
Population, income, drive-time capture, and competing supply set the rent ceiling. The site quality only determines whether you reach it.
Retail & Mixed-Use
Retail lives or dies on the trade area and the co-tenancy. We underwrite both before we underwrite the rent.
Retail is the least forgiving asset class to get wrong, because a weak trade area cannot be fixed by construction quality. We underwrite daytime and residential population, household income, drive-time capture, and competing supply before we take a view on achievable rent.
Mixed-use adds a second problem: the ground floor and the floors above it have different tenants, different financing, different parking demand, and different operating hours. We design and structure those layers so they do not fight each other — particularly on parking, loading, and vertical circulation.
What we build
- Grocery-anchored centres
- Neighbourhood and strip retail
- Pad and outparcel development
- Vertical mixed-use
- Live-work-play districts
- Restaurant and drive-thru pads
- Medical and service retail
- Adaptive reuse
How we underwrite it
Co-tenancy and anchor risk
Anchor covenants, co-tenancy clauses, and go-dark provisions can hollow out a centre's value without a single vacancy.
Parking and access
Ratio, circulation, and curb cuts are approval issues and leasing issues at the same time — they get resolved in entitlement or not at all.
Capabilities we bring
Every one of these is carried in-house by a principal, not referred out.
Co-GP, JV & capital partners
Build With Us
We structure joint ventures with operating partners, co-GP sponsors, and capital partners who bring proven track records. Outline your firm and the partnership you have in mind.