SUBJECT AREA - SITE SELECTION
Location. Location. Location.
We have all heard this expression. I believe it represents the 3 levels to identify and lease a premier site.
1. Trade area analysis: Have you made sure your ideal customer profile lives in the area and shops in this center? Does the area have retail synergy? Strong traffic counts? Numerous businesses with strong employee counts nearby?
2. Site Identification: Great Visibility? Ample and convenient parking? Full access curb cut? Proper square footage? What about “off market opportunities?” Has your “boots on the ground” broker researched these?
3. Deal Package Components: Term and Options? Tenant Allowance? Free Rent? Exclusive? Enough Build-out time? NNN defined? Relocation clause deleted? Percentage Rent deleted? Landlord Marketing Requirement deleted? Was “norm” requested within the LOI?