By Scott Lynn
This time next week, commercial real estate players will be gathering in Vegas for the annual RECON/ICSC. The convention begins on Saturday and runs through next Wednesday. Over 35,000 participants are expected, but there will be many more than that after you count all the meetings and parties at the various Vegas venues.
For years, the convention participants consisted of shopping centers and retail. Today, the lines are blurred more than ever as shopping centers have morphed into mixed-use urban gathering hubs that include office, multi-family, entertainment, hospitality, and even healthcare components.
The internet and smart phones are changing the retail platform. The concept of “Show Rooming” is evolving and is likely to turn into a collaboration between retail and industrial developers seeking a “same-day delivery” shopping integration via phone or iPad. The new retail platform is downsizing: getting more sales out of less space. These trends are impacting the way commercial properties are being underwritten by capital producers and investors.
With the crossbreeding occurring between all the commercial real estate sectors, wouldn’t it be nice if we could combine all the CRE property specialties into one big Super Show? RECON/ICSC is as close as it gets in terms of attracting worldwide participants and appealing to the broadest mix of property disciplines.
Metropolitan Capital Advisors (MCA) will be set up at C192 G Street with four of our Senior Directors available to meet with CRE sponsors, developers, property owners, and capital providers. Our Team members are well-versed in everything retail from a capital market’s perspective. Since last year’s RECON/ICSC, MCA has closed over $350 mm in commercial retail property transactions, including acquisition loans, construction debt, mezzanine financing, and equity placements.
The market is evolving quickly with the focus beginning to turn to new, ground up development, although there is plenty of activity in the existing property space, driven by a favorable interest rate environment, numerous debt options, and good equity-seeking opportunities. To schedule a time to meet, email us at firstname.lastname@example.org, call us at 972-267-0600, or stop to see us at our booth (C192 G Street). Have a great convention!