Big V Property Group’s Chief Revenue Officer, Kenton McKeehan recently joined JLL’s James Cook on his “Where We Buy” Podcast. This episode was recorded live at the JLL booth at ICSC Las Vegas 2022.
During this podcast, James Cook, the director of retail research in the Americas for JLL talks to Kenton about Big V Property Group’s recent acquisition of three retail ski villages: The Village at Stratton in Vermont, The Village at Snowshoe in West Virginia and The Village at Copper Mountain in Colorado.
CLICK HERE TO LISTEN TO THE PODCAST
About Where We Buy Podcast
James Cook and his fellow retail researchers visit shopping destinations around the world, interview retail and real estate executives and discuss market research in a fast-paced and fun setting. James researches retail and real estate for JLL.
CHARLOTTE, NORTH CAROLINA (April 20, 2022)— Big V Property Group (BVPG), along with their partner Equity Street Capital, is pleased to announce the acquisition of three iconic retail ski villages, launching Big V into the prestigious resort destination market. The Village at Stratton in Vermont, The Village at Snowshoe in West Virginia and The Village at Copper Mountain in Colorado were acquired from a private seller. All three properties offer an exciting new category of retail for Big V.
“We are thrilled to expand our property portfolio to include this exciting category of retail, diversifying our portfolio while providing our high-quality service and value to our new tenants,” said Jeffrey Rosenberg, President and CEO of Big V.
The Village at Stratton is located in Stratton located in Stratton, Vermont. Stratton is the tallest ski mountain in Southern Vermont and easily accessible from New York City, Boston, Albany, and Hartford, and its great location has created a strong base of affluent visitors and second homeowners in the area that enjoy the mountain year-round. The 47,837 square foot retail village features 20 primarily long-term tenants and is 100% leased.
The Village at Snowshoe is located at the center of Snowshoe Mountain Resort in Snowshoe, West Virginia. It consists of 37,780 square feet of boutique retail, restaurant, and service space located in primarily first-floor retail condominiums. The Village at Snowshoe is 100% leased to 15 primarily long-term tenants that provide essential amenities to the resort.
The Village at Copper Mountain in Frisco, Colorado is located at the base of Copper Mountain ski resort, encompassing 101,506 SF of prime storefronts, restaurants, breweries and office space. Conveniently located, with over 5 million visitors per year, the Village at Copper Mountain benefits from traffic from multiple communities including Leadville, Frisco, Breckenridge, Keystone and Vail.
All three ski resorts offer a wide range of 4-season activities and events that draw visitors year-round and all have a mix of local and national retailers, restaurants, and resort operation services.
About Big V Property Group
Big V Property Group owns and operates 54 neighborhood and community shopping centers totaling over 9 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, San Antonio, TX, Bristol, TN and Florida, NY. For further information, please visit www.bigv.com.
About Equity Street Capital
Equity Street Capital (ESC) is a San Diego based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Equity Street Capital was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs who are also renowned for their real estate investment education company and residential investment firm. For further information please visit www.equitystreetcapital.com
For the 2021 holiday season, Big V worked with The Salvation Army at Willow Oak in Waynesboro, VA to use a vacant storefront to use as a holiday collection site. With the space we gave them, The Salvation Army was able to provide 364 children and 26 senior citizens in Waynesboro and East Augusta County with gifts, clothing, toys, and food to make their holidays merry and bright.
PRESS RELEASE (Jacksonville, Florida) – Big V Property Group (BVPG) along with its partner, Equity Street Capital (ESC), is excited to announce the acquisition of The Markets at Town Center in Jacksonville, Florida. The Markets at Town Center is a 254,089 SF grocery-anchored destination ideally located at the gateway to St Johns Town Center, the #1 shopping destination between Orlando and Atlanta. The property will be managed by Big V Property Group.
The unique open-air Property is comprised of leading retailers including Sprouts Farmers Market, Nordstrom Rack, REI, Ulta, and West Marine.
Jacksonville is the largest city in Florida and features a diversified economy with a strong base of industries including healthcare, retail, finance, tourism, education, manufacturing, defense, and aerospace, and the region is home to three Fortune 500 headquarters. Big V is excited to expand its presence in Florida with this asset.
Big V Property Group: BVPG owns and operates 51 neighborhood and community shopping centers totaling over 9 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, San Antonio, TX, Bristol, TN and Florida, NY. For further information, please visit www.bigv.com.
Equity Street Capital: ESC is a San Diego based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Equity Street Capital was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs who are also renowned for their real estate investment education company and residential investment firm. For further information please visit www.equitystreetcapital.com
For Acquisitions and Investment information, please contact
Ryan Fabbri
rfabbri@bigv.com
(423) 534-4603
For Leasing information, please contact
Caroline Horne
ctighe@bigv.com
(704) 651-0757
Following the Purchase of The Rim, Big V Continues to Expand their San Antonio Presence
Big V Property Group (BVPG) is pleased to announce their newest acquisition, Alamo Ranch in San Antonio, Texas. One of San Antonio’s largest, most prominent open-air shopping centers, the property contains over 460,000 square feet of retail and restaurant space on over more than 63 acres in one of the fastest-growing trade areas in the city.
This acquisition follows their recent acquisition of The Rim in San Antonio.
A true one-stop shopping destination, Alamo Ranch tenants range from grocery, home improvement, electronics, sporting goods, pet and office supplies, beauty, arts and crafts, clothing, and both fast-casual and sit-down dining. Boasting a unique tenant roster, it is home to retail favorites like Best Buy, Dick’s Sporting Goods, Michael’s, Ulta, Pet Smart, and OfficeMax.
As the 7th largest city in the U.S. and the #1 fastest-growing city according to the 2018 U.S. Census Bureau, San Antonio offers tourists and locals alike rich history, culture, and access to iconic locations like the Alamo, The Spanish Missions, and the San Antonio River Walk. The corporate headquarters of five Fortune 500 companies— including iHeart Media, USAA, Valero Energy Corporation, CST Brands, and NuStar— San Antonio also boasts a vibrant tourist industry, hosting over 37 million visitors a year. Big V Property Group looks forward to further serving this exciting, eclectic community.
This Marks the Property Group’s First Asset in the Greater Houston Area
Big V Property Group (BVPG) is pleased to announce the acquisition of Deerbrook Marketplace, their first Houston location. Located at the intersection of two of Northeast Houston’s major roadways— U.S. Highway 59 and FM 1960— Deerbrook Marketplace in Humble, Texas is right at the epicenter of one of Houston’s strongest retail submarkets. The center has attracted a dedicated base of nationally recognized tenants and serves the Kingwood, Atascocita, and Humble areas.
On just under 43 acres and boasting over 360,000 square feet of retail space, this 7-building open-air shopping complex is home to well-loved and recognized retail outlets like Bed Bath &
Beyond, Best Buy, Marshalls, OfficeMax, PetSmart, Old Navy, and ULTA.
As one of only three shopping centers in the Humble/Kingwood area, in 2020 alone Deerbrook Marketplace welcomed over 2.5 million visitors. Due to its top-shelf address at the highest-trafficked intersection in all of Northeast Houston— with over 174,000 vehicles passing it per day— and over 142,000 residents in the neighborhood within a 5-mile radius, it’s developed into an impressive trade area, attracting surrounding customers and even those from a 15-mile distance.
Houston is a global gateway city, with a history of impressive GDP, population, and employment growth. It’s the energy capital of the world, home to the globe’s largest medical center and over 23 Fortune 500 companies, as well as the largest U.S. export port, and a renowned arts hub. With the greater Humble area itself experiencing a robust boom in population and economic growth, Big V Property Group is pleased to be a part of the fabric of the development and progress of this impressive, dynamic city.
For Acquisitions and Investment information, please contact
Ryan Fabbri
rfabbri@bigv.com
(423) 534-4603
For Leasing information, please contact
Pat Kelly
pkelly@bigv.com
(980) 221-4102
Kenton McKeehan Brings His Extensive Retail Real Estate Industry Experience to Big V Property Group
(Charlotte, NC) – Big V Property Group (BVPG), is pleased to announce the appointment of Kenton McKeehan as Chief Revenue Officer (CRO). Mr. McKeehan will also Join Big V’s Strategic Executive Board, Executive Committee and the Investment Committee.
Mr. McKeehan joins Big V with over thirty years in the retail real estate industry, where he has extensive experience in asset management, acquisitions, dispositions, leasing, property management and capital raising.
Prior to joining Big V, McKeehan spent twenty-plus years with Hines Interest, overseeing their global retail portfolio of more than $6 billion. He plans to bring the same institutional investment mindset to Big V.
“Jeff, Mike, Jason and the Big V team have made extraordinary progress over the last several years despite some of the toughest conditions experienced in our industry, which is a testament to their vision and the efforts of the whole team”, said Mr. McKeehan. “Growing the portfolio with discipline and bettering the communities that we serve will be something I will strive for every day as we move forward”
“We are very excited to welcome Kenton to the Big V Team,” said Jeffrey Rosenberg, President and CEO of Big V. “We have had tremendous growth over the last several years as we execute our strategy and I believe that Kenton is a key part of our future success”.
Mr. McKeehan will be based in Big V’s Charlotte Office.
Mr. McKeehan is a graduate of Texas Christian University and holds a BBA in Finance as well as senior shopping center industry designations for both leasing and property management. Mr. McKeehan is also on the Board of Directors of ICSC and sits on the ICSC executive committee.
About Big V Property Group
Big V Property Group owns and operates 51 neighborhood and community shopping centers totaling over 9 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, Bristol, TN, San Antonio, TX, and Florida, NY. For further information, please visit www.bigv.com.
The New Owners Look Forward to Expanding in the San Antonio Market.
SAN ANTONIO, TEXAS (May 1, 2021) — Big V Property Group (BVPG), along with partners Kimco Realty and Equity Street Capital, is excited to acquire The RIM Shopping Center. The acquisition consists of approximately 1,050,000 square feet of premiere retail and restaurant space at one of the largest mixed-use/lifestyle centers in Texas, and the 10th most visited center in the United States. The new owners plan to continue to grow the center with new restaurants and retail stores. The RIM is not only an established lifestyle property, but it has also become a go-to destination for both locals and visitors to San Antonio. The property will be managed by Big V Property Group.
“We are thrilled to be acquiring The RIM, one of the largest properties in Texas with a vibrant mix of retail, multifamily and hospitality in one of San Antonio’s most desirable growth areas. The RIM is a logical choice for us and is highly complementary to our existing portfolio,” said Jeffrey Rosenberg, CEO of Big V.
He continued, “Our hope is to always be a part of the communities in which we do business, and that is the same for San Antonio. We appreciate the culture and history of the city and we also see continued growth on the horizon.”
Kimco President and Chief Investment Officer Ross Cooper shared, “We’re excited to partner with Big V as a preferred equity investor to acquire this flagship San Antonio shopping center. We see excellent long-term opportunity in this market and this asset in particular, and we view this as the perfect fit for our structured investments program.”
Paul Esajian & Than Merril, founders at Equity Street commented: “We are proud to be part of this one of a kind asset with best in class partners alongside Big V and Kimco. This represents a significant opportunity for Equity Street Capital and its partners to add value and improve upon a great community in the San Antonio market.”
BVPG’s key values – tenant focused and people powered – will be valuable when working with the more than 100 various tenants at The RIM. This mixed use/lifestyle center also offers the opportunity to create value through future densification.
About Big V Property Group: Big V Property Group owns and operates 49 neighborhood and community shopping centers totaling over 9 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, Bristol, TN and Florida, NY. For further information, please visit www.bigv.com
About Kimco Realty: Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of March 31, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.
About Equity Street Capital: Equity Street Capital is a San Diego based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Equity Street Capital was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs who are also renowned for their real estate investment education company and residential investment firm. For further information please visit www.equitystreetcapital.com
Big V Hoping for Big Impact
Shopping center owners filling empty storefronts
This article appeared in Loganville Insider, Spring/Summer 2021 Issue
Story by Robbie Schwartz
Photo by Jason Cain
North Logan Commons was completed in 2009 and with it a major westward expansion of retail fo rhte city along Highway 78 into Gwinnett County. The 175,969-square-foot shopping center brought big-name box stores Lowe’s, Best Buy, PetSmart, OfficeMax and Dick’s Sporting Goods to the City of Loganville.
Though the shopping center was never fully occupied, it provided – and continues to provide – residents a reason to keep their shopping dollars local/ Even when the Best Buy store shut its doors in 2012 as part of a nationwide restructuring for the company, the space was soon filled with TJ Maxx, Pamendi’s has established itself as a great local eatery and when Jersey Mike’s Subs relocated, it was replaced when Five Guys Burgers moved in nearby.
While internet shopping has impacted many businesses, the shopping center has proved its resilience. When the economic downturn hit, the shopping center survived. But when the property was sold to CIM Group in 2013 for $20.8 million, the inability to fill unoccupied space in the shopping center remained persistent.
Just as the pandemic began drastically altering lives in 2020, a buyer emerged for the North Logan Commons Shopping Center. But the pandemic complicated matters as financing for the retail projects was difficult to find. Big V Property Group, who were looking to buy the property, helped sell the deal to potential lenders by working with the national tenants of the shopping center to renew their leases and stabilize the asset prior to its purchase.
“We worked with all the local tenants as well because they are the thread to these centers. We made sure that everyone had the opportunity to ride out the storm and be able to once again grow their business as we turned the corner of COVID.” – Greg Ix, Vice President of Leasing
While multiple extensions were required, CIM eventually sold the property to Big V Property Group for $15.6 million. The center was about 83 percent occupied at the time of the sale.
Once the deal was finalized, Big V hit the ground running. The new owners replaced all the parking lot lights with LEDs and began working with city officials on expanding the sign in front of the center. This was done in part to accommodate new tenants for the shopping center. Later this year work will be done to upgrade the landscaping and address some visibility issues.
At the center of Big V’s strategy for its shopping center is creating the right mix and lease-up strategy to keep spaces occupied and tenants benefitting from one another. The goal is to have a customer come to North Logan Commons to ship a variety of stores – not just one. Part of the their initial leasing strategy focused on the need for more casual style restaurant options. Before closing on the property, Big V officials worked to get restrictions on food uses either amended or removed as part of the improved agreements with the already existing tenants.
Storefronts that remained empty for more than a decade were an issue for both the new owners and tenants, some of whom were considering not renewing their leases. But Big V Property Group brought them a level of excitement and promise that seemed to put the restless tenants at ease and ready to sign new long-term leases.
So what made the shopping center a worthwhile investment?
“We look for well-positioned real estate with good anchor tenants that have a strong online presence or have a merchandise mix that is somewhat internet resistant,” Ix said. “We look in markets that are growing. We like the family-oriented nature of Loganville. North Logan has a business-friendly environment and in a growing Atlanta suburb. Lowe’s Dick’s Sporting Goods, PetSmart, TJ Maxx and Dollar Tree are best-in-segment retailers; We saw opportunity in leasing up the vacancies that the prior landlord didn’t capitalize on for over 10 years.
“Since our purchase in mid-2020, we have leased almost 20,0000 square feet of what was vacant.”
The biggest part of the newly leased space will be pOpShelf, a new concept for high-end shoppers that want discounted products in fancy shopping environment. The store brands itself as selling products similar to merchandise as Target but at lower prices. The first store opened up in January 2921 in Monroe, NC, with parent company Dollar General expected to open 30 stores before the end of the year.
Another new tenant will be Lux Beauty Supply, a local chain of beauty supply and women’s fashions.
Big V officials made sure to show their appreciation for the efforts of the city in being proactive to attract new businesses to Loganville.
“When Big V buys a site, we try to become part of the community because we are,” Ix said. “We own property and take pride in our ownership and the fact that we service the community. We had some concerns before buying the center, but after speaking with Mayor (Rey) Martinez and his staff, we had great comfort that our relationship with the city was going to be a positive partnership.
“If it wasn’t for the foresight and actions of the mayor and the city council, our lease-ups at this point might not have been so successful.”
Big V began first as Big V Supermarkets Inc., founded in 1942 by William and Viola Rosenberg with the opening of Victory Supermarket in Florida, NY. The company grew under Dick Rosenberg to encompass 34 stores and more than $800 million in revenue. The company was sold in 1987, but the family retained many of the shopping centers. Born from this was Big V Property Group, which owns centers in North Carolina, South Carolina, Tennessee, Georgia, Ohio, Kentucky, Virginia, Florida, Alabama and Texas – in addition to the original Victory Square Shopping Center in Florida, NY.
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Big V is excited to welcome pOpshelf to its Poplin Place Center in Monroe, North Carolina. This new concept store by Dollar General Corp. (NYSE: DG) will offer a selection of on-trend seasonal and home décor, health and beauty must-haves, home cleaning supplies, household and specialty items, arts and crafts, party planning and entertaining needs and toys. Learn more about pOpshelf at https://www.popshelf.com/
pOpshelf at Poplin Place Address:
2901 W US Hwy 74
Monroe, NC
The following article originally appeared on charlottestories.com on December 9, 2020 Read Full Article on Charlotte Stories
The Dollar General is launching a new concept for high-end shoppers that want discounted products in a fancy shopping environment and has selected the Charlotte market to test the concept.
The new store is called ‘pOpshelf’ and will feature seasonal and home décor, health and beauty products, home cleaning supplies, household and specialty items, arts and crafts, party planning and entertaining needs, toys and more — with approximately 95 percent of items priced at $5 or less.
Here is a teaser of what the new concept will look like:
“We are thrilled to expand the pOpshelf offerings into the Charlotte market and look forward to having customers pop by our Monroe store early next year,” said Matt Frame, pOpshelf’s director of store operations. “We’re excited for customers to explore our stores and discover the possibilities of home décor, beauty, party, specialty foods, electronics and more. At pOpshelf, there’s fun in every find, happiness in the affordability and joy in stress-free shopping experience we offer, and we look forward to welcoming our communities to our new stores soon!”
Dollar General has plans to open approximately 30 locations in various markets by the end of fiscal year 2021.
