Friday, April 28, 2017

NAI Isaac Brings Bluegrass Barkery to 162 Old Todds Road in Lexington, Kentucky

NAI Isaac Commercial Properties is pleased to announce the lease of 2,508 sf to Bluegrass Barkery at 162 Old Todds Road in Lexington, Kentucky.  Bluegrass Barkery is a family owned business that offers the most complete line of quality products for dogs and cats in central Kentucky.  The company is relocating from their current location in Brighton Place Shoppes.  For more information, visit their website. Jamie Adams, CCIM, LEED, AP, Senior Associate with NAI Isaac represented the Tenant during the lease transaction. Earl Brady and Neal Metcalfe with Sperry Van Ness represented the Landlord.

Please contact NAI Isaac today for any of your commercial real estate needs in Lexington or throughout Kentucky!

Thursday, April 27, 2017

2017 Retail Real Estate Trends

Like anything else, real estate comes in waves and phases. As with clothing, it is important to keep abreast of the trends so that you don’t get caught under the tide. This is just as important for buyers looking to purchase retail real estate as it is for those looking to purchase residential real estate. If you are thinking about purchasing retail real estate this year, here are some trends that you should be aware of before you do so, from the experts at NAI Isaac in Lexington, Kentucky.

Think Outside the (Big) Box

As millennials gain buying power and more influence over the consumer market, retailers are having to cater to their tastes more and more. One way in which they do that is by acknowledging their desire to see creativity and individuality from the stores that they purchase from. A way that this can be accomplished is by purchasing smaller retail spaces, as opposed to huge, mega-store style warehouses. This lends your retail space a boutique-esque, local flavor that appeals heavily to the millennial market.

Experience, Experience, Experience

Going back to millennials, increasingly, more and more consumers are opting out of shopping at brick-and-mortar stores, instead choosing to shop online. This is more convenient, and in many cases can result in a better selection on various items. With this in mind, if you are going to be purchasing retail real estate this year, you’re going to want to make it stand out in a way that provides a unique experience to consumers that they can’t get online.

Rising Real Estate Prices

With the real estate economy finally picking up after the recession of the early 2000’s, the demand for retail real estate space is actually outpacing the supply of real estate space that is available. Because of that, the price for retail real estate space is rising, meaning that when you go to purchase yours, it is more important than ever to thoroughly consider the property you are thinking of purchasing.

Do you feel more informed about the trends in retail real estate this year? If you are ready to purchase your own retail real estate, then contact NAI Isaac to get started. Our office is located in Lexington, Kentucky, but we proudly serve the Central Kentucky area.

Considerations Before Purchasing Retail Real Estate

As with any major purchase, deciding to purchase commercial real estate can be a nerve-wracking process. With residential real estate, unless you are purchasing it with the intent to flip it or lease it out, you are often only working to appeal to yourself. Purchasing commercial real estate, and particularly retail real estate, is a business investment, however, and one that could yield either fantastic pecuniary returns or could result in financial disaster. With that in mind, the commercial real estate experts at NAI Isaac, serving Central Kentucky, have some things to consider before purchasing retail real estate yourself.

The economy

I think we all remember the real estate crisis that happened in the early years of the 2000’s. While we can no longer claim that we are in a recession, thankfully, the real estate economy has not entirely recovered yet, particularly when it comes to commercial properties. You may have noticed yourself that so many businesses have been closing recently. The sector with the largest number of closures is apparel, and so if you are purchasing retail property for the purpose of opening an apparel store, be aware that the footing for apparel retailers at the moment is a bit shaky.

Changing consumer attitudes

With that being said, while apparel retailers are seeing the highest number of location closures at the moment, they are also seeing some of the biggest increases in expansion. Largely this has to do with changing consumer attitudes toward all aspects of retail consumption, but toward apparel in particular. Prior to the recession, mid-range and upscale apparel retailers were quite successful, but recently more consumers are looking for discount retailers specializing in unique items. Consumers are prioritizing convenience, experience, and value, so if you are planning on purchasing retail real estate, make sure that you and your brand are able to appeal to current demographics.

Make sure you are able to compete with e-commerce

The internet is rapidly changing every aspect of our lives, and yes, that includes how we shop, and should include how you think about commercial real estate. While e-commerce has yet to fully replace brick-and-mortar shopping, it has greatly impacted the choices that consumers make about where they go to shop. This harkens back to the “experience” we mentioned earlier. In almost all instances, e-commerce is going to be more convenient than going to a brick-and-mortar store, so with your retail space, you will want to make sure you are giving your consumer something that they can’t get online.

Have we helped you figure out what to consider before purchasing your own retail real estate? If we have, then please contact NAI Isaac today to get started on finding the perfect space for your business. Our office is in Lexington, Kentucky and we proudly serve the Central Kentucky area.

Monday, April 24, 2017

Property Manager Celebrates 21 Years with NAI Isaac

Anne Kilcoyne, CPM, Senior Property Manager with NAI Isaac Commercial Properties celebrates 21 years. Kilcoyne joined NAI Isaac as part of the Property Management Team in 1996. "Anne currently manages over 500,000 SF of retail and office space throughout Lexington, Kentucky. Her extensive knowledge of commercial property management enables us to manage properties of all sizes and types, from large-scale high-rise office buildings like Chase Tower and Corporate Plaza to local shopping centers such as Chinoe Center and French Quarter Square." says Al Isaac, President.

During her tenure with NAI Isaac, Kilcoyne has focused on leasing and management of office and retail properties as part of NAI Isaac's Receivership Asset Management Team.

Kilcoyne attended the University of Kentucky focusing on Business Management and Accounting. She achieved her CPM (Certified Property Manager) designation in 2002 and currently serves as the local Institute of Real Estate Management (IREM) Chapter Vice President.