Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Kimco Realty Corporation    KIM

KIMCO REALTY CORPORATION (KIM)
Mes dernières consult.
Most popular
Report
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Kimco Realty : Highlands Ranch business owners must weigh rent prices, location

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/16/2018 | 06:00am CET

In one Highlands Ranch shopping center, a frozen yogurt shop went out of business last September. Then a nearby bike store closed its doors. The last week of November, a neighboring chiropractic business of 18 years moved.

"That was where my business first opened," said Dr. Jason McTavish, owner of Eastridge Chiropractic, which used to be in Village Center West, an outdoor shopping mall near the intersection of South University Boulevard and Highlands Ranch Parkway. "That was all I knew."

The popular destination, with chain stores like King Soopers and TJ Maxx, lost three tenants at the end of 2017: Eastridge Chiropractic, Adrenaline Cycles and BTO Self Serve Yogurt.

The spaces won't stay vacant for long: Jimmy John's, a national restaurant chain, will soon replace Eastridge Chiropractic. A Bank of America ATM will fill BTO Self Serve Yogurt's spot. Adrenaline Cycle's former location remains empty.

The issue reaches farther than one shopping center - in Highlands Ranch, it isn't unusual to see one business leave and another take its place.

Comparing prices

A handful of business owners in Village Center West pointed to rising rent costs as a reason for the departure of businesses. In the third quarter of 2017, the average lease rate for commercial office space in Highlands Ranch was $27 per square foot, according to Douglas County documents. That's more than Castle Rock, at $25.61 per square foot, and the Denver metro area, at $25.79, but less than Lone Tree, at $28.88 per square foot.

Still, the vacancy rate of office space in Highlands Ranch is one of the lowest in the region, pointed out Andrea LaRew, president of the Highlands Ranch Chamber of Commerce. In the third quarter of 2017, the rate was 6.7 percent, which is less than Castle Rock's 7.8 percent and the Denver metro area's 9.9 percent. But the rate remains higher than some nearby communities, including Lone Tree and Parker.

From what LaRew has seen, the cost of renting retail space in Highlands Ranch is comparable to other areas in the south metro Denver area. She noted other factors that draw businesses to the community.

"I think Highlands Ranch remains a desirable location for retailers due to the demographics of the area, the ease of access and the projected growth along the (Santa Fe Drive) corridor," LaRew said.

Some business owners have seen the effects of rising rental costs in recent years.

Five years ago, McTavish saw five businesses leave Village Center West, he said.

"Rate increases scared most of the people out," McTavish said.

McTavish had different landlords at the shopping center since he first opened his office in 1999. But five to seven years ago, when KIMCO Realty took over, he noticed a hike in his rent and service charges, he said. KIMCO, a real estate investment trust, is one of North America's largest publicly traded owners and operators of open-air shopping centers, according to its website.

At the end of his three-year lease in 2017, McTavish said he was paying roughly $5,500 a month in rent and maintenance charges for his 1,400-square-foot space. Facing an increase in rent and complications with his rental agreement, he moved to a quieter location near Town Center, at 9090 S Ridgeline Blvd, where his rent is "half as much."

Rick Turner, leasing representative for KIMCO, said the company's leasing prices are either "in-line or slightly cheaper" than other properties in the market, comparing the shopping center to newer commercial properties off Lucent Boulevard. Turner did not return requests for specifics of any rent increases.

"Highlands Ranch is a very desirable part of the market," Turner said.

A search on loopnet.com, an online commercial real estate marketplace, reveals the varying rent costs of retail properties across the community. In Town Center, a 1,309-square-foot retail space is running for about $3,000 a month. On Timberline Road, near Lincoln and Quebec, a 1,360-square-foot office space costs $2,720 a month.

Prime location

For at least one business owner, the location of his space trumped a recent increase in rent.

Last year, Patrick Evans, owner of Rocket Fizz, spent six months contemplating leaving Village Center West when his lease was up.

He decided to re-sign for five years, despite the "significant increase" in rent. He said he wanted to avoid the approximately $50,000 it would cost to move. Standing in his store, filled with every type of candy imaginable, trinkets and funky artwork, he explained how he wants to keep his store because he plans on giving the business to his two kids someday.

Also a deciding factor was the location in central Highlands Ranch, which most of the day bustles with cars and people.

"I enjoy the area," Evans said. "I couldn't do this business in this community anywhere else."

He foresees fewer "mom-and-pop shops" in the shopping center, but Turner assures that there will remain a mix of local and national tenants.

In the shopping center are national chains, like Ace Hardware and Petco, as well as franchises, like Jimmy John's. Turner pointed out that restaurant chain Cuba Cuba is original to Colorado. And a handful of locally owned businesses remain.

"You have to have a good mix," Turner said. "We are trying to make sure we are putting in uses that are good for the community and that are good for our existing tenants as well."

© Copyright © 2018 Our Colorado News, Englewood, CO. All rights reserved., source Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on KIMCO REALTY CORPORATION
01/16 KIMCO REALTY : Highlands Ranch business owners must weigh rent prices, location
01/06 KIMCO REALTY : 'Fundamental difference' remains over Hickory Ridge redevelopment
2017 KIMCO REALTY CORP : ex-dividend day
2017 KIMCO REALTY : Sprouting Spaces awards artist free studio in Wilton
2017 KIMCO REALTY : Conor Flynn Discusses the Future of the Retail Sector
2017 KIMCO REALTY : Announces the Offering of $230 Million 5.25% Cumulative Redeemabl..
2017 KIMCO REALTY : Invites You to Join Its Fourth Quarter Earnings Conference Call
2017 BANK OF NEW YORK MELLON : Has $328.17 Million Holdings in Kimco Realty Corporati..
2017 KIMCO REALTY : Introduces Mill Station – A New, Open-Air Shopping and Dini..
2017 COSTCO WHOLESALE : will anchor redeveloped site of former Owings Mills Mall
More news
News from SeekingAlpha
01/18 Dividend Challenger Net Gains Paced By GEO, Macquarie, Sabra & Manhattan Brid..
01/18 Got REITs? Start With Some Dry Power
01/17 I Know A REIT That Screens 'Dirt Cheap' And Kimco Is Its Name-O
01/16 STOCKS FOR 2018 : Beaten Down, With Dividends, And Recession Resistant
01/09 REITs roughed-up as rates break out; utilities too
Financials ($)
Sales 2017 1 175 M
EBIT 2017 389 M
Net income 2017 350 M
Debt 2017 5 432 M
Yield 2017 6,68%
P/E ratio 2017 21,23
P/E ratio 2018 27,92
EV / Sales 2017 10,6x
EV / Sales 2018 10,4x
Capitalization 7 011 M
Chart KIMCO REALTY CORPORATION
Duration : Period :
Kimco Realty Corporation Technical Analysis Chart | KIM | US49446R1095 | 4-Traders
Technical analysis trends KIMCO REALTY CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 20,4 $
Spread / Average Target 24%
EPS Revisions
Managers
NameTitle
Conor C. Flynn Chief Executive Officer & Director
Ross Cooper President & Chief Investment Officer
Milton Cooper Executive Chairman
David Jamieson Chief Operating Officer & Executive Vice President
Glenn Gary Cohen Chief Financial Officer, Treasurer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
KIMCO REALTY CORPORATION-8.82%7 011
SIMON PROPERTY GROUP-3.90%52 553
GGP INC-1.33%21 748
SCENTRE GROUP-2.15%17 499
WESTFIELD CORP LTD-3.48%15 326
REGENCY CENTERS CORPORATION-7.98%10 826