Retail Development in Secondary Cities

As advisor to Clarion Partners, Gabriel was the relationship manager for a joint venture that developed seven grocery anchored shopping centers. The rationale was to build new product in secondary cities underserved by formal retail. The investment strategy was meant to take advantage of the difference between development and acquisition yields. The projects were executed on a GMP basis. The anchor boxes were pre-leased and the small shops and sub anchor spaces were developed on a speculative basis.

The venture was restructured in 2011 and Gabriel quarterbacked the transition in management from the original JV partner to the new leasing and operating team (from CBRE). After the transition Gabriel led the redevelopment of 4 of the 7 shopping centers. This involved hiring the architect and project manager, overseeing the bidding and fixed price contract award, supervising the construction, draw process and close out. Gabriel also oversaw capital budgeting and leasing and operations that led to a material increase in the portfolio’s NOI and occupancy. Finally, Gabriel managed the investment sales process that concluded in a portfolio sale at a premium to appraised value.