Posted on 07-28-2015
Mike Van Buskirk was a part of a panel of commercial brokers who shared information on the state of the retail market in Sioux Falls at the Rotary club meeting last week. With Jodi Schwan as the moderator, panelists highlighted their commercial projects, shared feedback from the interest interested they received at this year's ICSC RECON conference, challenges they face in landing retail deals, and took questions from the audience.
Mike highlighted Lake Lorraine, our premier development, giving people an idea of the live-work-play-stay feel the development has to offer.
Pictured left, the primary amenity is a 30 acre, ground fed lake that reaches to 17 feet deep giving beautiful views and providing recreational opportunities for the development.
Other planned amenities include a paved, lakeside trail, green spaces, fishing pier, and walkability between sites.
The first phase, The Marketplace, is already 100% leased with the final tenants moving in soon and since we continue to receive strong interest there’s a likelihood of a 3rd building. Current tenants are seeing strong traffic and enjoy the high visibility from Marion Road.
Other finalized deals included an office headquarters for CarsforSale.com and Grand Living . For the next phase of retail, which sits at the northeast side of the lake with visibility from I-29, we have commitments from national name-brand retailers. We also have strong interest in the residential portions of the site and anticipate negotiating deals this quarter.
In addition to Lake Lorraine, we have seen interest in our other retail developments; 85th and Minnesota, 12th and Marion, downtown Sioux Falls at 8th and Minnesota, and pictured to the left; a new build to suit retail center at 85th and Louise.
As each broker highlighted, the Sioux Falls retail market is strong and there’s high interest. Stay tuned to our website for future announcements and continuing development details.