Washington D.C. (PRWEB) June 30, 2012
Knowing when you have found the right location can be the secret path to success for any retailer. Carefully researching and creating a real estate profile is important to determine if a site should be pursued according to Robert Tack, the CEO of Capital Retail Group, a Washington DC based commercial real estate firm. Tack says, “While many retailers have different formulas for success all should do enough research before they sign a lease to know what site characteristics, demographics, traffic patterns, and general lease requirements work best for their retail use.”
The firm has published a proto typical example of a coffee shop for reference:
o Floor Plan size: 800 to 1,200 sq. ft., 16' minimum store width
o High profile end-cap w/drive thru, end-cap, in-line location
o Located in mixed-use power center, open-air mall, dominant "daily needs" grocery/drug anchored neighborhood center or in a dominant entertainment / life style center
o Ample parking contiguous with site, minimum 7-stalls
o Easy ingress and egress (no more than 2 turns in or out)
Demographics & Traffic Characteristics
o For suburban locations a residential population of at least 20,000 residents within 3-minute drive-time and 35,000 within a 5-minute drive time.
oMedian household income should be at least within 10% of market average or above.
o Generators include national anchors, national branded restaurants, supermarkets, drug store and entertainment concepts.
o Minimum traffic counts 25,000 ADT
General Lease Requirements
o Five (5) year term, with three (3) five (5) year options to renew
o Negotiated tenant improvement allowance
o Standard "vanilla" shell, with a the following upgrades included;
o Electric: 208/200 AMP, 3-phase, 4 wire electrical service
o HVAC: 8 tons or 1 ton HVAC per 150 sq. ft. of leased premises
o Water: 1 1/2" water line, metered to space
o Gas: 2" gas line to space recommended
o Ceiling: 10-foot drop ceiling with light fixtures
o Sprinkler: As required to meet code
o Restrooms: Two (2) public restrooms
About Capital Retail Goup
Capital Retail Group provides a full range of property tax, property management,and strategic advisory services to the commercial retail sector serving Washington DC, Maryland, and Virginia. Follow us on Twitter and our blog.