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Shane Bull, a Triangle commercial real estate advisor and broker with Richards Commercial Properties, recently assisted in brokering space for RadioShack adjacent to the new Walmart Supercenter in Raleigh. The store opened on March 20th and is managed by Mark Goodwin. Erbie Blackwell of JSSR Investors represented the landlord.
Operating from convenient neighborhood and mall locations, RadioShack has approximately 4,400 company-operated stores, 1,400 dealer outlets, and nearly 700 wireless phone kiosks throughout the U.S. RadioShack was referred to Richards Commercial about five years ago who has since been assisting their corporate real estate department manage its Eastern North Carolina retail store portfolio. Bull, along with Amy Watkins of Richards Commercial Properties, worked with Bill Snyder, RadioShack’s Director of Leasing, in securing the location on Highway 401/Fayetteville Road. Snyder picked up RadioShack’s North Carolina market in 2008 and has been pleased with his relationship with Bull and Richards Commercial.
“Shane has gone out of his way to make sure I have everything I need to make sound business decisions for my company,” says Snyder. “His attention to detail has made learning the market easier, and his follow-up has helped RadioShack focus on our priorities. Shane has proven that he sincerely wants to provide us with quality locations and service. I look forward to a long relationship with him and Richards Commercial Properties.”
Bull says that he and his team are able to improve RadioShack's store performance by being the company’s “eyes and ears” in the North Carolina market. He explained that when Walmart decided to move its smaller, existing store from one shopping center to a brand new center, the ideal opportunity was created for his client.
“When there is new space planned or better space becomes available that fits RadioShack's criteria, our team discusses with RadioShack the opportunity for either a new store or to relocate an existing store,” explains Bull. “When Walmart expanded into a Walmart Supercenter, this created a shift in traffic flow and allowed us to strategically place RadioShack where their target customer is.”
The Shoppes at Garner is located at the corner of NC Highway 401 and Purser Drive and comprises approximately 246,000 square feet with additional out parcels. The Shoppes are adjacent to Walmart Supercenter and include tenants such as Fantastic Sam's, Shoe Show, Jumbo China Buffet, and Hibachi Express. RadioShack occupies 2,000 square feet of space within the Shoppes. Bull said that when dealing with any shopping center, one of the challenges in securing spaces for his clients is often working through the “exclusives”.
“Many of the leases include ‘exclusives’, which limit the number of other businesses able to open in the center. For example, game sellers and cell phone companies often have an exclusive which could limit RadioShack to open,” explains Bull. “It then becomes my job to work with developers to unearth any existing commitments before pursuing a potential location for a client. This was the case with the Shoppes at Garner and RadioShack. Fortunately, we were able to work through these issues, and the transaction went smoothly.”
Bull and the Richards Commercial team conducted extensive property research and location analysis for RadioShack in order to meet their requirements. They also provided thorough market segmentation and demographic reports analyzing customer reach and target audience base, provided a windshield tour of the area, and assisted in Letter of Intent (LOI) negotiations.
RadioShack (radioshack.com) is located at 4416 Fayetteville Road in Raleigh. The store is open from 10am – 9pm Monday to Friday, 10am – 8pm Saturday, and 12pm – 6pm on Sunday. For more information, call (919) 772-6696.
About Shane Bull
With 15 years of business experience, Shane Bull (shanebull.com) is an expert of the local North Carolina restaurant and retail real estate markets. He works closely with commercial tenants to find the best fit, best lease, best space, and best performing locations available. Shane currently serves on the Board of Directors for Triangle Commercial Association of Realtors (TCAR) and on committees for Downtown Raleigh Alliance, Greater Raleigh Chamber of Commerce, NC Restaurant and Lodging Association (NCRLA), and Urban Land Institute (ULI). He is also a member of International Council of Shopping Centers (ICSC) and National Association of REALTORS. His clients include Radio Shack, Smoothie King, and Aladdin’s Eatery Systems. Shane also works with Richards Commercial Properties in handling general brokerage relationships for retail, office, and investment properties.
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