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The ICSC New England conference concluded this week with great success at the ever so floral-glamorous, Encore Boston Harbor.
As a member of the Program Planning Committee, I wanted to reflect on the event and share some insight for those that weren’t able to make it, or for those that only attended certain sessions or events.
We curated a program filled with outstanding speakers, varied sessions, and amazing networking events. The highlight for many, including myself, was the keynote by Boston Celtics head coach Joe Mazzulla, whose insights and wisdom certainly left a lasting impression.
The conference featured several other standout moments. I had the pleasure of collaborating with Julie T. Fox and Lindsay Corsino on the Women’s Networking Breakfast with Pipeline, which brought in a full room of ladies. Additionally, the AI in Commercial Real Estate Workshop, where I worked alongside Stephen Harrill, CCIM, Michael Branton, Retail Growth Strategist , and Jill Szymanski, was super fun and I believe successful, shedding light on the transformative impact of artificial intelligence in the industry. Andrea Simpson‘s session on the brand creation of the new development, Lyrik Back Bay, was another highlight, speaking to the inspiration behind the brand. The boat cruise hosted by Marcus & Millichap and the post-event reception, hosted by The Wilder Companies, Hinckley Allen , and CohnReznick LLP, provided great opportunities for networking and just cheers-ing with industry friends.
Keynote: Beyond the Bench with NBA Boston Celtics Coach, Joe Mazzulla
Joe’s speech was both inspiring and thought-provoking.
He emphasized the importance of alignment and building a philosophy centered around employees, or in his case – the players.
According to Mazzulla, effective communication and breaking down barriers are crucial to achieving this alignment. He encouraged us to embrace vulnerability, confront challenges head-on, and maintain a balance between selflessness and personal ambition.
Mazzulla also discussed the significance of having interests outside of work, leveraging adversity, and inviting distractions as opportunities for growth.
His perspective on treating everyone fairly while recognizing individual differences was particularly ensuring as a strong leader.
He also shared his approach to dealing with media pressure, viewing it as an opportunity rather than a burden and even said they need the media.
He also stressed the importance of staying grounded and focused on what truly leads to success.
AI Workshop for Retail Real Estate — From Leads to Leases
Throughout the Workshop, several AI tools were discussed, each catering to different aspects of CRE. Tools like ChatGPT and Claudeoffer robust alternatives for generating content and automating communication.
Perplexity.AI, an “answer engine” similar to Google, provides precise answers sourced from a vast database.
Scranton.AIoffers intelligence from city and county council meetings, a valuable resource for understanding local regulatory environments.
Additionally, tools like Fireflies.AI, Read.AI, and Otter.AIwere highlighted for their capabilities in transcription and meeting summarization.
Stephen Harrill, CCIM emphasized the importance of crafting precise prompts when using these tools, like giving clear instructions to an intern. This approach ensures that the AI delivers the desired outcomes, making the user experience more efficient and productive. More to come on the AI session in my AI in CRE article coming out on Friday Aug. 2nd so stay tuned or sign up here.
Lyrik Back Bay: A European-Inspired Mixed-Use Plaza Transforming Boston
Representatives from Samuels & Associates unveiled the much-anticipated Lyrik Back Bay project. This European-inspired mixed-use plaza, described as both unique and vibrant, promises to be a transformative addition to Boston’s urban landscape. Moderated by Thomas Phillips of Brown Rudnick LLP, the session featured key insights from Greg Contente, Rachael Diharce, Emily Simard, Andrea Simpson, and Joel Sklar.
The Lyrik Back Bay development is built on a foundation of reconnecting neighborhoods, a concept that has been 25 years in the making, per Joel Sklar. The project aims to create a vibrant community space that ties together different parts of the city.
The team discussed the strategic acquisition of air rights over highways and parcels of land on both sides, which allows the site to serve as a gateway to Boston, not just for Back Bay but for the broader community. This legacy project has been meticulously planned, with input from local residents over the past decade, emphasizing the need for open, inviting spaces, particularly space focused on enjoying their local sunset.
Scheduled to open next week on Monday, July 29th with citizenM hotel (408 Newbury Street), the Lyrik Back Bay plaza includes notable features such as the hotel, which will boast a rooftop bar and views of the sunset from a second-floor viewing space.
The development also hosts a variety of retail and office spaces, including 1001 Boylston Street, which will house CarGurus’ new office with 1,000 employees moving from Cambridge. The retail component seeks to attract high-end tenants from places like New York and Miami, with 37,000 square feet of retail space already 65% leased. Notable tenants include Pink Carrot, Rivian, Avra Estiatorio, Chicha San Chen tea, and George Howell Artisanal Coffee. Emphasizing the project’s cultural and artistic inspirations, the Lyrik brand draws from Boston’s rich musical heritage, featuring an 80-foot piano installation that played over 4.3 million keystrokes across one month.
The project’s ethos is encapsulated in the statement, “We didn’t build a building; we built an invitation.”Lyrik Back Bay is the first development of its kind in 40 years, following in the footsteps of Copley Place. This bold and confident project, inspired by the creativity and energy of Berklee and Tower Records, aims to create a soulful, inviting and musical atmosphere.
Upcoming events include the opening of citizenM as noted, a series of sunset viewing events, and the launch of an Urban Forest in December. As the project continues to unfold, Lyrik Back Bay is set to redefine the urban experience in Boston, blending culture, community, and commerce in a harmonious and engaging setting. Can’t wait to check this place out in-person!
Navigating the Evolving Landscape of Retail Real Estate: Insights from a Capital Markets Session
At the Capital Markets session, industry leaders gathered to discuss the current state and future prospects of capital markets in the sector.
The session, moderated by @Michael Riccio, Senior Managing Director at CBRE, featured a panel of notable experts including Chris Angelone, Co-Head of National Retail Capital Markets at JLL; Barry Carty, Senior Vice President of Acquisitions at Federal Realty Investment Trust; Katie Grissom, Head of Retail & Mixed-Use Americas at Nuveen Real Estate; and Eric Smookler, CFO and Co-Chief Investment Officer at WS Development.
Their insights painted a picture of a dynamic, competitive, and evolving market landscape.
And hats off to sub-committee volunteer chair, Aaron Huntley, whom made creating a diverse panel for this session a priority, all speakers were fantastic.
One of the primary takeaways from the session was the intense competition for high-quality retail acquisitions. As Chris Angelone noted, retail is currently a hot asset class with significant interest from investors. However, there is a shortage of high-quality assets available, leading to consistent transaction values. Angelone predicted an uptick in transactions as more capital, transitioning from “retail curious” to “retail serious,” enters the market. Barry Carty emphasized that while the fundamentals of retail real estate are healthy, success requires the right team and strategic approach, as the market is far from commoditized.
The discussion also touched on the impact of inflation and rising construction costson the retail sector. Barry and Eric highlighted that building new retail spaces has become nearly impossible due to the high costs, making smaller, less complicated deals more attractive.
Katie Grissom pointed out that the preferences of consumers, especially millennials who have migrated to the suburbs, are driving demand for convenience and immediacy. This shift necessitates a deep understanding of the end-user to ensure survival and success. Grissom also mentioned that Nuveen Real Estate had a record year in leasing, despite challenges in the full-service restaurant sector and the high costs associated with big box spaces.
Overall, the session underscored the resilience and adaptability of the retail real estate market post-COVID. Eric Smookler observed that both landlords and operators have emerged stronger, with the pandemic having weeded out weaker players.
The panelists agreed that a long-term view is essential for navigating the current landscape, which is characterized by high competition, significant capital inflows, and evolving consumer behaviors.
As the market continues to change, staying attuned to these dynamics will be crucial for investors and operators alike.
Fitness Event: A Workout with Planet Fitness
I wasn’t able to attend this one but heard really good things. It’s so nice having a fitness event to kick-start the day of dealmaking. Here are some pics I got from sub-committee member, Kass McInnis. And I believe it did not rain on, despite the scary sky.
This event was with National Lead Trainer, Teddy Savage, a rise and shine warm-up workout session. He moved the group through both a physical and mental mojo to increase strength, stamina, and endurance, and who doesn’t need that?!
Retailer Runway at the ICSC New England Conference 2024
Retail experts were brought together for the highly anticipated “Retailer Runway,” presented by Michael Branton, Retail Growth Strategist of Conviser Property Group. Michael served as the MC, guiding the audience through a series of presentations with one common family story that jumped from one retailer to the next based on their lifestyle and needs.
Retailer Runway participants included:
- Ace Hardware– Jason Hipskind, Corporate Vice President, New Business
- Aroma Joe’s – Dave Tucci, President & COO
- Celebree School – Chris Kelleher
- First Watch– Jordan Murga, Real Estate Manager
- Harbor Freight Tools – Bill Gerhardt, Director, Real Estate East
- Moxies Restaurants– Glenn Moon, VP of U.S. Development
- Panda Express– Dorothy Fleishman, Real Estate Manager
- The Fresh Market– John Harmon, CCIM, Real Estate & Development Manager
- The Picklr Inc.– Chris Walker, Chief Development Officer
- Saatva – Chad Lundeen, VP, Real Estate
- Volta Oil and MPG Corp – DBA/ Garrett’s Family Market– Peter Garrett, President
- World Market – Brian Crossen, VP of Real Estate
For those who missed the session or wish to revisit the presentations, the detailed slides are available on the ICSC website here: https://www.icsc.com/attend-and-learn/events/details/new-england-2024/presentations.
A huge thank you…
…goes out to Nadine Cunningham, DES, and Amy Ferrone at ICSC, as well as my fellow committee members: Travis Ginsberg , John R. Pariseault, Lindsay Corsino, Michael Branton, Retail Growth Strategist, Jill Szymanski, Barry Porter, Aaron Huntley, Matthew Nadler, Sam Kallmerten, Thomas Phillips, Jamie Sullivan, P.E., Kimberly Sluter, Kass McInnis, Chris McMahon, David Steinberg, and Scott Warner. Their dedication and hard work were instrumental in making this year’s show a memorable and impactful event. We look forward to bringing even more innovative ideas and opportunities to next year’s ICSC New England conference.
This recap was written by Diana Perry of Rumphius Marketing, a modern boutique marketing agency focused on modernizing, beautifying and growing commercial real estate related brands.
