Anderson Integrative Medicine in Chesapeake, VA
Guest: Nicole Campbell
Topics: Anderson Integrative Medicine, leasing
Transcript:
Chris Ressa 0:02
This is retail retold the story of how that store ended up in your neighborhood. I’m your host, Chris ReSSA. And I invite you to join my conversation with some of the retail industry’s biggest influencers. This podcast is brought to you by DLC management
everyone, welcome to retail retold. I hope everyone has had a fantastic summer. Personally, I had been having a blast watching the Summer Olympics, the Olympics are my favorite sporting competition. And these Olympics have had no shortage of excellent competition and compelling stories. One of my favorite stories has been the rise of female TrackSTar a thing mo a thing is from Trenton, New Jersey. And if you’re not familiar, what she’s accomplished in 2021 is just awe inspiring. beginning of the year, she won multiple NCAA titles, she then turned pro and signed a deal with Nike. She then qualified for the Olympics and just recently won the gold medal in the women’s 800 meter race, the first American to do so since 1968. Oh, and by the way, a thing is 19 years young. She is the daughter of Sudanese immigrants. She is one of seven children. She is one of the most positive athletes you’ll ever hear in an interview. And I think, an incredible role model for youth athletes across the country. It’s been inspiring, watching her race and listening to her interviews, just like it has been for many, many of the Olympians that we’ve been watching. This is just one that really spoke to me given how much she accomplished at such a young age in such a short period of time. She still has five months left in 2021. If you’ve got some goals and unsure if you might hit them look no further than a thing mo because clearly, she is the epitome of reach for the moon. Okay, this week’s episode is a little bit different. Normally, the show is about how that store ended up in your neighborhood. Today is how that office ended up in your neighborhood. I am joined by Nicole Campbell, who is an office leasing and sales broker in the Hampton Roads market of Virginia. Much of the headline news around the office real estate market has been around the major LSAS. So with the hot economy, I thought it would be great to hear about a suburban market. That’s not one of the top 20 MSPs. And how that suburban office market is doing, especially with the rise of people going back to work. I’m hopeful you enjoy the show and continue to listen, because this summer we have more incredible guests. Finally, I need to ask everyone a favor. We are continuing to grow our listenership and one of the key metrics are ratings and reviews. If you have not rated and reviewed the show, I hope you can take five minutes from your busy schedule rate and review us would mean a lot. Okay. Thank you now for our show.
Welcome to retail untold everyone. Today I am joined by Nicole Campbell. Nicole is an office leasing and sales broker in the Hampton Roads market, which is in the eastern part of Virginia. She has been in the business for three years, she works at the virus. I am excited for her to be here today. Welcome to the show to call.
Nicole Campbell 3:23
Thank you, Chris, this is great to be here.
Ressa 3:25
I know we’ve had to reschedule several times because we’re both really busy. So thank you for your patience.
Campbell 3:30
Oh, thank you.
Ressa 3:31
Well, Nicole, why don’t you tell us a little bit more about who you are and what you do.
Campbell 3:37
So I’ll focus first on what I do in the commercial real estate world, I really focus on Office leasing and sales and office even going into a little bit of the flex product. Because we’re seeing that more these days where warehouses are getting built out with some office space. So I do dabble in that as well. But really working a lot with people who have a portfolio of up to 22 buildings all the way down to somebody who just happens to have a one off because they were they inherited an office building and that now they have a 1500 square foot space to lease. So a little bit of everything here in Hampton Roads. That’s the professional side professional side. What’s the other side so the other side is Army Family army brat Army veteran army wife, all of that. So who are Go Army, and then I am a soccer mom through and through. I’m working on getting better at my sideline outbursts and keeping those to a minimum. So I don’t embarrass my kid. And I’m also a self professed introvert. And I’m really working on getting better at my eye contact, which I know is kind of weird being in this field that most people are extroverts in this arena, but here I am. Here you are.
Ressa 4:52
Okay. So you were in the Army. I was.
Wow. Thank you for your service. When did you serve?
Campbell 4:59
It was a lifetime ago. So it was over 20 years ago that I was in, I was only in for three years. And I was a military police officer. And I got out, did my little stint and let my husband finish up. And he did 22 and a half years in the Army. So that’s how I ended up, you know, getting to add on the military spouse part of things. Wow, that’s really interesting. And your soccer mom sideline outbursts. If you’re anything like my father, most of the time, they’re at the refs. Is that where you go? That’s where I had been? Yes, I would say I was not nice. And it was one of those things when everyone on the sidelines starts, it just is a lot easier to fall in and start screaming. It’s pretty embarrassing. I think as when my kid was 12 years old to be screaming at the rapid was. It’s not a professional game. You know, it’s one of those things were like, what were we thinking? Why were we acting like that? So it’s a lot of self reflection and getting past the bad calls, I guess. Yeah, I know that World War Two well, not from soccer, but from other sports, but I know that world all too well. Okay. I want to get started here. I have three personal questions for you so we can get to know you a little bit better. We call this clear the air. Are you ready? I’m ready. All right. Question one. When is the last time you did something for the first time. So just recently, I traveled to Maine with some girlfriends of mine. And I tried a lobster roll. Wow, the first time so it was an illegitimate one, right? Because I was in Maine. It wasn’t some food truck here in Hampton Roads that said that they have lobster rolls, it was the real thing. And I’m glad I did it. It wouldn’t be something that I have all the time. But it was a good first and
you know, perfect way to get acclimated to the area up there.
Ressa 6:55
Where did you go me?
Campbell 6:57
We went to southwest Harbor, which is a little part of Bar Harbor, I
guess. Sure. Okay. My brother lives in Portland, not close to there. But this port.
We drove up through Portland, we actually flew into Boston, and then drove all the way it was about I guess, two or three hours and we stopped in Portland. That was where we actually had our first lobster roll.
Ressa 7:19
Portland’s cute town. Good little city. Yep. All right. Question two. What is one thing most people agree with? But you do not.
Campbell 7:27
That was tough for me? Because not that I’m agreeable to everything. But I just find myself I’m not super argumentative. And I don’t like conflict. So I don’t usually talk about what I disagree about. Hmm. I’m gonna flip the script, what? What’s something that you find? And then maybe I’ll see if I agree with you or not?
Ressa 7:48
I’ve heard a lot. I’m like cheating. Because I’ve asked this question to a lot of guests. There’s a lot one of the things that I think that I don’t totally love, a lot of one line, New Age proverbs. So our work smarter, not harder. I think you need to work hard to you need to work smart. But you also need to work hard. And I think that gives the impression that one of the ones I found interesting that someone had said on the show is that everything happens for a reason? You know, I question that I’m not sure that it does. And then the most fun one that I’ve heard that I think is pretty interesting that I totally agree with, even though I don’t live by is that you can have dessert before dinner. I thought that was fantastic. And it’s totally okay to have ice cream before pizza. So those are a few.
Campbell 8:40
Yeah, those are good ones. That’s the thing. I feel like, I don’t go through life ever figuring out well, what is it that? What are we not agreeing on? I just kind of like do my own thing. And I don’t really worry too much about what other people are saying or doing? Well, maybe here’s, here’s maybe something I don’t know, just looking at the commercial real estate world. I think it’s changing a lot. And I haven’t been in it forever, right. But maybe something that people would say is that we have this professional standard and this look, the way we’re supposed to dress and present ourselves. And maybe that doesn’t include having a bunch of tattoos. And I have tattoos. And so that’s something that obviously I don’t agree with. You know that you have to go through business life without something like that. And I don’t know if so I don’t agree with that.
Ressa 9:31
So you don’t have to look a certain way. Right? Absolutely. Yeah, I think that’s a good one. And the authenticity of people is starting to come out. I think the tech world has moved to this. Right. We see a lot of executives and T shirt and jeans in the tech world, which you might not see on Wall Street, right. So I think that’s certainly true. Okay, third question. What is one skill you don’t possess but wish you did?
Campbell 9:57
I wish I could juggle a song Soccer ball looks really, really cool. My son is so good at it, he makes it look very easy. And I try it and I cannot hit the thing off my foot more than twice. And it frustrates the heck out of me. Because no matter how hard I try, I just cannot get it. So I really wish I could do that. And it doesn’t serve any purpose. Other than, you know, something personal that I would love to be able to do. But I know that’s kind of a weird one.
Ressa 10:28
No, that’s there are no wrong answers here. This is getting to know you a little bit better, there are no wrong answers. Okay, thank you for playing that, I really appreciate it. I want to pivot to Hampton Roads a little bit. We don’t have a lot of office professionals on this show. We have some general real estate folks. But you’re in the, in the field in the Hampton Roads, seeing what’s going on. Let’s start from a macro level, how is Office real estate performing in a post pandemic world, at least from what you’re seeing in Hampton Roads.
Campbell 11:01
In Hampton Roads overall, we haven’t seen a huge dip we there are some changes as far as larger groups trying to figure out if they’re going to stay in their space or suddenly said, you know, as their leases are rolling, a lot of people are trying to give back space, it’s not super successful. So then they end up coming back anyway, kind of what we see in this market in general that has not slowed down is the smaller folks. So 1500 2000 square feet, who needs space within the next 30 days, 60 days, you know, a quick turnaround. That’s always kind of been what’s happening here. And it didn’t really change post pandemic. I think the big thing is just the people who are trying to figure out what they’re going to do, kicking the can down the road and saying, Well, you know, is do I need all of this space? Do I need more space? How are we going to operate, and they’re really looking within and figuring that out on a, you know, a business by business level, instead of seeing oh, what’s happening in the rest of the United States, it really doesn’t matter if it’s important to that business and what they need to accomplish. And I think we see that a little bit more now. People who are trying to figure out really what that business needs to, to function properly and efficiently instead of looking at well, what are the best practices, it really comes down to what they need. So there are a lot of people who are saying, well, let’s do a short term renewal at their leases are coming up and landlords who are working with them and saying, Well, you know, we’ll do a six month 12 Month 18 month renewal where in the past, maybe they wouldn’t have explored that. So I think that’s the been that the big difference. Post pandemic, but overall, our market has stayed pretty strong in Hampton Roads.
Ressa 12:47
That’s good to hear. Are you seeing new entrants to the market? People not from Hampton Roads, relocating or opening a business in Hampton Roads?
Campbell 12:59
I just got a call today. It’s weird, because we usually don’t see a lot of that there’s people, businesses that are started here in Hampton Roads, a lot of you know, places that you might know, and larger cities that actually started here, but there’s not a ton of people typically who come this direction. So I got a call today, from somebody who said, we’re in Manassas, Virginia, we have we come down there like every year for some sort of event that they put on, and people keep asking them, when are you going to open here, we need an office here. And so now they are exploring moving into our market. So we’re in a great location, I mean, being right by the beach, and just all the water that we have, in general, we have a great workforce here as well. And so I think, as businesses are looking at their model, you know how they’re operating. Now, maybe they’re exploring other markets that they had in the past. So I feel like that’s going to be something that we see an influx and we really thought we’d see it a little sooner. We thought, Okay, well, people in New York or Washington DC are going to say we’re done with these high rental rates, we’re going to find some place where we can operate a little less expensively, and that start coming in this direction. And so we thought it would happen a lot sooner, but now I’m hopeful that, especially like I said, I just talked to this business owner today that I, you know, that we’ll see that coming down the pipe that a lot more people will be exploring that option.
Ressa 14:28
Okay. Well, you mentioned traditionally you have new business formation out of Hampton Roads, are you seeing coming out of the pandemic? Are you seeing new business formation happen?
Campbell 14:37
Yes. And it’s interesting where they’re coming from and what type of providers service providers so things like mental health. That’s huge right now. And I think that as folks, get a feel for knowing that this is, this is not something to do shoved off into the closet that we need to not talk about. They’re warming up to mental health as a service, and that seeking mental health. And so we have all these providers who are out in the market looking for space, you know, small one offs. solopreneurs, I guess, as you would say, and then even the larger companies are like trying to figure out well, how do we expand because we have such a demand for it, that and then home health has been another, like people are trying to, I guess kind of come out of the woodwork with that as well, I don’t know, if there’s been some sort of incentive out there or rule changes. But there’s, I think businesses like that, where there’s an opportunity. And they see that even though maybe there are a few people in the market, that there’s so much demand for that type of service, that they’re going to start looking for space, because they know that they will have an opportunity to make some money basically doing it. So he needed an office space sometimes to be able to make more money and to expand your business. And that’s what we’re seeing in some of the market and some of the sectors.
Ressa 16:02
Okay, well, that’s good to hear. I love hearing about new business port formation no matter where it is. I think the next thing I think about when I’m thinking about office space, and I’m thinking about markets across the United States is co working as the co working market shaping Hampton Roads, we’ve read about what it’s doing. And many of the large MSA is the United States. But has that trickled down to markets like Hampton Roads and what’s going on with co working in Hampton Roads.
Campbell 16:29
I don’t know, because I can’t really compare, I don’t know exactly how it is in the larger areas. So I will say that we had an influx in the past couple of years, we have a group called gather, who I believe is out of Richmond, who opened a couple places in Hampton Roads. So they opened two locations on what we call the south side, one in Norfolk, and one in Virginia Beach, and then another location on the peninsula and Newport News. And I don’t know that they’re doing as well as they thought they would have, I do know that they spent a ton of money on build out and having the best of the best and their places look really cool. But I don’t know that they are kind of reaping the benefits of that quite yet. We have some smaller groups who have been in the business not necessarily as co working but as what we call executive office suite. So your Regis, and then we have a couple of smaller firms here have been operating for a really, really long time. I mean, even to the point of I think about a decade or more that they’ve been in business doing that model. And as far as I can tell, they are still staying busy. Their offices are either a people are actually using the physical office, or they’ve gone to at least using the service that those books provide us. You know, we will give you an address, professional address, we’ll answer the phone for you, that type of thing. So it makes it look like they’re not working out of their home. But they actually are and then they just have that professional address. So I think that the the groups that have spent a ton of money on all the amenities and the build out and that the fabulous space. It’s great in theory, but I don’t know that they have really found the success yet. And I don’t know if it’s because they open just you know, within a year or two of the pandemic heading and then that hurt them, or if we’re going to see an uptick from that, but I haven’t seen an uptick yet.
Ressa 18:24
Got it. Okay. Well, very helpful. Anything else that we haven’t touched on about the office market, or Hampton Roads that you think would be interesting for the listeners.
Campbell 18:38
So I think that might be interesting is that in our market, and so I’ve been in brokerage here for three years, I’ve been working with a commercial real estate firm. So I worked in admin, for divorce real estate before I got into brokerage for a couple of years before that, and just hearing, just from my experience, what traditionally, our office rental rates are, and the type of tenant improvement allowances that the landlords will provide has not really changed in like, decades, it’s it’s been flat. And so that was something that everybody could kind of count on is that as a landlord, maybe you’re not going to see this huge upswing in your investment, but you also wouldn’t see that large dip either. And then for tenants, they would be able to know that, you know, I can probably go into a five year lease and at the end of five years, I can reset my rate to the current rate that I or the rate that I started at because rental rates just don’t really change. But I think from talking to a bunch of my landlord clients and other brokers in my office that we might actually start seeing rental rates increase because construction costs have gone up. Landlords are if they are offering any kind of tenant improvement allowance they have have to be able to recoup that. And they can’t do it if they don’t raise the rental rates. So I think it’s going to turn into what everybody thought maybe landlords after the pandemic would be desperate. And they’d be reducing their rates and throwing out all this free rent and, and tenant improvement allowance. I think it’s going to go the opposite direction. And it’s really going to be a correction for us because things haven’t changed in so long. So while our rental rates are really low right now, it could be in the next year or two that things start jumping. So it would be maybe a good time for people to start looking here. And before those rates go up.
Ressa 20:36
Interesting perspective, I know all too much about the construction costs in America today. As a landlord, it is a challenge, no doubt. One last thing. What are you seeing as it relates to hybrid working models? And working from home? Almost daily, you pick up a news article, and there’s something about the new hybrid model working from home? What are you seeing with that in Hampton Roads.
Campbell 21:02
So there are the larger companies who so give an example. Clark Nexen, who is a large tenant in a Town Center, Virginia Beach. And they have a whole floor of a building. And they sent everybody home. And they are subleasing their space. And they’re not coming back, which is really interesting to me. Because the type of work that they do, they’re engineers, so you would think that they would have to be in the office. So that I think is kind of on one side of it, where it’s a complete extreme. And then there’s other folks who I think started off saying, well, we can have people do a hybrid, they can kind of pick and choose what they’d like to do. If they need to work from home certain days of the week, they can, but then it turned into, well, let’s just everybody have come back, we thought everybody would be back by now kind of on their own, and they’re not and we want to see them back. So there’s a struggle going on between employers and employees, what they think is going to work. So ultimately, and what the model that I’ve chosen for myself, because luckily, in what I do, I’m able to kind of make my own rules a little bit, is that I think we can all get to the point where saying, if there are days that I need to work from home, because I have my son’s doctor’s appointment, and it’s just gonna make sense for me to get some work done in the morning at home, and then come into the office later on, or whatever the case is, right? And having that flexibility is going to be what people are looking for. And if employers can really get on board with that and allow it and maybe not say, you know, let’s do Tuesdays and Thursdays is this group. Sure. I don’t see that working here and talking to the folks around this area doesn’t seem like that. That’s what’s going on that is actually working for everybody.
Ressa 22:53
Okay, well, helpful. Really appreciate it. Thanks for the Hampton Roads update and your take on the office market. That was terrific. I want to bring us to the next part of our show. I want you to tell a story about an office that opened in Hampton Roads. So where are we going and what is the name of the business, Nicole?
Campbell 23:13
So it’s called Anderson integrative medicine. And they opened up in Chesapeake Virginia, specifically an area we called Western Branch part of Chesapeake. When did they open? So they opened July 1
Ressa 23:30
of this year. Excellent. Floors, yours. Go ahead.
Campbell 23:33
Well, I first met Sarah Anderson have this. She’s the owner of the company in December of 2020. I’m a landlord rep for a property out in Chesapeake. And she came in tour through a couple of spaces that we had, we had one space that was already built out, we had asked the landlord to do kind of a turnkey space for us a small space so that people could, like I said, those folks who are looking for small space and a quick turnaround, they we would have something available. She looked at that and loved it. But of course, we already had a lease out for signature on that one. So then she looked at another space that was a little bit bigger and needed a lot of build out. It was not going to work for her for the most part, the way it was already set up, which is understandable. It was outdated. I don’t even know I think there had been like a real estate company in there before who just kind of made do with a medical space, really something that was functional for her. So we knew that there would have to be a lot of changes, worked with her for a while and then turns out she has a friend who is a residential real estate agent who wanted to help her on this deal. So that kind of through a little bit of a beginning challenge is just trying to educate him and educate her on the process. And we took her through that space. She decided that’s what she wanted to go forward with. We worked with her on how carrying a space plan or an architect, to figure out exactly how the space needed to be laid out, she took some time getting back to us through her residential real estate agent. You know, it kind of added a little bit of extra time that we normally wouldn’t see that it was a little bit slower than what we had liked. But finally got all that worked out, got the tenant improvement. Got that all priced out? And it was a lot higher than what she expected. Sure, you know, of course, and what type of medicine did she do? So integrative health, which is she does infusion therapy, medical marijuana, she doesn’t do anything that takes insurance. So everybody is they pay on their own.
Ressa 25:46
Got it. Okay.
Campbell 25:49
So, construction costs are really high. And she had to figure out how to value engineer that. And so Oh, by the way, she has this timing issue, that, of course, where she is now she she’s relocating and out of like one office, and they’re going to be kicking her out at the end of June, something like that. So we knew we were kind of up against the clock. But basically, it came down to, she got it value engineered, we negotiated a deal with her with the landlord paying for everything that she was she was asking for to for all that build out. But got her to agree to a seven year lease, which right now, we really didn’t know is anybody going to be willing to sign something more than five years because there are so many unknowns. And especially because she’s moving from one market to a completely different market, that she knew she wasn’t going to be taking a lot of her current clients with her because of the distance that they would have to drive. So we were kind of worried that she wasn’t going to be, you know, amenable to the seven year term. But she was, and we got everything signed. So we toured in December, finally got a lease executed in May, middle of May. And then she was shocked and confused about why we weren’t going to have this space turned over June one. So again, those having those expectations set, we can talk all day long, until we’re blue in the face about, you know, what the construction timeline is going to be how this operates, and why, you know, it took you so long to negotiate the LOI and it took you so long to negotiate the lease and all these things that now we’re we there’s no way we can deliver. So it turned out that she thought, you know that she would be able to pull some strings and get some permitting done faster. And it just, I mean, it just doesn’t work that way, you know, we have, we deal with this all the time. Our our contractors deal with the cities all the time. And they’re really the best people to work things through because they know who to take doughnuts to, you know, in the permitting office, they need to suck up to a little bit that type of thing. But with all the headaches, and again, like educating her agent and educating her through the process, we were able to still deliver the space within actually less than six weeks. So she got in there July 1 and was able to start operating. But it was just one of those things where we thought everybody thought they had plenty of time until they did it. And having extra people in the mix who weren’t familiar having that green agent in there actually kind of did her a disservice because of the process got slowed down with having to explain things to him and then re explain to her so all in all, it turned out great that the space looks fantastic. It’s a phenomenal build out that she had done. It’s I mean, it looks like a Class A space and in a class B Building. So her clients are gonna be really happy with that. But it was it was definitely interesting to have to do all over, you know, 1500 square feet. A lot of work for 1500 square feet.
Ressa 28:58
Yes, a lot of work for 1500 square feet. So a bunch of questions. I have one I think one of the takeaways you mentioned was I think anything in business people think they have more time than sometimes they do. And it’s just human nature to wait and wait and wait and wait and and then you end up racing at the end. And it happens with more than just real estate. It happens in so many things in life business deals and other things. The other thing that he mentioned, notwithstanding the fact that this person was a residential realtor, not a commercial broker by trade. I think the one thing that happens and is important to note in any business deal is too many cooks spoil the broth. People keep getting added to the process and well now someone else has to review everything and wants to make sure that everything accurate. Everyone’s eyes are dotted and T’s are crossed, and that’s understandable but sometimes too many chefs are abroad would throw me for a curveball was when you mentioned the tenant improvement allowance and it had me thinking With a lot of the local businesses that you’re working with, how are landlords in particular, this landlord, getting comfortable with the credit worthiness of the tenant? Right? It’s one thing if Coca Cola came in, they had this huge build out and you’re getting Coca Cola on the lease in this scenario, you don’t have that type of credit on the lease, and you can extend the lease seven years 10, you could do a 20 year deal. But if the person or the business can’t make it for 20 years, then it doesn’t really matter. So how does the landlord or and you get comfortable with the credit was there a guarantee what happened?
Campbell 30:41
Right, so they did review the financials, she was pretty strong. Going into it. And she had, although she was just a one person in one office, she was showing that she was doing really well. And it was interesting, because I thought, because she wasn’t taking insurance, that that would be an issue. But it seemed like almost that now she can control, you know, a little bit more of how that income works for her. And so she did, she looked pretty good on paper, there was a personal guarantee, which of course, her attorney was fighting, as attorney showed, I guess, right? On the tenant side of things. But the personal guarantee was there. And I think, again, it was one of those things where the landlord, in this case, in particular, they were our new owners to the building, they have a program in place where they knew they were going to spend x amount of dollars on getting tenants into the spaces. And with that formula in mind, they knew that they could spend a certain amount of money to get this space leased. So regardless if it was her or somebody else, I think they just looked at kind of the whole picture and decided that this was somebody that was worth taking a gamble on, because it’s a property where you’re not going to see most likely those national credit tenants, class B property single story, built in the 80s, you know, needed a lot of work. So they knew what they were getting into. And I think that was the key with these owners is that they, they had a plan. And it was not deviating from their plan to have this type of tenant go into the space and for them to spend that kind of money to get her into the space.
Ressa 32:23
That’s a good point that they had a plan. And they did that. I would say though, that as you pointed out on paper, the tenant did show strong financials and there was a guarantee those are two strong mitigating factors. Because no matter the class of the building, I think if the landlord’s investing a significant amount of money into the deal, if the tenant on paper has poor credit, and there’s no guarantee on the lease, or cosign or anything like that no letter of credit, I think that can be a challenge. Even if you had in the plan to spend the money, you still want to invest it wisely, you don’t have an allowance is fine. And you only have so much to put into deals. And if you spend it and lose it. That’s not a good scenario, you have to keep reinvesting. So I think the next thing notwithstanding, while this deal had its ups and downs, and the tenant rep brokers are most of them are fantastic. I think the challenge here was that they got inserted into the deal later on in the process. And that’s the point I was making. Notwithstanding all of that. One of the things that’s been reoccurring in this to me, you’ve been mentioning, kind of quick deals, identified the person in December 2020, or the tenant and open in July of 2021. That seems like good speed. Regardless of how long the process was, in real estate we’re seeing it feels like deals in all asset classes are just taking longer and longer and longer. Even that one which you identify this long seems quick talk to me about the speed in which deals are happening and tendons are getting open in Hampton Roads, because it feels like it’s might be quicker than is happening in a lot of markets across the country.
Campbell 34:05
And maybe that’s the case. So I think looking across the folks that I’m working with on both sides as tenant and landlord reps. I think I’m working on a deal right now with my one of my partners, where it’s been going on for over two years, I believe. This and that one, you know, and then there’s those deals. So that’s going on, but for the most part, when we say start looking, you know, 12 to 18 months out, generally people aren’t doing that. They’re typically doing that here. If they are just kind of going to market to shop for a renewal. You know, they’re going to try to figure out what deal can they get on their renewal because they know they’re gonna stay in place, but they want to see what else is out there in the market. They don’t really plan on moving. So So six to eight months is, I guess more typical, a lot of the stuff that I work on is even shorter than that. So maybe that’s why that six month, it just really felt like a long time because I’ll have folks that, like I said, they’re looking to move in something quick. We can find a space that doesn’t necessarily need a lot of build out, and they can work around what’s already there. And they’re able to get in within 6090 days. Wow,
Ressa 35:24
that’s incredible. Well, that’s good to hear. And I hope that continues to happen in all asset classes across commercial real estate across the country. Okay. Well, I appreciate the story. Appreciate the insights on the market. I want to go to the last part of the show this fall apart. Call this retail wisdom. I’ve got three questions for you. Are you ready?
Campbell 35:43
I’m ready. All right.
Ressa 35:45
One, what extinct retailer, do you wish you’d come back from the dead?
Campbell 35:49
I’m not a huge shopper. But I would say and I think this is sort of recent as pure one. Oh, yeah. And only because I like to go in and browse around. I never bought anything there. So maybe that’s why they are defunct. Because people were like me, but um, and really, honestly only because I would like to go in and just look around at things but I don’t shop very often. So. Maybe or like Toys R Us or something. Yeah, baby toys. Those were always fun.
Ressa 36:21
KB Toys. That’s not what I hear about often. Okay, question two. Even though you’re not a shopper. What’s the last item over $20 You bought in the store? This weekend?
Campbell 36:30
I was taking my daughter back to James Madison University and she needed a TV stand. So we went to Target and I think we spent $50 on a TV stand for her apartment.
Ressa 36:43
Excellent. Excellent. James Madison. Great school. Yep. Okay. Final question. Speaking of target, if you and I were shopping at Target, and I lost you what I would I find you
Campbell 36:54
probably in the home goods section. Or maybe specifically like the kitchen appliances or kitchen, little gadgets, that type of thing. But again, I don’t I’m not in there. It’s so funny. I try to think of even beyond this weekend when I even go to the store. Do all my shopping online. My grocery store shopping everything.
Ressa 37:15
Any cool kitchen gadgets on the market these days? I don’t know
Campbell 37:19
you got me. I’m not in there. That’s why I would probably be there just to see what what’s new. What’s out there. Who knows? Probably I’m sure there’s some sort of new coffee thing or some new blender.
Ressa 37:32
Yeah, there’s always a new blender. I feel like the blender market never gets a lack of innovation. They’re always trying to innovate the blender market. I don’t know why every infomercial known to man has had a blender multiple type of Blender and chopping type things on there. That’s true. Okay. Well, I really appreciate this. This was fun. Thank you so much.
Campbell 37:54
My pleasure. Thank you again, Chris. I really appreciate it. It was great.
Ressa 37:58
Thank you for listening to retail retold. If you want to share a story about a retail real estate deal that you were a part of on our show. Please reach out to us at retail retold at DLC mgmt.com This show highlights the stories behind the deals from all perspectives. So it doesn’t matter if you are a retailer, broker, entrepreneur, architect or an attorney. Also, don’t forget to subscribe to retail retold so you don’t miss out on next Thursday’s episode