Hoffman Strategy Group is a boutique, national real estate advisory firm. Over our collective firm experience of 85 years, we have cultivated the unique and distinct ability to dive deeply into retail, residential and commercial market and feasibility analysis, master planning and development in order to identify those factors that lead to successful real estate projects.
We utilize the most current and relevant technology, including mobile device data and GIS-mapping, to supplement our understanding of the customers that will support any given project.
This skill set and experience enables us to be an integral part of a client’s acquisition, investment, development, leasing and marketing teams. From identifying markets appropriate for multi-family expansion based on a client’s criteria to completing national and regional “white space” studies and sales forecasting to support a retailer or restaurant’s expansion strategy, our work allows clients to establish priorities and develop real estate projects that are based on sound data analytics.
We believe our Representative Projects and Client Relationships speak best to who we are and what we do. Please review the information below and contact us with questions.
Front & York - DUMBO Brooklyn
Los Angeles-based CIM Group is co-developing with Brooklyn-based LIVWRK Front & York, a full service, mixed use residential and retail project in Brooklyn’s DUMBO neighborhood. Front & York will bring approximately 150,000 SF of new retail space, 408 residential condominiums and 320 rental apartments to DUMBO.
Hoffman Strategy Group was engaged to conduct a market analysis to quantify the potential for the retail and food and beverage components of Front & York. A long-term optimal merchandising and tenant mix strategy that included recommended tenants, tenant specific sales forecasts and estimated occupancy costs was also provided from this analysis. CIM Group is executing on this strategy and Front & York is scheduled to open in 2021.
Brixmor Property Group Portfolio Analysis
Brixmor Property Group (NYSE: BRX) owns and operates more than 400 retail centers across the country — centers where retailers and communities connect and thrive.
Hoffman Strategy Group was retained by Brixmor to evaluate mixed-use redevelopment opportunities across key properties in their portfolio, specifically related to multi-family housing, student housing, hotels and office buildings. After completing the market assessment for each property, specific recommendations were made for long term and market supportable redevelopment opportunities.
University Mall in Davis, CA, is a redevelopment example. The City of Davis approved Brixmor’s plan to replace the 52-year old mall with a mixed-use development of 264 multi-family residential units above more than 136,000 SF of retail space. Brixmor’s plan is based on the apartment and student housing feasibility analysis done by Hoffman Strategy Group.
Montclair Place - Montclair, CA
Los Angeles-based CIM Group owns Montclair Place, an enclosed regional mall located in Montclair, California, at the western edge of San Bernardino County approximately 30 miles from Downtown Los Angeles and adjacent to Interstate 10. This 1.2 million square foot mall is situated on approximately 72 acres and is anchored by Nordstrom, Macy's, JCPenney, Sears and features over 150 shops. Recent improvements to the mall include an interior renovation and the addition of a food hall. A new dining and entertainment wing, anchored by an AMC Dine-In 12 screen theater, is currently under construction.
Given the ongoing evolution of “brick and mortar” retail and the improvements being made at Montclair Place, CIM Group retained Hoffman Strategy Group to identify market opportunities with a focus on new and improved retail offerings, food and beverage and entertainment uses. After completing a market assessment and an evaluation of the competitive landscape in the Montclair area, specific tenant and operator recommendations were made with projected tenant sales forecasts and occupancy costs. Short and long term “next steps” were also recommended to enable Montclair Place to capitalize on market opportunities.
National Harbor - D.C.
National Harbor is a 350-acre, mixed-used development built and owned by Fairfax, VA-based The Peterson Companies.
Our work focused on answering these main questions to support leasing and marketing:
What is the optimal long-term retail merchandising, tenant mix strategy for National Harbor?
Is a new boutique hotel viable in this market and, if so, what land parcels are most suitable?
US Bank Centre - Downtown Seattle
Seattle-based City Centre is a partnership that owns and manages the 44-story US Bank Centre on 6th & Pike in downtown Seattle.
We provided quantitative and qualitative analysis to determine market potential for the optimal repositioning and merchandising strategy of retail, restaurants and other food and beverage tenants. This include quantifying the spending potential from downtown area residents, daytime workers, commuters at the transit hubs, overnight guests at the area hotels and convention center, and college students.
CCMP Capital - Acquisition Analysis
New York City-based CCMP Capital is a private equity investment firm that focuses on leveraged buyout and growth capital transactions. Formerly known as JP Morgan Partners, CCMP Capital has invested about $12 billion since 2006.
We provide third-party due diligence market and feasibility analysis and white space studies on the potential acquisition of national retail chains.
Lilia Waikiki - Honolulu, HI
Lilia Waikiki is a mixed-use development in the heart of Hawaii’s most well-known destination for retail, lodging, dining and entertainment. Lilia Waikiki will consist of a 28-story residential tower with over 400 units and approximately 50,000 SF of retail and food and beverage uses. It will be the first high rise Class A rental tower built in Waikiki in over 20 years.
OliverMcMillan hired Hoffman Strategy Group to support the retail and food and beverage marketing and leasing efforts. In that regard, spending potential was quantified for residents, tourists and area employees. That analysis supported development of a leasing and merchandising strategy that included specific tenant recommendations and sales forecasts.
Riverton Sayreville, New Jersey
Riverton is a $2.5 billion mixed-use project on 310-acres in Sayreville, New Jersey. This project, which is being developed by Cincinnati-based North American Properties, will integrate residential, retail, entertainment, a marina, office and hotel uses.
Hoffman Strategy Group was hired by North American Properties to conduct a mixed-uses feasibility study used for master planning, project pro forma, and leasing. This study quantified the amount and type of market-supportable uses and estimated sales and revenue volumes for retail, restaurant, entertainment, single and multi-family residential, office space, and hotels.
Hoffman Strategy Group also conducted an economic impact analysis of the estimated incremental sales from the new retail stores, restaurants, entertainment venues and hotels at the Riverton project to the State of New Jersey.
Johnny Was - National Store Expansion
Los Angeles-based Johnny Was is a women’s luxury boho fashion and accessories store with locations across the U.S.
Hoffman Strategy Group was retained to provide a “white space” study that:
Created core lifestyle segmentation profiles of the 2018 Johnny Was retail store and online customer;
Analyzed the number of supportable retail stores in the U.S.; and,
Provided a U.S. retail store expansion strategy with sales forecasts for all potential locations.
Ollie’s Bargain Outlet National Store Expansion
Harrisburg, PA-based Ollie’s Bargain Outlet is one of America’s largest retailers of close-out merchandise and excess inventory.
Hoffman Strategy Group was retained to provide a 2019 update of the Ollie’s Bargain Outlet core customer profiles; and compare the core customer profiles to stores based on sales performance.
Based on the Ollie’s 2019 core customer profiles, Hoffman Strategy Group estimated the total number of stores Ollie’s can support across the U.S.; and in each of the over 900 cities and towns.
The Shops at Hilltop - Richmond, CA
Los Angeles-based LBG Real Estate and London, England-based Aviva Investors acquired the 1.1 million SF Hilltop Mall in Richmond, CA, in 2017. They are in the process of redeveloping the center into an Asian-focused community center and adding nearly 9,500 residential units and several hotels.
We quantified the spending potential of trade area residents, daytime workers, and tourists; identified the core customer segments that reposition the center long-term; and provided an optimal retail, restaurant and entertainment tenant-merchandising mix with sales forecasts.
ShopOne - Acquisition Analysis
New York City-based ShopOne Center REIT owns and manages market-dominant, grocery-anchored and necessity-based shopping centers across the U.S.
We provided third-party due diligence market and feasibility analysis on the potential acquisition of a 735,000 SF power center.
District at Clifton Heights - Cincinnati
The District at Clifton Heights is an adaptive reuse of the former Deaconess Hospital site next to the University of Cincinnati. Lafayette, IN-based Trinitas Ventures, a student housing developer, is transforming this 5-acre property into a mixed-use project that includes 1,000 beds of student housing, multi-family housing, a hotel, an entertainment venue, food and restaurants and retail.
We conducted the feasibility analysis for all uses except for the student housing; and served on the design and master planning team, which include community design charrettes.
Oak View Mall Omaha, Nebraska
Oak View Mall is an approximate 900,000 SF enclosed regional mall anchored by Dillard’s and J.C. Penney and is located in West Omaha. The West Omaha area is often attributed as leading the city in development of more upscale retail, restaurants and hotel space.
Nuveen, the Oak View Mall ownership group, engaged a team of professionals, including Hoffman Strategy Group, to study potential redevelopment scenarios at Oak View. The objective of this team was to recommend a redevelopment plan to ownership that would maximize the value of the real estate. Hoffman Strategy Group’s role on this team was to evaluate the relevant market and to assess the long- term supportability of retail and non-retail uses at the site; to recommend the amount and type of retail and food and beverage uses that would succeed in the market for the long-term; and to recommend the addition of multi-family, hospitality and office uses in order to create an active mixed-use destination.
MacArthur Center - Norfolk, VA
MacArthur Center is an enclosed three level super-regional mall in downtown Norfolk. The center has easy access from the I-264 loop and is close to five colleges, such as Tidewater Community College and Eastern Virginia Medical School, with over 58,000 full-and part-time students.
Starwood Retail Partners, the owner of MacArthur Center, hired Hoffman Strategy Group to assess the viability and optimal mix of retail and non-retail uses for the site. Non-retail uses evaluated include multi-family, hospitality and office. Based on Hoffman Strategy Group’s feasibility analysis, the recommendation was to reposition the MacArthur Center from a super-regional mall to a mixed-use urban center with multi-family and hospitality uses. Starwood Retail Partners has been executing a repositioning redevelopment plan at MacArthur Center since 2018.
The Galleria White Plains White Plains, New York
Los Angeles-based Pacific Retail Capital Partners purchased the 870,000 SF Galleria White Plains in 2016. Across the street from The Ritz-Carlton Hotel & Residences, the mall features 130 retailers and eateries.
Our role was to conduct a long-term retail feasibility and market analysis and develop an optimal merchandising strategy in support of a redevelopment plan. The tenant mix recommendations included forecasting sales for new retail, food and restaurants, including a food hall, and entertainment venues.
53rd Street - Chicago
The University of Chicago developed Harper Court, a mixed-use project in the Hyde Park neighborhood, and focused new investment along the 53rd Street Corridor.
Our role was to answer two broad questions to support leasing and marketing:
What is the supportable and optimal retail tenant mix strategy?
What is the economic impact of new commercial and retail development in the 53rd Street Corridor?
Allstate - Land Acquisition Analysis
The Allstate Corporation is one of the largest insurance providers in the U.S. and one of the largest that is publicly held.
We conducted a market and feasibility analysis in support of land acquisition due diligence. The analysis addressed retail, restaurants and services; multi-family housing; and hotels.
Here is a sample listing of Hoffman Strategy Group’s clients. Please contact us for references.
Property Owners & Developers
Brixmor Property Group (NYSE: BRX) Brookfield Properties (NASDAQ: BPY)
CBL Properties (NYSE: CBL)
CBRE (NYSE: CBG) CCMP Capital CIM Group
Cerner (NASDAQ: CERN)
Divaris Real Estate Harsch Investment Properties
Hendricks Commercial Properties Hustler Hollywood
Jasper Stone Partners Johnny Was
LBG Real Estate McCaffery Interests
Normandy Real Estate Partners
North American Properties Nuveen
Pacific Retail Capital Partners Pendulum Partners
RED Development RPAI (NYSE: RPAI) RedLeaf Properties
Seritage Growth Properties (NYSE: SRG)
ShopOne Centers REIT
Starwood Retail Partners
The NHP Foundation The Peterson Companies The Seligman Group Tetrad Property Group
Trinitas Ventures United Development Company
VanTrust Real Estate Waterstone Properties
Retail Stores & Restaurants
Francesca’s Johnny Was Ollie’s Bargain Outlet 5.11 Tactical Aesop Blue Mercury Elaine Turner MAC Origins Aveda Jo Malone Lather L.L. Bean Rejuvenation Runway Seven Saje Spanx Steve & Kate’s Sundance Sur La Table The Shade Store Williams-Sonoma Pottery Barn Best Bison Dean & Deluca Cafe Express Capital Grille Morton’s B.J.’s Brewhouse Nando’s Peri Peri True Food Kitchen Yard House
Government Stakeholders & Universities
Town of Avon, Indiana City of Cape Coral, Florida City of Elk Grove, California City of Elyria, Ohio City of Riverside, Missouri City of Papillion, Nebraska
City of Pierre, South Dakota City of Yankton, South Dakota
City of Wisconsin Rapids, WI Dodge City/Ford County Development Corporation
Princeton University University of Chicago
Deliberate project design, planning and execution supported by extensive feasibility analysis leads to more than the brick-and-mortar development of buildings. This helps to create a strong sense of place.
Jerry Hoffman, Founder & Partner