Build To Suit Development
Drake has a tremendous amount of experience in build-to-suit (“BTS”) development for individual retailers. Drake has developed 63 single-tenant projects using prototypical plans and specifications from its client. Drake has also assembled and entitled 33 projects that its client acquired for development. Drake’s BTS program has included fee development, joint ventures, sale lease back and traditional lease transactions. In 2006, Drake became an exclusive developer for Fresh & Easy Neighborhood Market, Inc. (“F&E”), which is owned by United Kingdom based, Tesco PLC. Drake developed stores for F&E in Las Vegas, Reno and Sacramento, entitling and permitting 66 stores and constructing 38 stores. Drake’s services for F&E included site selection, contract negotiation, interior build-out, refrigeration, POS systems, liquor licenses and sign permits. Drake’s success in the client-driven BTS business comes from truly understanding each client’s facility, site parameters and development objectives. Drake then builds its systems to cater to the client’s needs. Drake’s client list also includes: Chase Bank, Walgreens, Checker Auto, Starbucks Coffee, 7-Eleven, Office Depot and others.
Retail Development
In addition to BTS development, Drake focuses on developing small and medium-sized retail shopping centers and has developed 24 multi-tenant buildings and has acquired 6 existing shopping centers since 1999. Drake believes the key to successful shopping center development is to understand the specific trade area, the dynamics of each site and the tenant demand for the product being developed. Drake relies on its relationships with national retailers and brokers to evaluate market conditions and to design a product that fits a specific trade area. Over the years, Drake has developed a niche in the industry by redeveloping urban sites that are contaminated and non-conforming to City zoning. Drake has a strong understanding of how to remediate hydro-carbon contamination and has successfully redeveloped 11 contaminated gas station properties and renovated 6 existing buildings.
