June 17, 2011

Four on Friday: John Carey

And the winner is…John Carey! As the lucky winner of our ICSC party raffle, John not only gets an iPad 2, but also an opportunity to be this week’s Four on Friday guest. What a lucky guy! John, based in Hartford, Conn., works for Hutensky Capital Partners, a real estate fund manager that invests in underperforming retail real estate through joint ventures, loans and property purchases. Hutensky Capital Partners has worked with Hartman Simons for years. According to John, if you are working in retail real estate you are bound to run into partner Peter Hartman along the way.

John Carey HS: What projects are Hutensky Capital Partners and Hartman Simons currently working on together?

JC: We are working on a joint venture just outside of Richmond, Va. We will be demolishing Cloverleaf Mall, currently owned by Chesterfield County, and redeveloping it into an open-air retail center. Hartman Simons has truly been a business partner by providing sound advice on co-tenancies and navigating lease agreements.  

HS: Can you tell us a little more about your work at Clover Leaf Mall?

JC: The first phase of the project will include the demo and providing a pad for a 123,000-square-foot Kroger. This will be the largest Kroger in Virginia. We will also be putting in 40,000 square feet of retail. Phase two will include two junior anchor stores and additional retail. We are only a few weeks away from breaking ground on the retail component of phase one.

HS: Let’s be honest. Is there a need for more retail?

JC: Generally speaking there is too much retail nationally. However, many of our projects like the Cloverleaf Mall are actually in under-retailed areas. For those over-retailed areas, we are seeing a lot of stores being repurposed into other non-retail uses such as medical, non-profit and office uses.

HS: Do you have big plans for your new iPad?

JC: First, I think I will need to have my college-age daughter show me how to use it. She may be even more excited about the new iPad than I am if that is possible! She is already talking to me about all the apps I need to download.

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