CPE’s 2018 Retail Property Executive of the Year

CPE's Retail Property Executive of the Year is awarded in two categories—first place and honorable mention—winners were chosen by a confidential vote of their peers among our volunteer advisory board of industry leaders.

FIRST PLACE:

Jodie McLean
CEO, EDENS

Jodie McLean
Jodie McLean

Anchored to Success: McLean has been responsible for the development, redevelopment and acquisition of more than $12 billion in retail assets. As chief investment officer, she managed the company’s growth from approximately $275 million to $6.5 billion and secured new footholds in Boston and Washington, D.C. McLean was appointed president in 2002, responsible for developing and executing the company’s growth strategy and organizational goals, with a primary focus on the expansion of assets and operations in major East Coast urban markets and Texas. She became CEO in 2015.

EDENS by the Numbers: The owner of more than 120 shopping destinations in the U.S., EDENS employs 265 people in six regional headquarters and three satellite offices. Total property revenue for 2017 was $352.3 million, with $5 billion in average buying power. The portfolio includes approximately $6.5 billion in assets under management throughout the U.S., including Colorado, Connecticut, Florida, Georgia, Massachusetts, Maryland, North Carolina, New Jersey, New York, Rhode Island, South Carolina, Texas, Virginia and Washington, D.C.

Women in Leadership: McLean initiated and developed the James Beard Foundation’s Women’s Entrepreneurial Leadership Program in conjunction with the James Beard Foundation and Babson College. The annual fellowship funds a class of 20 women attending a five-day entrepreneurship and leadership training program at Babson. The program is targeted at women owners of restaurant and culinary businesses looking to expand and grow. The curriculum addresses advanced business and finance concerns related to entrepreneurship and expansion and provides gender-specific training and leadership development. To date, EDENS’ Sunday Supper at Union Market has provided funds of more than $350,000 to launch and grow the WEL program.

Productive Partnerships: EDENS partners with more than 3,500 retailers throughout over 125 properties. Together, EDENS and its retail partners aim to bring people together to produce economic, social and cultural prosperity, which leads to community enrichment.

Green Retail: EDENS has 32 LEED accredited employees, three LEED-certified buildings and one LEED-ND Silver-certified project (Mosaic in Fairfax, Va.). It has retrofitted more than 1,500 fixtures throughout its portfolio with energy-efficient devices, LED fixtures and smart wireless controls to save nearly 6 million kilowatt-hours of electricity over five years, equipped 99 centers with propane-powered mowers, transitioned to organic or natural lawn-care products at 85 centers and purchased renewable energy credits equivalent to 100 percent of all common-area power consumption across its portfolio. — Sibley Fleming

David Simon
Chairman & CEO, Simon Property Group

David Simon
David Simon

Real Estate DNA: Simon followed in the footsteps of his late father, Melvin, who founded the Indianapolis-based company in 1960 with his brother Herb to develop grocery-anchored and open-air shopping centers. (The company also built the first enclosed mall.) Prior to joining his father’s firm as CFO in 1990, Simon was a vice president at Wasserstein Perella & Co. from 1988 to 1990 and an associate with First Boston Corp. from 1985 to 1988. In 1993, he led the company’s IPO of $840 million, then the largest stock offering in the country. Simon, who became CEO in 1991, also serves as chairman of the supervisory board of Klépierre, a publicly traded, Paris-based retail real estate company.

Simon by the Numbers: A global leader in premier shopping, dining and entertainment destinations, Simon Property Group (NYSE: SPG) is the largest REIT in the world, with a market capitalization of $58 billion. It owns or has interests in more than 200 retail real estate properties—under the Simon, Premium Outlets and Mills names—comprising 192 million square feet in North America, Europe and Asia. Tenants in its U.S. portfolio generate annual retail sales of more than $63 billion.

Rearview Mirror: “We’re putting Sears in our rearview mirror,” Simon said during the company’s third quarter earnings call. “We’re going to generate positive momentum with the properties due to this. We’re going to reinvest in the communities.” Simon has closed or plans to close this year 33 Sears locations in its portfolio and plans to spend $1 billion to demolish, replace and redevelop 17 properties the company solely controls.

Development: During the third quarter, Simon opened its 330,000-square-foot, LEED-certified Denver Premium Outlets Thornton in Thornton, Colo., and completed a 68,000-square-foot expansion of its 40 percent-owned Shisui Premium Outlets near Tokyo.

Phipps Plaza: Construction recently began on a transformative redevelopment at Phipps Plaza in Atlanta. The redevelopment will feature the Nobu Hotel and Restaurant Atlanta, a 90,000-square-foot Life Time healthy living and entertainment destination, a curated dining experience and a 13-story, 350,000-square-foot Class A office building: One Phipps Plaza.

Sustainability: Simon properties have achieved a 34 percent reduction in electricity usage since 2003, and the company offers customers more than 520 electric vehicle charging stations at 108 of its properties across the U.S. In the community, The Simon Youth Foundation has 35 academies in 15 states and has awarded nearly $17 million in scholarships to more than 4,500 students. According to the company, 100 percent of Simon malls engage in community activities. — Sibley Fleming


HONORABLE MENTION:

Sandeep Mathrani
CEO, Retail of Brookfield Properties & Vice Chairman, Brookfield Properties

Sandeep Mathrani
Sandeep Mathrani

Mall Enthusiast: Mathrani became part of the Brookfield brand in 2018 when Brookfield bought out GGP Inc. He was GGP’s CEO for nearly eight years and was part of the group that recapitalized the company in November 2010. Prior to joining GGP in 2010, he was president of retail for Vornado Realty Trust. Before that, he spent nearly a decade as executive vice president at Forest City Ratner, where he was responsible for retail development and leasing in the New York City metropolitan area.

Adapting & Thriving: In August 2018, Brookfield Property Partners completed the purchase of GGP (and 38 U.S. retail properties) to create Brookfield Property REIT Inc. Among other accomplishments for 2018: the opening of the 242,000-square-foot expansion of the Staten Island Mall; the redevelopment of the former Macy’s box at the Stonestown Galleria in San Francisco; and the opening of Life Time Fitness at Quail Springs in Oklahoma City, the Bravern in Bellevue, Wash., and Baybrook Mall in Friendswood, Texas. Meanwhile, Ala Moana Center in Hawaii surpassed $1 billion in sales of residences and opened the state’s first Uniqlo. In addition, many retail spaces were transformed into shared office space. Digitally natrive brands including Wayfair, Untuckit, Peloton, Fabletics, Casper, Warby Parker, M.Gemi, Cotopaxi, Indochino and Outdoor Voices have been active lessors. — Therese Fitzgerald