Poag Development Group

Background

Poag Development Group, headquartered in Memphis, Tennessee, is a pioneering real estate development firm specializing in lifestyle and mixed-use centers. Founded over three decades ago by industry visionary Dan Poag and his former business partner Terry McEwen, the company introduced the "lifestyle center" concept, emphasizing open-air designs and experiential environments that integrate retail, residential, office, hospitality, and entertainment spaces. This innovative approach has positioned Poag Development Group as a leader in creating vibrant, community-centric developments that resonate with modern consumers.

Key Strategic Focus

Poag Development Group's strategic focus centers on the development and redevelopment of mixed-use properties that prioritize experiential retail as the foundation for value creation. The company specializes in transforming traditional retail spaces into dynamic environments that seamlessly blend shopping, dining, living, and working experiences. By leveraging its expertise in placemaking and understanding the intricate connections between various property uses, Poag aims to create destinations that authentically engage people in their daily lives. The firm's partnership with JLL, established in August 2022, enhances its capabilities by integrating JLL's management and leasing services with Poag's development expertise, enabling the execution of complex projects across the United States.

Financials and Funding

As a privately held company, specific financial details and funding histories of Poag Development Group are not publicly disclosed. However, the firm's strategic partnership with JLL and its active acquisition and redevelopment initiatives indicate a robust financial position and access to substantial capital resources. Notable recent acquisitions include the purchase of RiverTown Crossings, a 1.26-million-square-foot enclosed mall in Grandville, Michigan, and the acquisition of the Macy's property at Oak Court Mall in Memphis, Tennessee, for $7 million.

Pipeline Development

Poag Development Group has an active pipeline of projects focusing on the redevelopment and enhancement of existing properties to create vibrant mixed-use environments. Key projects include:

Avenue One, Omaha, Nebraska: A 200-acre mixed-use development featuring a business park, retail shops, restaurants, hotels, apartments, and extensive walking trails. Poag is collaborating with JLL and Jasper Stone Partners to bring this vision to life.

Rosedale Center, Roseville, Minnesota: A redevelopment project aimed at transforming the existing mall into a dynamic mixed-use destination.

The Rise, Cupertino, California: Poag is overseeing the retail portion of this 50-acre redevelopment of the former Vallco Mall, integrating retail with residential and entertainment components.

Oak Court Mall, Memphis, Tennessee: Following the acquisition of the Macy's property, Poag is engaging in community consultations to determine the best redevelopment strategies for the site.

Technological Platform and Innovation

Poag Development Group distinguishes itself through its innovative approach to real estate development, particularly in the creation of lifestyle centers that emphasize experiential retail and community engagement. The company's proprietary methodologies include:

Placemaking Strategies: Designing environments that foster social interaction and community engagement, incorporating elements such as open-air designs, pedestrian-friendly layouts, and integrated public spaces.

Mixed-Use Integration: Seamlessly blending retail with residential, office, hospitality, and entertainment components to create cohesive and vibrant communities.

Adaptive Reuse and Redevelopment: Transforming underperforming or obsolete properties into thriving mixed-use destinations through strategic redevelopment and reimagining of space utilization.

These innovative approaches have positioned Poag Development Group as a leader in the evolution of retail real estate, adapting to changing consumer preferences and market dynamics.

Leadership Team

Poag Development Group's leadership team comprises seasoned professionals with extensive experience in real estate development and management:

Joshua D. Poag, President and Chief Executive Officer: Oversees the executive team, manages key partnerships, and directs the company's vision and operations.

David Selberg, Chief Financial Officer: Advises on financial affairs, acquisitions, strategic planning, and capital allocation, maintaining relationships with financial institutions and partners.

Dean Shauger, Senior Vice President, Management and Marketing: Leads property management and marketing initiatives across the company's portfolio, developing specialty income programs and managing corporate facilities.

Keith Laird, Vice President, Leasing: Directs the real estate and tenanting strategy for Poag's portfolio of lifestyle centers.

Tim Thompson, Vice President – Controller: Leads financial analysis, prepares financial reports, coordinates cash management, and monitors internal operational controls.

John Lambert, Executive Vice President, Development: Oversees all development functions, collaborates with clients to create and implement development strategies, and manages new developments and redevelopments.

Greg Whitney, Senior Vice President, Development: Identifies and executes large-scale retail and mixed-use development opportunities from conception to completion.

Gar Herring, Senior Vice President, Development: Sources development and redevelopment opportunities, secures financing, and brings over 30 years of retail development experience.

This team brings a wealth of expertise in various facets of real estate development, positioning Poag Development Group for continued success in the industry.

Leadership Changes

In December 2022, Poag Shopping Centers rebranded as Poag Development Group, reflecting a strategic shift towards development and redevelopment services. This rebranding was accompanied by a partnership with JLL, allowing Poag to focus on its core competencies while JLL manages leasing and operations. Josh Poag continues to lead the company as President and CEO, steering its new strategic direction.

Competitor Profile

Market Insights and Dynamics

The retail real estate market is undergoing significant transformation, with a shift towards mixed-use developments that combine retail, residential, office, and entertainment spaces. Consumers increasingly seek experiential environments that offer convenience and community engagement. This trend has led to the redevelopment of traditional malls and shopping centers into vibrant mixed-use destinations.

Competitor Analysis

Key competitors in the mixed-use development sector include:

Simon Property Group: A leading global real estate company specializing in premier shopping, dining, entertainment, and mixed-use destinations.

Brookfield Properties: Operates a diverse portfolio of retail properties, focusing on creating vibrant mixed-use environments.

Macerich: Specializes in the acquisition, leasing, management, development, and redevelopment of regional malls and mixed-use properties.

These competitors focus on integrating various property uses to create engaging consumer experiences, aligning with current market demands.

Strategic Collaborations and Partnerships

Poag Development Group's strategic partnership with JLL, established in August 2022, is a significant collaboration that enhances its market position. Under this partnership, Poag focuses on development and redevelopment services, while JLL manages leasing and operations. This alliance leverages JLL's extensive resources and expertise, enabling Poag to undertake complex projects and expand its reach across the United States.

Operational Insights

Poag Development Group's strategic considerations include:

Redevelopment Focus: Transforming underperforming properties into thriving mixed-use destinations to meet evolving consumer preferences.

Experiential Retail Emphasis: Prioritizing retail experiences that engage consumers and drive foot traffic, enhancing the overall appeal of developments.

Strategic Partnerships: Collaborating with industry leaders like JLL to leverage complementary strengths and resources.

These strategies position Poag Development Group to effectively compete in the dynamic real estate development landscape.

Strategic Opportunities and Future Directions

Looking ahead, Poag Development Group aims to:

Expand Redevelopment Projects: Continue identifying and transforming underutilized properties into vibrant mixed-use communities.

Enhance Community Engagement: Incorporate community feedback into development plans to create spaces that meet local needs and preferences.

Leverage Technological Innovations: Utilize advanced design and planning tools to optimize development processes and outcomes.

By building on its strengths in experiential retail and mixed-use development, Poag Development Group is well-positioned to capitalize on emerging opportunities in the evolving real estate market.