Wenatchee Valley Business World
Authors: Michelle Green and Clay Gatens

The Pybus Public Market is a phenomenal gift to the community that will not only create opportunities for its vendors, but will also spur development and new market opportunities for the area and businesses surrounding the Pybus Market itself.

In commercial real estate development and investment, there is a concept known as “shadow-anchored centers.” A shadow-anchored center is a center that does not itself have an anchor, but feeds off a nearby large retailer’s traffic. A typical example of this concept is a small open-air retail center that is located near a large big-box retailer. The traffic created by the large retailer benefits the nearby center and acts as its “anchor,” even though the small center and the anchor are not part of the same development.

In the past decade, shadow-anchored centers have seen strong growth across the nation. Investors have begun to pursue shadow-anchored centers more and more aggressively, thus increasing their value and marketability. Lenders have grown increasingly competitive in financing these types of projects as they have recognized that the adjacent large retailer helps lower the risk profile of the shadow-anchored center.

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