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<\/a>SDA redeveloped a former gas station\/video rental store in Baltimore into a 1,300-square-foot retail building, occupied since mid-2016 by Smoothie King.<\/p><\/div>\n
As a law student at the University of Baltimore, Andrew Segall considered pursuing a career in diplomacy. Instead, he chose to apply his sharp analytical skills and gift for relationship-building to a different kind of challenge. During 25 years of advising retail real estate clients, Segall has forged a vibrant entrepreneurial career amid recessions and rapid change. He has made a mark in the Mid-Atlantic region, most recently as the leader of the namesake brokerage firm he started amid the financial crisis in 2008.<\/p>\n
SEE MORE ON THIS TOPIC<\/a><\/p>\n In the decade since, Segall Group has leased or sold more than 32.5 million square feet of retail space to tenants ranging from fast-casual restaurants and fitness to dry cleaning and dental care. In addition, the firm has overseen the repositioning and re-tenanting of numerous properties. The cornerstone of Segall Group\u2019s success is its founder\u2019s deep understanding of the changing needs of retail tenants and landlords, as well as the accelerated disruption occurring within the sector. That market savvy enables the firm\u2019s 15 professionals to match vibrant retail concepts with attractive locations.<\/p>\n “As a broker, I fill in gaps in information. If I read somewhere that a company is relocating, then I know that there will be a vacant space left.<\/em>“\u2014 Andrew (Andy) Segall, Principal, Segall Group<\/p><\/div>\n After returning from a semester in Spain during his sophomore year at the University of Texas at Austin, Segall set his sights on a career in international relations. \u201cI\u2019d originally wanted to be a diplomat,<\/em>\u201d he recalled, and after traveling to Spain for a second time after his first year of law school, he planned to take the Foreign Service exam and work overseas.<\/p>\n But as his legal coursework wore on, Segall\u2019s interest in the field started to wane. \u201c(Law) felt confining,<\/em>\u201d he explained. Real estate, by contrast, \u201cseemed like a way to be a little more creative, use my imagination, get out of the office and have a different day every day.<\/em>\u201d<\/p>\n Segall came by his interest in the business naturally. His father, Mark Segall, had worked in real estate since the late 1960s, and was among the first brokers in the Mid-Atlantic to specialize in tenant representation for regional retailers, then an uncommon practice. \u201cIn the early 1970s, my father helped retailers expand in Northern Virginia, Maryland and Delaware\u2014wherever he could travel to and from within a day,<\/em>\u201d Segall said. \u201cHe realized that the retailers could do more business in that region than in the Baltimore area.<\/em>\u201d<\/p>\n Unsure of his next move after law school, Segall graduated cum laude in 1991 and passed the bar. Soon after, he recalled, \u201cmy dad said, \u2018Why don\u2019t you give real estate a try?<\/em>\u2019\u201d Despite having grown up around the industry, Segall disclosed, \u201cI didn\u2019t think it was what I\u2019d end up doing, but I\u2019ve been doing it ever since.<\/em>\u201d<\/p>\n Several tenants are on track for McGinnis Green’s spring 2018 opening. The 22,000-square-foot shopping center is located in Cheswold, Del.<\/p><\/div>\n Segall made his debut in real estate as a retail leasing broker for Trout, Segall & Doyle LLC, his father\u2019s brokerage and development firm. During the recession of the early 1990s, his division found success representing landlords in leasing big-box, department store, strip center and mall spaces, primarily through repeated transactions with the same tenants.<\/p>\n Recounting a lesson he gleaned at the outset of his career, Segall describes that repeat business as one of the most rewarding parts of retail brokerage. \u201cI\u2019ve had clients since I started in this business, some of whom are now on their fourth or fifth company, because the fast-growing firms recruit from the ones that reached saturation or became less relevant,<\/em>\u201d he noted. \u201cThis is very common in retail, and the most adept brokers follow those relationships.<\/em>\u201d<\/p>\n One such connection dates back to 1993, when Segall first met Concept Consulting Inc. (CCI) Principal Michael Pacini at a meeting of the International Council of Shopping Centers in New York City. At the time, Pacini represented Kenny Rogers Roasters, a Ft. Lauderdale-based restaurant chain that was kicking off its nationwide expansion. This initial encounter led to casual discussions over the following year, ultimately resulting in Segall\u2019s firm handling the Mid-Atlantic expansion of Baja Fresh, First Watch and Cheddar\u2019s, all CCI clients. Citing Segall\u2019s knack for making inroads with institutional landlords and developers, Pacini said, \u201cThese relationships have allowed restaurant concepts that CCI represents to get the best locations, (usually) when the space comes on the market or new developments are announced.<\/em>\u201d<\/p>\n According to Pacini, Segall\u2019s transparency and integrity led the two to become not only professional associates but also friends. \u201cIn the site selection process, you spend inordinate amounts of time together doing property tours, and over the years you can begin to understand the depth of passion Andy has for brokerage and development,<\/em>\u201d Pacini averred.<\/p>\n While overseeing the Mid-Atlantic rollout of such clients as Cold Stone Creamery in the early 2000s, Segall began to notice that the restaurant segment was becoming more fragmented\u2014and in his view, more interesting: \u201cThere was an in-between niche called ‘fast casual’ emerging between fine dining retailers, which typically took larger spaces in urban areas, and those in the fast-food segment, with fairly predictable expansion patterns.<\/em>\u201d<\/p>\n Segall Development Associates, a division of Segall Group, acquired the 3.5-acre site for McGuinness Green, a multi-tenant asset in Cheswold, Del., two years ago and wrapped construction of the 22,000-square-foot property in the fall of 2017. <\/p><\/div>\n Around this time, Greg Ferrante, who was handling Cold Stone\u2019s Mid-Atlantic expansion, recognized Segall\u2019s capacity to anticipate market shifts. \u201cAll of the brokers I interviewed had the same market knowledge,<\/em>\u201d Ferrante, now a senior vice president with JLL, said of the pair\u2019s first meeting. \u201cBut the sense I got from Andy is that he would always tell me the truth, and that continues to be the case.<\/em>\u201d<\/p>\n After the turn of the century, Segall found that tenants\u2019 preferences were beginning to change and that the niche on which he\u2019d cut this teeth had become saturated. Based on property performance alone, Segall recalled, \u201cit became clear by the early 2000s that you couldn\u2019t make a living strictly on big-box retail deals.<\/em>\u201d<\/p>\n In 2008, the changing retail tides led him to launch Segall Group in partnership with Arik Jacob, the firm\u2019s principal & CFO. Mark Segall, who remains active in leasing and development after more than 40 years in the business, serves as the firm\u2019s chairman. Segall Group\u2019s first years coincided with the depths of the Great Recession. \u201cIn many ways, it was a tough time to start a business,<\/em>\u201d Segall recollected. \u201cBut it was also a good time because we could attract people that we probably would not have been able to afford had times been better.<\/em>\u201d<\/p>\n Targeting fast-casual retailers led Segall to score his firm\u2019s first major client, Chipotle Mexican Grill, which has signed more than 50 leases to date with the company’s assistance. \u201cThat\u2019s when I knew that those types of restaurants were what people would want,<\/em>\u201d he noted, \u201cand that developers would want to include them in their properties.<\/em>\u201d<\/p>\n Another of Segall\u2019s seemingly recession-resistant tenants is TD Bank. An active lender throughout the downturn, the financial institution had not been involved in subprime lending and had also adopted a high-touch approach to customer service that Segall quickly noticed. \u201cTD Bank almost had the mentality of a retailer or restaurant,<\/em>\u201d he observed. \u201cWe understood this, and we knew what would be hot before others did.<\/em>\u201d<\/p>\n From his vantage point as the leader of a small, independent company, Segall noted: \u201cThe personal connection is more important than being affiliated with a nationally recognized firm. The relationships speak to the quality of service we provide.<\/em>\u201d Segall chairs Realty Resources, a nationwide network of independently owned commercial real estate brokerage companies that share contacts, ideas and best practices.<\/p>\n The Shoppes at Elkton is located along Pulaski Highway in Elkton, Md., adjacent to a Rite Aid with which it shares signalized access.<\/p><\/div>\n Since Segall Group\u2019s inception, the firm has expanded in concert with the accelerated growth of Washington, D.C.\u2019s vibrant emploument market. Today, the capital\u2019s job engine extends beyond the federal government. \u201cLobbying groups, nonprofits, technology and pharmaceutical companies are all growing in D.C., which has become a more popular headquarters location. As a result, these firms are attracting talent from all over the world, while the city\u2019s employment prospects continue to diversify.<\/em>\u201d<\/p>\n Segall named the region\u2019s universities as additional drivers of the growth that has been essential to his firm\u2019s success. \u201cColleges such as George Washington University and Georgetown University have also become more selective, so now there are more graduates that have a job waiting for them in D.C., without them having to relocate,<\/em>\u201d he said. \u201cAll of this lends itself to creative opportunities for retail development.<\/em>\u201d<\/p>\n In 2015, the company moved its headquarters from Northwest Baltimore to an office building that it purchased in the Harbor East section downtown. That milestone followed the addition of two new principals, Joe Fleischmann and Jose Santana. For the appointment, Fleischmann relocated from Baltimore to head the firm\u2019s Washington-area office in the Rosslyn neighborhood of Arlington, Va., where much of the company\u2019s business is concentrated, as it was for Segall\u2019s father more than four decades ago.<\/p>\n Segall\u2019s approach begins with gaining a thorough understanding of a client\u2019s expansion plan. \u201cI look for retail concepts that are viable and active, so that I\u2019m able to accomplish the client\u2019s growth objectives,<\/em>\u201d he said. \u201cWe strive to represent the concept that does the most volume or provides the best service within a given category. It\u2019s a mark of prestige for our brand, too.<\/em>\u201d<\/p>\n<\/a>Making tracks<\/h2>\n
<\/a><\/a>Diving into the district<\/h2>\n
<\/a>Staying on your toes<\/h2>\n