Property Types Retail
Simon's New Security Vehicles Reduce Crime, Operate on 10 Cents Per Day
June 23, 2008
By: Michael Fickes, Contributing Correspondent

Retail REIT Simon Property Group has purchased a line of new enforcement vehicles for its security officers at various Simon properties around the country.

Manufactured by Costa Mesa, Calif.-based T3 Motion Inc., the three-wheeled vehicles provide an elevated platform that enables officers to see over the tops of cars, travel at speeds up to 20 mph, and reduce crime. Yet, they cost less than 10 cents per day to operate.

“The key for me is that the vehicles increase the mobility and visibility of our security officers and help reduce crime,” John Petruzzi, Simon’s vice president of corporate security, told CPN today. “We’ve measured crime on the exterior of our properties pre- and post-deployment, and we’re seeing less. The vehicles also facilitate high levels of customer interaction--something that is often lacking in our business.”

To date, Petruzzi has purchased more than 35 T3s and anticipates that Simon will eventually use more than 100. The devices carry a list price of $10,000. Designed with the advice of law enforcement and security industry professionals, the T3 Series features a zero-degree turning radius and a compact design able to maneuver through crowds and tight spaces.

While Petruzzi says the T3s will not replace Simon’s primary security vehicle--the Ford Escape--certain centers may add T3s instead of Fords based on the numbers of cars in the parking lots and parking decks as well as maneuverability requirements. “We do think T3s will help us move away from bicycles,” he said. “T3s give a better response capability.”

Petruzzi also pointed out the environmental benefits offered by T3 vehicles. As an electric vehicle, it emits no gasses. Simon has estimated that each T3 will reduce the company’s carbon footprint by more than five tons of carbon dioxide.

Indianapolis-based REIT Simon is the United States' largest public real estate company, with ownership interests in more than 380 retail properties in North America, Europe and Asia.

 
Recent Retail Headlines
Bankrupt Filene's Basement Assets Snapped Up by Men's Wearhouse in $67M Auction
Clothing retailer Men's Wearhouse has emerged victorious from a feverish nine-hour auction of assets belonging to off-price chain Filene's Basement, which fell victim to the retail market's downward spiral and filed for Chapter 11 bankruptcy protection in early May, just two weeks after its purchase by Buxbaum Group affiliate FB Acquisition II. Acting through its affiliate, K&G Acquisition Corp., Men's Wearhouse put forth the winning bid of $67 million for 17 to 20 of Filene's store leases, as well as the leases on the company's Massachusetts corporate headquarters and distribution center, its Maryland storage facility and-- possibly most important--the Filene's Basement trade name.
Economic Update - Starwood Eyes Distressed Sector with $500M Fund
Yet another deep-pocketed real estate entity has jumped into the grave-dancing game—only please, don’t call it that, but rather strategic investment in distressed properties. The player is a newly formed investment company called Starwood Property Trust Inc., a creation of Starwood mogul Barry Sternlicht, which filed with the Securities and Exchange Commission late last week for a public offering that aims to raise half a billion dollars to do the distressed-property boogie. It will invest in not only physical properties, but mortgages and mortgage-backed securities.
Economic Update - Retailers See May Malaise
May comparable-store sales numbers are filtering down from various retailers, and the results aren't inspiring confidence in the prospects for recovered consumer spending. Actually, most analysts expected average retail same-store sales to decline in May 2009 when compared with May 2008, but the trouble was they declined more than expected.