CREOL launches Internet database for tri-state retail properties.CREOL CREOL Center for Research and Education in Optics and Lasers , Inc. (Commercial Real Estate On-Line) of Englewood, New Jersey Englewood is a city located in Bergen County, New Jersey. As of the 2000 census, the city had a total population of 26,203. Englewood was incorporated as a city by an Act of the New Jersey Legislature on March 17, 1899, from portions of Ridgefield Township and the remaining , unveiled its Internet database for the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State Region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. in February, introducing a new tool that could change the way retail real estate professionals operate. The system provides the first research platform ever to incorporate 40,000 retail properties and 230 markets into one database, accessible over the Internet or through direct dial-up access hot Dial-up access is a form of Internet access via telephone line. The client uses a modem connected to a computer and a telephone line to dial into an Internet service provider's (ISP) node to establish a modem-to-modem link, which is then routed to the Internet. . "Retail real estate professionals require huge amounts of information at their fingertips "Fingertips" is a 1963 number-one hit single recorded live by "Little" Stevie Wonder for Motown's Tamla label. Wonder's first hit single, "Fingertips" was the first live, non-studio recording to reach number-one on the Billboard Pop Singles chart in the United States. , " said Stephen J. Oder, president and chief executive officer, who founded the company one year ago. "CREOL will offer an efficient, affordable and easily accessible method of instant research that will ultimately speed up the process of a transaction for its users. Nothing like CREOL currently exists for retail real estate professionals. There are listing services and real estate web sites with general information, but CREOL is the only system that offers a comprehensive visual market overview on a property-by-property basis that is almost 100 percent interactive." CREOL launched the Internet database in February at an event that attracted more than 400 industry professionals, including real estate brokers, retailers, appraisers, mortgage bankers and investment bankers. Held at the Millennium Hotel in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the demonstration set the backdrop for beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the of the system, which will begin this month. "We are seeking industry feedback to refine the system's operational ease and enhance the data," Oder said. The CREOL Internet database for the New York Tri-state Region covers approximately 600 corridors in northern and central New Jersey; Westchester County, NY; Fairfield County Fairfield County is the name of three counties in the United States:
The system is highly visual and simple to use. It contains aerial and ground photographs; market overviews; competition maps, site plans and tenant rosters; vacancies; property ownership information; tax maps; and demographic data. It is designed as a "point and click" system, and subscribers will be able to print from the database in color or black and white. Oder, who previously served as director of acquisitions at The Real Estate Equity Company (TREECO), has 20 years of experience as a retail real estate developer and investor, and he also worked for five years on Wall Street as vice president of real estate at Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. . The creation of CREOL reflects his diversified background. "On Wall Street, we had immediate data available to complete the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process and analyze a deal," he said. "CREOL provides an informational tool that matches the fast-paced movements of a stock market operation." CREOL has a 10-member Board of Directors that consists of major retailers, developers, investors and financial advisors. The company's in-house staff of 25 includes real estate professionals; computer programmers, Geographic Information Systems (GIS) and other technicians, and software specialists; photographers, researchers and writers; and graphic designers. "We also have approximately 25 real estate consultants who are experts in their territories, assisting us in data collection and vacancy tracking," Oder said, adding that the past year's work has been a monumental task. "Our people have conducted first-hand research involving several thousand interviews. We've walked every street, photographed every tenant and personally visited each property in the database at least once. We've also taken a market-level approach, going into town halls to learn about future developments, renovations and expansions." CREOL is updating information continuously through site visits and constant monitoring of industry and municipal sources. Eventually, landlords, brokers, managing agents and retailers will support the data collection and updating process. |
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