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Monthly Insight into the Capital Markets
SRS Real Estate Partners is pleased to distribute it’s monthly investment sales newsletter presented by the Atlanta Investment Sales Team, composed of Kyle Stonis and Pierce Mayson.
Carolinas In a Position to Rebound
The Carolinas retail market is on its way up as leasing activity continues to improve, inching its way back towards pre-recession levels. Development, too, has finally shown signs of a return- something that not too long ago seemed a near impossibility. At the center of the retail resurgence, though, appears to be good, old-fashioned shopping center sales. Several recent transactions have reached the $20 million mark in the Carolinas while a few have even stretched to the upper echelons of the $90 million level.
In the face of some of the worst unemployment rates in the country — 9.5% for SC and 9.9% for NC as of late January — the retail markets in both these states have seemingly rebounded and are fostering hope for bolstered economies in the near future.
Noteworthy Carolina Sales
Size: 163,801 SF
Sale Price: $25,600,000 ($156/SF)
Anchors: Kohl’s, Dicks, Staples
Buyer: Cole Real Estate Investments
Seller: RealtyLink Development
Size: 135,525 SF
Sale Price: $24,400,000 ($180/SF)
Anchors: PetSmart, Harris Teeter, Target
Buyer: Pacolet Milliken
Seller: Franklin Street Partners
Source: Real Capital Analytics , Shopping Centers Today
Best Buy Sees Mobile Stores As Best Bet
In the wake of a substandard holiday season, Best Buy plans to close 50 of its 1,450 U.S. big-box stores. Alternatively, it plans to open 100 new Best Buy mobile small format stores over the balance of the year, with the ultimate goal being to more than double the 305-unit Best Buy Mobile chain to 800 stores by 2016.
Best Buy will also remodel its big-box stores in St. Paul–Minneapolis and in San Antonio to a format that merges the online and in-store shopping channels. These cities will be a test market as Best Buy shrinks its big-box presence there by roughly 20% and opens smaller stores by about the same amount. Posting a $1.7 B loss during the 4th quarter, versus earnings of $651 million a year ago, the company attributes the loss to major drops in sales figures for TVs, digital cameras and videogame consoles. Meanwhile, tablet computers, smartphones and e-readers have grown in popularity, giving the retail advantage to the likes of Amazon.com and Apple.
Source: Shopping Centers Today
Announcing SRS South Florida’s Retail Investment Sales Team
Details to follow…
Set a meeting with us
ICSC RECon
Las Vegas, Nevada
May 20-23, 2012
Investment Sales Team
| Kyle Stonis | Pierce Mayson |
| Senior Vice President | Senior Associate |
| 678.420.1393 | 404.231.4696 |
| [email protected] | [email protected] |
West Virginia Retail Portfolio