A REAL-TAIL VIEW
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|Fears among some retail property owners about capital gains tax hikes have them putting up the "For Sale" signs. (Gettin' the heck outta Dodge, so to speak.) We spoke with The Shopping Center Group director of investment sales Neal Pringle, who says that he sees a ?good pickup? in for-sale properties. Most recently, Neal listed The Plaza at Windward II, a 79k SF center anchored by HHGregg, Office Depot, and Wild Wing Cafe. The sales market for the retail world is still bifurcated, Neal says, with grocery-anchored centers and distressed sales commanding the most investor interest. ?All the properties in the middle are still having difficulty getting financing.? Distressed properties are generally trading anywhere from $10 to $60/SF to all-cash buyers.|
|Neal was part of a battery of interviews we conducted at The Shopping Center Group's HQ at Galleria 300 yesterday. Among those we spoke with include Jonathan Dubovsky, COO Bob Wordes, Jon Birnbrey, Jason Morganstern, Michele Neary Reale, and Gregg Katz. Feelings were universal: Things have been improving for the 28-year-old company (which launched around the same time as The Home Depot, which was its first client). ?I think every year the world has gotten better,? Jason says. ?People have gotten tired of being sick and tired.? But retailers are still very particular about where they grow. And ?merchandizing? is the new keyword—getting that right mix of retail and restaurants in a shopping center that drives traffic, Jon says. Hear more from the firm on Thursday.|