News
Forced Beyond Charlotte for Retail
November 7, 2012
| The competition for high-quality retail properties is strong in larger markets, including Charlotte. So investors are fanning out into smaller Carolina markets for coveted retail. | ||
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| Cap rate compression in the cause for these new search parties, Newmark Grubb Knight Frank's Jason Archer tells us. He adds that the Publix expansion into North Carolina is huge, and smaller communities like Charleston and Greenville are hot areas right now. ?We're under contract on a Harris Teeter center in Holly Springs at a very aggressive rate for a smaller town,? he says. | ||
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| ?Certainly the market is too secondary for some of the normal players,? Jason says. ?However coastal destination communities are attractive to institutional investors and will demand strong pricing.? Recently Jason and his colleagues Whitney Knoll and Fred Victor were tasked with selling the 100k SF Bluffton Target Center (pictured) in Bluffton, SC, which is part of the Hilton Head/Beaufort MSA. (Even smaller market tenants need a place to go to get athletic cups.) The property is 91% occupied, with 76% of the retailers being national or regional tenants. |
