Investors Eager for Carolina Retail
Cohen Real Estate prez Helen Putterman tells us investors like retail properties in the Carolinas because the economy here has been stable. Unlike other parts of the country, theres been no drastic recession, but at the same time, there hasnt been a great spike in the Carolinas either, she says. Due to its stability, investors are less worried about a huge downside in buying in either North or South Carolina. Provided, that is, the property has the right tenant mix, and good demographics and visibility. (Does that bode well for Sunglass Hut and LensCrafters?)
Theres also a geographic component to investor interest, Helen adds. We have many Northeast clients who are looking to expand, and the Carolinas are a midway spot between South Florida and the New York market, she says (Cohen is based in New York City). Her Florida clients like the market as well, since they are already based in the South and it isnt a far stretch. (Plus, fewer gators.) Helen recently repped the buyer, a family-owned investment company based in Richmond, of the 255k SF Westside Village Shopping Center, a 100% occupied power center in Fayetteville that traded for $6.7M; her colleague Ric Kaiser, repped the seller.