Retail Ramps Up
Things are still heating up in the retail sector. GK Development president Garo Kholamian tells us as more capital frees up, single-tenant net leases and grocery-anchored properties will continue to trade at aggressive, single-digit cap rates. Non-core retail property will remain less desirable and harder to price, Garo thinks, and mom-and-pops won't see growth until capital similar to the home equity and small business loans of the past is more readily accessible. Landlords prefer the stability of national retailers, which we've seen go on a space diet, downsizing from the big box format. (Getting themselves ready for retail bikini season.) What's whetting Garo's investor appetite after a crazy Caribbean New Year's on Jost Van Dyke? He plans to be very selective this year, choosing value-add retail properties like a regional, small market mall GK is purchasing in Michigan. Hear more from Garo and other expert panelists at Bisnow's 3rd Annual Chicago Retail Real Estate Summit, Thursday, Feb. 14, Swisstel Chicago.Register here!