OC Investors Hunt Nationwide for Retail Properties
So many investors, so few retail properties, especially in a tight market like OC. What to do? Investors are drilling down deeper, Irvine-based Hanley Investment Group EVP Eric Wohl tells us. As yields for multi-tenant primary-market retail continue to condense, more investors are looking in smaller markets across the country to meet cash-flow requirements, says Eric (snapped here catching a wave). Investors (and brokers) already familiar with smaller markets have a leg up.
Recently Eric and Hanley SVP Kevin Fryman repped Philips Edison in the sale of seven retail properties in seven states totaling more than 800k SF, in such places as Oklahoma City, Madison, GA, and Truth or Consequences, NM. Kevin adds that as confidence in the retail investment market improves and lenders are willing to provide financing into smaller markets, demand will increase in markets that enjoyed very little velocity a few years ago. Pictured: one of the properties, La Grande Town Center in La Grande, OR, a 131k SF property anchored by Rite Aid, Dollar Tree, Ace Hardware and Bealls department store.