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Loopnet: Regional Retail Property Asking Price Index – Sale Trends January 11, 2013

Posted by Erik Swanson in Research/Data, Retail News, Retail Sales Comps, Uncategorized.
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Sept. 12 vs. 3 mo. prior Y-O-Y
State $126.25 -6.8% -15.4%
Metro $166.79 -10.4% -18.0%
County $194.97 -10.9% -16.7%
City $182.17 -13.6% -24.9%

The average asking price for retail properties in the metro area was $166.79 per square foot for the month. This is down 18% from the previous year, and down 11.8% from the end of the second quarter of 2012. Asking prices for retail properties have fallen to a new three-year low this month. The previous three-year low was $181.69, set last month

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Anchored Retail Draws Buyers August 9, 2011

Posted by Erik Swanson in Articles, Retail News, Retail Sales Comps, Sale, Uncategorized.
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The appetite for grocery anchored retail investments remains strong. Two area centers traded hands over the last couple of weeks. 

Gerrity Holdings purchased the QFC anchored North Lynnwood Shopping center for $10.2 million which is roughly a 7.25% cap rate. The property was originally listed for sale last year at $10,600,000  a 7% cap rate. 

Another recent sale was the 120,860 square foot Canyon Park Shopping Center. The Albertson, Rite Aid anchored center sold for $18,400,000 which equates to $152 per square foot in an all cash transaction. The purchase included the inline space and the ground leases for the Albertson’s and Shell. Retail Opportunity Investment Corporation beat out numerous buyers with a 7.06 Cap rate, all-cash offer with a quick 3 week close.  

It’s been an interesting few weeks with all that’s gone on in the world. The political fight over raising the debt ceiling and the S&P down grade have certainly been a distraction and investors seem uncertain as to the lasting effects on CRE (check out this nreionline.com article). It seems clear that for the foreseeable future well located properties with strong anchors will continue to draw serious buyer interest.

Kidder Mathews 2nd Quarter Retail Report August 2, 2011

Posted by Erik Swanson in Articles, Research/Data, Retail News, Retail Sales Comps.
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Below is the Kidder Mathews 2Q retail market report compiled by Andy Robinson in our appraisal department. The report details construction activity, retail sales, rent forecasts and highlights sales comparables for the first half of 2011.

The investment activity chart shows continued improvement in both deal volume and cap rate compression.

The full report is available by clicking here: Retail-Market-Research-Seattle-2011-2q.

Loja Real Estate Acquires Lakeland Town Center June 24, 2011

Posted by Erik Swanson in Articles, Development, Research/Data, Retail News, Retail Sales Comps, Sale.
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Last week Loja Real Estate of Walnut Creek, CA purchased the Lakeland Town Center from Investco of Sumner. The transaction closed on June 17, 2011 with a sale price of $39.4 million – approximately $300 per square foot. The cap rate was not disclosed but sources tell us that it was “in the low 6 cap” range.

Source: Tarragon

The Lakeland Town Center is a 132,000 square foot grocery-anchored shopping center sitting on 12.4 acres. The center was built by Investco affiliate Tarragon in 2002. The center is anchored by a 67,000 square foot TOP Food & Drug and includes other quality tenants such as Blockbuster, Starbucks, The Rock Brick Oven Pizza and Brewery and McDonald’s. 

Loja Real Estate, LLC, is a wholly owned subsidiary of The Loja Group LLC,  a women-owned real estate investment management firm with $135 million in assets under management. This is their first purchase in Washington and their third outside California.

More evidence of the appetite for strong grocery anchored centers and proof that sellers in our region will continue to reap the benefits of a supply constrained market.

Puget Sound Investment Review – June 2011 June 15, 2011

Posted by Erik Swanson in Articles, Blogs, Puget Sound Investment Review, Research/Data, Retail News, Retail Sales Comps.
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Just Sold: Eastway Center, Renton, WA May 27, 2011

Posted by Sean Tufts in Retail News, Retail Sales Comps, Sale.
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Just Sold! May 6, 2011

Posted by Erik Swanson in Listings, Research/Data, Retail Sales Comps, Sale.
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Bellevue Galleria, Costar/Loopnet & Development April 29, 2011

Posted by Sean Tufts in Articles, Investment Tools, Retail News, Retail Sales Comps, Sale.
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The Bellevue Galleria was purchased by Thor Equities of New York for $87.5MM this week. Based on a marketing package we had seen last year that equates to a 7.7% cap rate. The property is 99% leased and sold at $429/sf. This is an unusual story in the current environment and shows the strength of the Bellevue market. The property was purchased in July of 2007 for $53.4MM. There are very few examples of relatively stable properties that were purchased in 2007 that have turned around and sold for a profit. The seller did spend significant dollars on new tenants but the return on this deal is still very healthy!

In other news, Costar has signed a deal to purchase Loopnet for $860 million. We use both sources on a daily basis in our business and are very interested to see how the information and resources come together. Hopefully, the blend of the two will allow a better flow of information than what is currently available. Below is a quote from an article that sums up their differences pretty well:

CoStar relies on the work of 900 researchers to compile data on high-value properties in urban areas, and LoopNet allows users to post their own property information and has listings that span small towns and farms throughout the country. Florance said LoopNet’s listings would immediately allow CoStar to add more than 500,000 listings….“We’re (Costar) really about data, and they’re (LoopNet) more about sales,” Florance said. “We’re very urban, they’re rural and suburban and middle America.”

Lastly, Lorig is finally breaking ground on the big hole in Green Lake. PCC Market stepped up to anchor the project and give it new life. The old Vitamilk site should finally be rebuilt after sitting vacant demolished for over 6 years. The full article is here.

Puget Sound Investment Review – April 2011 April 18, 2011

Posted by Erik Swanson in Articles, Blogs, Puget Sound Investment Review, Research/Data, Retail News, Retail Sales Comps.
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Just Sold: Normandy Park Towne Center April 8, 2011

Posted by Sean Tufts in Retail Sales Comps, Sale.
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