Shopping Centers Today

AUG 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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T H E B O T T O M L I N E $20.2 million PREIT sold its 50 percent interest in the 287,000-square- foot Springfield (Pa.) Park to an undisclosed buyer. Target and Bed, Bath & Beyond anchor the center $21 million Phillips Edison bought Central Valley Marketplace, in Ceres, Calif., from Palo Alto Bayshore Investors, LLC. Food 4 Less anchors the center $23 million Foremost Cos. bought two adja- cent centers in Diamond Bar, Calif. — the Ranch Center and Oak Tree Plaza — whose combined leasable area is 120,000 square feet, from an undis- closed seller $33.2 million Baceline Investments acquired a portfolio of 10 neighborhood retail centers, total- ing approximately 418,000 square feet, located throughout the Midwest and south central U.S. $61.2 million AEW Capital Management bought Settlers Market, a 239,500-square- foot power center in Williamsburg, Va., anchored by Trader Joe's from Federal Capital Partners and Westmoreland Partners $183 million Citivest Commercial Investments and Angelo, Gordon & Co. acquired a 520,000-square- foot, nine-property portfolio in the greater San Diego market from undis- closed sellers $863 million Klépierre is sell- ing nine Dutch shopping malls to Wereldhave. The centers came with Klépierre's acquisi- tion last year of Dutch mall landlord Cório DEAL OF THE MONTH Deal Barometer W H O I S P A Y I N G H O W M U C H F O R W H A T Values climb worldwide The value of the globe's commercial real estate hit a record $13.6 trillion last year, according to DTZ research. The value of North America's supply of commercial real estate grew by 5 percent to $4.2 trillion and is now clos- ing the gap with Europe, whose value remains at $4.4 trillion. North American stock is now 2 percent above its 2007 peak, and Mexico was among the global lead- ers, with the value of its commercial real estate stock growing by about 20 percent last year. For this year, commercial real estate investment in North America is expected to surpass $390 billion, exceeding the $373 billion peak in 2007. Global investors put about $633 billion into commercial real estate in 2014, up 20 percent year on year, the firm reports. About $291 billion of that was invested in North America. The momentum has continued into this year, with global volumes in the 12 months through the first quarter reaching a total of $653 billion. REITS RAKE IN CAPITAL Stock-exchange-listed REITs raised a total of $34.9 billion in public capital in the first five months of 2015 to deploy as part of their value-creation strategies, one-third more than the $23.3 billion raised in the same period last year. Listed REITs raised $17.9 billion of common and preferred equity in the first five months of this year, including nearly $1.4 bil- lion in six IPOs, as well as $17.06 billion of unsecured debt, according to NAREIT. 58 S C T / A u g u s t 2 0 1 5 All REITs Retail REITs 1 2 3 4 5% 2Q '14 4Q '14 4Q '13 2Q '13 4Q '12 2Q '12 4Q '11 Same-store NOI S O U R C E : S N L F i N a N C i a L An influx of new properties has slowed cap-rate compression in the single-tenant, net-lease property market, according to The Boulder Group's quarterly survey. U.S. asking cap rates for retail net-lease properties were at 6.4 percent in the second quarter, unchanged from the previous quarter. Meanwhile, the number of retail net-lease properties for sale jumped by 23 percent quarter on quarter, to 3,372. Recently constructed Dollar General, O'Reilly Auto Parts and PNC Bank properties experienced cap-rate compression of 12, 30 and 12 basis points, respectively, in the second quarter; McDonald's ground- leased assets continued to achieve the lowest cap-rate levels in the net-lease sector, at about 3.8 percent. Net-lease cap rates hold, despite supply surge

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