Shopping Centers Today

MAR 2017

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

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36 S C T / M A R C H 2 0 1 7 ters remain the darlings of the open-air financing community for development and acquisition, followed by lifestyle centers and power centers, in that order, according to Board. Grocery stores are the most online-resistant category, he says. Power centers are suffering a slight funding slowdown from a few years ago, typically getting just three to five competing quotes per project, says Board. Mixed-use lifestyle centers, despite their capital intensity, continue to spur lender competition, especially in urban areas, though not quite like the grocery centers, he says. nce again, there is more lender capital available than there are projects to bankroll this year, thanks to some strong open-air retail fundamentals, minimal construction activity and an increasingly diverse tenant mix that drives shopping center traffic and rents at 'A' properties, observ- ers are saying. "Liquidity is at an all-time high for open-air as- sets," said Jimmy Board, managing director of JLL's real estate in- vestment banking group. "On a $170 million development deal that we're doing with a trophy asset, we got 15 quotes." Grocery-store-anchored neighborhood and community cen-

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