REAL ESTATE

Central New Jersey retail vacancy rate rises to 9.8%

BY Michael Fickes

Old Bridge, N.J. — The retail vacancy rate along central New Jersey’s major shopping corridors increased to 9.8% this summer, according to R.J. Brunelli & Co.’s 24th annual study of the central New Jersey market.

The disappointing upward spike follows a major decline from a 10-year high of 10.5% to 9.1% between 2011 and 2012. R.J. Brunelli attributed the change to growing closures of smaller ships overcoming progress in re-tenanting big-box spaces larger than 20,000 sq. ft.

Overall, the report uncovered 2.95 million sq. ft. of vacancies in the 30.22 million sq. ft. of space studied along State Highways 1, 9, 18, and 35 in Mercer, Middlesex and Monmouth counties and a small section of Ocean County. Improvements on Routes 1 and 18 were countered by rising vacancies along Routes 9 and 35.

Over the last 10 years, the four corridors had their strongest performance in 2006, when the combined vacancy factor stood at just 3.4%.

Availabilities were seen in 192 of the 796 sites visited throughout the region during the year’s second quarter.

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REAL ESTATE

Phillips Edison-ARC Shopping Center REIT acquisitions

BY Michael Fickes

Cincinnati — Phillips Edison-ARC Shopping Center REIT Inc. www.phillipsedison-arc.com has announced the acquisition of two grocery-anchored shopping centers: Stockbridge Commons in Fort Mill, S.C., a suburb of Charlotte, and Dyer Crossing in Dyer Indiana, about 30 miles south of Chicago.

Anchored by a Harris Teeter grocery store, the 99,473-sq.-ft. Stockbridge Commons is currently 96% leased.

Dyer Crossing is a 95,083-sq.-ft. shopping center anchored by a Jewel-Osco grocer store, the top grocer by market share in the Chicago market. When combined with the Jewel-Osco lease, 84% of the rents from the shopping center derive from national tenants.

These are the first Phillips Edison-ARC Shopping Center REIT acquisitions to include Harris Teeter or Jewel-Osco. It is also the first acquisition of a center located in Indiana.

Together, the acquisitions bring the Company’s total portfolio to interests in 55 properties anchored by 22 leading grocers in 20 states, with an aggregate portfolio purchase price of approximately $801.5 million.

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REAL ESTATE

JLL appoints new head of Midwest Retail

BY Michael Fickes

Chicago — Jones Lang LaSalle recently appointed senior VP Larry Kilduff, a 25-year industry veteran, as head of the firm’s Midwest Retail platform, which is based in Chicago. Prior to JLL, Kilduff owned and operated two retail real estate development companies and worked with leading retailers including Wal-Mart, Target, Kmart, Sears, Bon-Ton, Kohl’s and J.C. Penney.

Currently more than 200 employees support the JLL Midwest Retail platform. Collectively, the Midwest Retail team manages 28 properties comprised of 12 million sq. ft. Last year, the team’s lease transactions totaled $51 million.

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