Report: Retail rent growth set to return
Atlanta — Jones Lang LaSalle Retail Group said that vacancy rates should fall far enough to enable some landlords in every U.S. market to demand slightly higher rents — at some point over the next six months.
“We’re not quite there yet, but by the end of this year virtually all markets should see rent growth,” said Greg Maloney, president and CEO of Jones Lang LaSalle Retail Group. “Quite a few markets are already posting year-over-year growth, including Miami, Fort Lauderdale, Dallas, New York, Tampa, San Francisco, Hawaii, Los Angeles and Boston.”
Most of the rent-growth metros are also enjoying robust local economies, according to JLL.
While national averages show rents still declining year over year, rents overall rose 0.3% in the second quarter of this year compared to the first quarter.
Strip and neighborhood shopping centers have the highest vacancy rate among property types at 10.4%. However that number represents an 11% year-over-year decline, the first since 2009.
Power centers posted the largest vacancy decline, falling 60 basis points year-over-year to 5.9%.
Ulta Beauty to open at Cumberland Mall in the fall
Vineland, N.J. — Ulta Beauty will open a new superstore this fall at Cumberland Mall in Vineland, N.J. The 10,500-sq.-ft. store will feature a full-service salon as part of its offerings.
Cumberland Mall is anchored by Boscov’s, Marshalls, J.C. Penney, Burlington Coat Factory, Michaels, Old Navy and Bed Bath & Beyond.
Urstadt Biddle acquires two retail properties
Greenwich, Conn. — Urstadt Biddle Properties Inc. has acquired two retail properties on Putnam Avenue (US Route 1) in Greenwich, Conn., for $18 million.
West Putnam Plaza is a 9,300-sq.-ft. retail strip center shadow-anchored by a Stop & Shop supermarket. National tenants include Cosi and JP Morgan Chase Bank. A wine retailer, day spa and women’s fitness studio round out the tenant list.
The second property is Cos Cob Plaza, a 15,000-sq.-ft. retail and office center. Tenants include Jos. A. Bank.