Retail availability rate down 70 bps for 2013
Los Angeles — The retail availability rate fell 70 basis points in 2013, reaching 12% and reflecting continued net absorption gains, according to a report from CBRE. The rate fell 30 basis points in the fourth quarter, which matches the momentum of the first half of 2013 after a flat third quarter.
For the year, a majority of markets recorded declining availability rates, and just 19 markets recorded flat or increasing rates. Houston, Austin, Detroit and Fort Worth recorded declines in availability rates of 60 or more basis points in the fourth quarter. Other markets recording decreasing rates were Albuquerque, Charlotte, Nashville and Chicago. With the exception of Albuquerque, these markets remain below the rates recorded in 2012.
Markets showing the most improvement during 2013 include Fort Worth, Dallas, Houston, and Memphis.
New York, San Diego, Albuquerque, Raleigh, and Tampa, are the only markets with higher availability than a year ago.
CBRE forecasts the availability rate for neighborhood and community shopping centers in 2014 to decline to 10.6%.
RMC to redevelop Largo, Fla., Publix-anchored center
Tampa, Fla. — RMC Property Group has announced plans to redevelop the Publix-anchored Indian Rocks Shopping Center in Largo, Fla. Bealls Outlet and Dollar Tree also serve as co-anchors at the center.
Publix recently signed a new lease and plans to completely redevelop a 45,000-sq.-ft. store. The existing Publix closed in December 2013. Plans call for the redeveloped store to open this fall.
The redevelopment of the center itself will occur in phases designed to enable all businesses operating in the center to remain open during construction.
Redevelopment plans include a new façade, parking field enhancements, new monument signage and an additional 3,000 sq. ft. of leasable inline space. The center is currently fully leased and the new retail sq. ft. will create the first new direct leasing opportunity in several years.
Campo Engineering and Fisher & Associates are handling the engineering and architectural work for the project.
Roundabout takes third Manhattan location
New York — Faith Hope Consolo, chairman, and Joseph A. Aquino, executive VP of Douglas Elliman’s Retail Group, have arranged a third Manhattan location for Roundabout, a luxury consignment and resale retailer.
The new location between 82nd and 83rd Streets is also the brand’s second Madison Avenue store.