(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
PHILADELPHIA-A portfolio of 11 retail sites net-leased to Haverty Furniture is up for sale. The properties total 612,130 sf and are in six Southern and Midwestern states, including markets, such as Austin, TX; Richmond, VA; and Virginia Beach, VA.
Calkain Institutional Advisors is marketing the portfolio for a "large institutional owner" based here, Jonathan Hipp, Calkain's president, says, without naming the firm his company is representing. The Reston, VA-based firm will launch the offering next week.
Hipp says he expects his firm to sell the stores in one transaction since his client holds the master lease to all 11. Havertys will continue to operate the stores. "We think it will capture a lot of attention." Institutional investors with a high net worth will be the most likely candidates interested in the deal, he adds.
Atlanta-based Havertys operates 118 stores in 16 Southern and Midwestern states. In August the retailer's sales increased 4.2%, to $68.4 million. Year-over-year same-store sales inched up 0.4% during the month.
During Hurricane Katrina, Havertys closed eight stores in affected Gulf Coast areas. All of those stores have since opened, says a company spokeswoman.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
