The Palms at Town & Country, 8268 Mills Drive.
Source: J. Albert Diaz
Investors are closely monitoring the e-commerce industry's effect on the South Florida retail market. And, according to GlobeSt.com's sister publication, ALM's Daily Business Review, as sales migrate online, retailers are shrinking their footprints while some big-box tenants like Sports Authority have faced bankruptcy, leaving many empty stores in their wake.
“Investors are looking at retail centers or properties and taking into consideration what exposure the tenants have to online sales,” said Barry Wolfe, vice president of investments for Marcus & Millichap in Fort Lauderdale.
While several retailers are using technology to their advantage, others have been hurt. “Retailers are not growing as aggressively,” Wolfe said. “The developers and lenders are certainly being cautious.”
Wolfe and his team have sold a couple of 100,000-square-foot shopping centers this year, and the properties attracted strong local and international capital. One of the deals, a Coral Springs shopping plaza anchored by a movie theater, sold for nearly $18 million to a buyer from Toronto.
The plaza sold because one, it was stable, and two, it carried with it a strong mix of retail and professional tenants, many of which have undergone recent unit upgrades and renovations.
“Properties that service the local community here are going to continue to do well,” Wolfe added.
Franklin Street is banking on just that.
To read more about how the Tampa-based company is marketing a 16-asset portfolio, and how much it will likely trade for, check out the full article by clicking here.
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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
