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High-Street Retail in an Adjustment Phase
High-street retail is going through an adjustment period — much like all retail asset classes. Both institutional and private investors are looking carefully at market fundamentals and property fundamentals, but for properties that check the right boxes, there are still active buyers. In some cases, even bidding wars.
"Street retail properties are going through a level of adjustment and evolution similar to what we are seeing in other categories of retail," Carlos Lopez, EVP at Hanley Investment Group, tells Commercial Leasing Law & Strategy's ALM sibling GlobeSt.com. "In ideal, select markets, prominent, street retail properties continue to attract buyers. In today's market, whether an institutional buyer or private capital, buyers and lenders are carefully looking at the real estate fundamentals of a property, whether it is a high-street property, grocery-anchored shopping center, power center, a strip center or a single-tenant retail asset."
Hanley has seen the trend on some recent deals. It closed a high-street deal on Robertson in Beverly Hills with a 28% vacancy. However, the market fundamentals told a compelling story that resulted in multiple offers. "The investment included the opportunity to lease-up a 2,425-square-foot, endcap space on a high-visibility corner located less than one mile from the Golden Triangle," Lopez says. "Despite the 28% vacancy, Hanley Investment Group generated multiple, qualified all-cash offers within the first several weeks of marketing the 8,745-square-foot multi-tenant retail property. The sale price was $8 million, representing $920 per square feet."
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