Archive for April, 2011
Knoxville Center Mall for Sale
Apr 20th
Contributed by: John Dempster, Broker, NAI Knoxville
The “Property Report” in the March 20, 2011, edition of The Wall Street Journal. discusses the unusually large number of malls being offered for sale across the US. Major mall owners are selling underperforming properties and using the proceeds to clean up their balance sheets. Of local interest, Simon Property Group has put Knoxville Center on the market. Green Street Advisors says that the industry average for B-grade properties is annual sales of $352 per square foot. The Knoxville Center at 80% occupancy has sales in the range of $285-330 per square foot. Big malls are frequently sold to local developers who reposition them as discount centers or for other uses. The offering price for the Knoxville Center was not reported. [read article]
The Boulder Group released its First Quarter, 2011, Net Lease Market Report
Apr 11th
They report that rates compressed among retail, office and industrial as the focus on core assets in primary market combined with a limited supply was the main driver. Investors did not, as insiders expected, “seek opportunistic yields in secondary markets and private credits.” [download report]
