Shopping Center Business

OCT 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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ATLANTA INVESTMENT 66 • SHOPPING CENTER BUSINESS • October 2018 rates are all combining to widen the bid- ask spread, especially for Class B retail product. "Best-of-class, core retail assets contin- ue to have a narrow bid-ask spread and a defined buyer pool," says Taylor. "For virtually all other retail properties, the bid-ask spread has widened," adds Don McMinn, senior vice president of investments at Marcus & Millichap's At- lanta office. Joines of NKF Capital Markets says Atlanta did have a bid-ask spread in fourth-quarter 2017 and first-quarter 2018, which generated the lowest quarterly sales volume since first-quarter 2016, according to CoStar. But since then buyers and sell- ers have generally been able to agree on pricing. "We've seen a trend of more buyers stepping up to the table for our most recent offerings," says Joines. "We have 18 shopping centers on the market right now, and 12 are in contract. Everyone has gone back to a new normal." Whether or not the bid-ask spread is overstated, investment sales brokers say that the current level of retail sales activity in metro Atlanta is more than enough to keep them busy. "What a difference a year makes — a year ago we were concerned with the lev- el of investment activity, which was very paltry," says Drew Fleming, senior manag- ing director of NKF Capital Markets. "We were concerned that we were sliding into an uncomfortable period for retail invest- ment sales, but this is shaping up to be the best year we've ever had as a team." SCB Preferred Apartment Communities, a REIT based in Atlanta, recently purchased Mountain Crossing, a Kroger-anchored center in Dacula, Georgia. 970 E. WASHINGTON STREET (STATE ROAD 32) WINCHESTER, INDIANA TERRY MCCOLLOM (708) 383-6450 wrmccollom@mccollomrealty.com LONG-TERM, STABILIZED SALE-LEASEBACK OPPORTUNITY WITH ADDITIONAL DEVELOPMENT POTENTIAL ONLY $1,315,000 FOR SALE: 55,000 S.F. STORE ON 11.55 ACRES FOR SALE: 55,000 S.F. STORE ON 11.55 ACRES LET'S GET TOGETHER AT ICSC CHICAGO OCTOBER 17-18

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