The Palomar Group has arranged the $5.4 million sale of Myrtle Ridge, a grocery-anchored center located at 1901 Highway 544 in Conway, a town near Myrtle Beach. Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction.
More than one year into the COVID-19 pandemic, the restaurants are finally starting to see some glimmers of hope. According to Black Box Intelligence, the industry saw stronger two-year sales for the second consecutive month in April, with same-store sales growth of 6.8% on a two-year basis.
Dick’s Sporting Goods reported its highest-ever first-quarter earnings and raised its full-year outlook. The nation’s largest sporting goods retailer had a busy first quarter, opening new concepts and updating existing ones. In April, it debuted a 100,000-sq-ft concept, Dick’s House of Sport.
REIT exposures to interest rates are at an all-time low, as demonstrated by new data from the Nareit T-Tracker. REITs have reduced their reliance on borrowings, which lowered leverage ratios considerably over the past decade. The weighted average debt-to-book assets ratio of all REITs declined from 58.3% in 2008 to 50.3% in the first quarter of 2021.
Sales volume is improving at many shopping centers, despite customers’ briefer store visits. The trend runs contrary to a retailing maxim that longer dwell time goes hand in hand with increased spending.
Price indices for the industrial, apartment, retail and office sectors all posted positive annual returns for the first time since the pandemic began, as the Real Capital Analytics US National All-Property Index grew by 8.4% year-over-year in April.
COVID-19 and a year of staying at home may have saved some brick-and-mortar stores from the retail apocalypse, or at least slowed its advances. Some of the country’s biggest retailers said sales are strong and shoppers are returning to stores as pandemic restrictions ease.
Prices for commercial property assets continued increasing in April, with all property types — office, industrial, retail and multifamily — registering a year-over-year increase for the first time since before the coronavirus pandemic, Real Capital Analytics reports.