The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located in Ashland. The buyer, Peck Properties, was based out of Richmond and the seller, Phillips Edison & Co., was based out of Cincinnati. The sales price was $8.1 million.
The U.S. online grocery market showed contraction in year-over-year sales for the second straight month in June 2021, as in-store pickup gained momentum. The U.S. online grocery market generated $6.8 billion in sales during June 2021, down 23% year-over-year and 3% lower month-over-month.
In recent months, the political spotlight has once again turned to a 100-year-old tax policy: the 1031 exchange. Often referred to as a “loophole’ by detractors, a 1031 exchange, in simplest terms, allows for the exchange of one investment property for another and the deferral of capital gains taxes on the transaction.
Retail sales grew a surprising 0.6% in June, demonstrating the strength of the consumer sectors as the economic reopening continues. Sales through brick & mortar channels were up 0.9% from the month before, outpacing total sales and brightening the outlook for malls and shopping centers, and the retail REIT sector.
Many real estate investment trusts delivered positive returns in the double digits during the second quarter as the rollout of vaccines initially gave hope that the worst of the pandemic might be over. The optimism began to wane by the end of the three-month period with the spread of the more infectious delta variant of the virus and the refusal of some to get vaccinated, leading to a surge in cases.
Sales of new U.S. single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated, the latest signs that expensive lumber and shortages of other building materials were hurting the housing market.