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Palomar Press Briefing | July 28, 2021



 INDUSTRY NEWS

July 28, 2021

 

PALOMAR GROUP BROKERS $8.1M SALE OF ASHLAND JUNCTION RETAIL PROPERTY IN METRO RICHMOND

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.

ONLINE GROCERY SHOPPERS SHOW GROWING PREFERENCE FOR IN-STORE PICKUP

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.

EIGHT WAYS 1031 EXCHANGE CHANGES COULD MAKE ECONOMIC WAVES

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.

STRENGTH IN BRICK & MORTAR SALES BRIGHTENS OUTLOOK FOR MALLS, SHOPPING CENTERS

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.

THE SECOND QUARTER WAS VERY GOOD FOR REITS

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.

U.S. NEW HOME SALES HIT 14-MONTH LOW AMID SUPPLY CONSTRAINTS

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.

 

 

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