The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, gorcery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, S.C., bought the property for $7.8 million.
Despite a yearlong national eviction ban and continuing pandemic, it has rarely been a better time to be a big apartment-building landlord. National asking rents rose 10.3% in August, measured on an annual basis, according to Real Page, a rental-management software company.
The retail market is on the path to recovery, but there remains a clear bifurcation between national and non-national retailers. Overall, rent collection among national tenants has hit 95%, where rent collection among non-national tenants has not yet surpassed 90%.
Sales at retail stores surged in August despite supply chain issues and concern over the spreading Delta variant. Retail sales rose 2.3% in August from July and were up 12% year-over-year, according to the National Retail Federation. That compared with a month-over-month decrease of 1.8%.
In each of the 12 months since March 2020, the average amount spent per shopping occasion has been between 13% and 29% higher than the same month in the prior year, according to a survey by the NPD Group. Those new spending levels have held relatively steady since March 2021.
The world has started watching for fallout from the potential financial collapse of China Evergrande Group, one of that nation’s largest conglomerates, whose holdings include more than 1,300 residential and other property projects in 280 cities there.