{"id":1004232056,"date":"2018-05-25T01:41:23","date_gmt":"2018-05-25T09:41:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232056"},"modified":"2022-12-08T18:27:06","modified_gmt":"2022-12-09T02:27:06","slug":"retail-investment-to-gain-momentum-after-sluggish-start-to-2018","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\/","title":{"rendered":"Retail Investment to Gain Momentum After Sluggish Start to 2018"},"content":{"rendered":"

By Gail Kalinoski<\/p>\n

\"Chris<\/a>

Chris Angelone, JLL<\/p><\/div>\n

Despite a 46 percent drop in retail investment sales in the first few months of 2018, JLL retail executives are optimistic that investors will gain confidence in the sector\u2019s fundamentals and finish the year with an uptick in transactions.<\/p>\n

\u201cIn the second half of the year, leaning towards the fourth quarter, you will see some larger transactions in the space driven by private equity that sees value in the retail sector,\u201d<\/em> Chris Angelone, retail investment sales lead for JLL, told Commercial Property Executive.<\/em><\/p>\n

JLL said just $12.8 billion in retail assets were sold between January and April, a 46 percent year-to-year decline. The firm largely attributed the drop to investor caution and the perception that current retail returns are not commiserate with current valuations.<\/p>\n

\"Naveen<\/a>

Naveen Jaggi, JLL<\/p><\/div>\n

\u201cMany investors are either allocating their capital into other property types, to debt versus equity, or taking a temporary pause,\u201d<\/em> Naveen Jaggi, president of retail advisory services at JLL, said in a prepared statement. \u201cWe\u2019re pragmatically optimistic of today\u2019s market\u00a0and are seeing investors begin to rebuild their confidence in the sector as the fundamentals strengthen. Vacancy is stabilized at under five percent nationwide and rents have reached pre-recession levels.\u201d<\/em><\/p>\n

JLL also pointed to steady leasing, with 13.4 million square feet absorbed through April. New supply, however, is limited,\u00a0with only 14.2 million square feet delivered this year, mostly in general retail. Less than one-third of new construction occurred in the shopping center and mall space.\u00a0Because investors were slow to close transactions at the start of 2018, JLL said there is a large amount of capital looking to be deployed into retail.<\/p>\n

\u00a0\u201cSellers are under more pressure to sell, than buyers are to buy. There is tremendous opportunity unfolding to buy quality retail at a discount to historical values \u2013 at the asset level and in the public markets\u00a0 \u2013 REITs are trading at 2008 levels,\u201d<\/em> Jaggi said.<\/p>\n

Upcoming trends<\/h2>\n

Angelone said he expects REITs to continue to be sellers and not buyers this year.\u00a0\u201cI think that a majority of the pure-play retail REITs, especially the open-air retail REITs, have continued to have disposition of assets they don\u2019t see fitting their strategy profiles that they would like to sell,\u201d<\/em> he told CPE. \u201cI think they\u2019re going to continue to sell those assets in an orderly fashion. I don\u2019t think the REITs are net buyers in the near term.\u201d<\/em><\/p>\n

Angelone, who noted he was speaking about open-air venues including grocery-anchored, lifestyle and power centers, not malls, said that most of the transaction activity seen in the first half of the year has been one-off sales of properties to private capital buyers.\u00a0For the rest of the year, though, he predicted the primary players are going to be private equity and some institutional investors that have a core-plus, value-add strategy.<\/p>\n

\u201cThere isn\u2019t a definitive jumping-in point for transaction volume to accelerate, but as we head into the back-half of 2018, we expect transaction activity to pick up due to market capitulation and investor confidence finding solid footing,\u201d<\/em> Angelone said in prepared remarks. \u201cThere is more capital than product, which is unfolding a tremendous opportunity to buy at a discount to recent valuations.\u201d<\/em><\/p>\n

Angelone and Jaggi were among the JLL retail executives at this week\u2019s International Council of Shopping Centers\u2019 annual RECon event in Las Vegas. They said they saw optimism among the attendees for a sector that\u2019s been hit with negative headlines in recent years due to bankruptcies and store closings.\u00a0\u201cWe are optimistic and confident that it\u2019s going to pick up,\u201d<\/em> Angelone said.<\/p>\n

That was also the attitude expressed by others at RECon who were eager to talk about deals, redevelopment, technology and the growing overlap of brick-and-mortar<\/a>, according to a CPE report from the convention. In particular, many pointed to multimillion-dollar renovations<\/a> and makeovers taking place at shopping centers around the United States and the growth of experiential additions, such as more children\u2019s offerings and restaurants.<\/p>\n

Images courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

JLL largely attributed the drop in investment to caution and the perception that current retail returns are not commiserate with current valuations.<\/p>\n","protected":false},"author":1068,"featured_media":1004232072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21749],"tags":[32796,40478],"class_list":["post-1004232056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-retail","tag-jll","tag-naveen-jaggi"],"acf":[],"yoast_head":"\nRetail Investment to Gain Momentum After Sluggish Start to 2018 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail Investment to Gain Momentum After Sluggish Start to 2018\" \/>\n<meta property=\"og:description\" content=\"JLL largely attributed the drop in investment to caution and the perception that current retail returns are not commiserate with current valuations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-25T09:41:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:27:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Chris-Angelone-JLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"Retail Investment to Gain Momentum After Sluggish Start to 2018\",\"datePublished\":\"2018-05-25T09:41:23+00:00\",\"dateModified\":\"2022-12-09T02:27:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\\\/\"},\"wordCount\":688,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/05\\\/Chris-Angelone-JLL.jpg\",\"keywords\":[\"JLL\",\"Naveen Jaggi\"],\"articleSection\":[\"Featured\",\"National\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-investment-to-gain-momentum-after-sluggish-start-to-2018\\\/\",\"name\":\"Retail Investment to Gain Momentum After Sluggish Start to 2018 - 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