{"id":1004756062,"date":"2025-05-01T06:34:29","date_gmt":"2025-05-01T14:34:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004756062"},"modified":"2025-05-16T04:23:08","modified_gmt":"2025-05-16T12:23:08","slug":"why-investors-are-hungry-for-grocery-anchored-retail","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/","title":{"rendered":"Why Investors Are Hungry for Grocery-Anchored Retail"},"content":{"rendered":"\n
\"Anchor\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Anchor tenant Whole Foods caters to tenants at BLVD Place, the 400,000-square-foot retail component within a 750,000-square-foot mixed-use district in Houston.
Image courtesy of Whitestone REIT<\/em><\/figcaption><\/figure>\n\n\n\n

Forget upscale malls. Today, retail\u2019s crown jewels are grocery-anchored shopping centers. Transaction activity for these multi-tenant properties ballooned to $7 billion in 2024, with deal volume leaping 34 percent in the second half of the year versus the first six months, according to JLL. Asset values were through the roof as the average price per square foot hit a record high of $209.<\/p>\n\n\n\n

What\u2019s behind this strong appetite? It\u2019s a perfect storm of increases in nearly every metric\u2014from foot traffic to rent growth\u2014and an inventory that far exceeds demand.<\/p>\n\n\n\n

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READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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Cushman & Wakefield reported<\/a> that only 8.3 million square feet of retail space were delivered last year. Currently, there are approximately 10.6 million square feet under development nationwide. For reference, Phoenix\u2019s industrial pipeline<\/a> is more than twice that amount.<\/p>\n\n\n\n

\u201cTenants are expanding into a market that itself isn\u2019t expanding,\u201d said Jim Dillavou, Lincoln Property Co.\u2019s national head of retail investments and retail capital markets.<\/p>\n\n\n\n

Combine this with other retail property and tenant types struggling to stay afloat<\/a>, and the result is a highly-competitive \u201csupply-demand imbalance that was exacerbated by COVID-19,\u201d according to Jan Sweetnam, CIO & executive vice president with Federal Realty Investment Trust, which has recorded 16 consecutive quarters of positive net absorption, with portfolios that range between 84 and 96 percent leased.<\/p>\n\n\n\n

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There\u2019s nothing more dependable for driving traffic than grocery stores, and for those reasons you get the best cap rates and the most interest from investors and tenants.<\/p>\n\u2014Drew Gorman, Principal, MCB Real Estate<\/cite><\/blockquote>\n\n\n\n

\u201cBecause all the weak retailers died and went bankrupt, if you have a strong center that dominates the marketplace, it\u2019s going to be in a really great position,\u201d he noted.<\/p>\n\n\n\n

It\u2019s no wonder, then, that a more diverse array of investors has entered the retail category. REIT ownership of grocery-anchored shopping centers is growing faster than private ownership, but private investors were 68 percent of the investor base in 2024, JLL data shows.<\/p>\n\n\n\n

\"At\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
At the Whole Foods-anchored Del Monte Shopping Center, landscaped, walkable plazas surround the smaller retail offerings. Federal\u2019s acquisition of the property was driven by its proximity to a large tourist destination and offerings that balance residents\u2019 daily needs with other services.
 Image courtesy of Federal Realty Investment Trust <\/em><\/figcaption><\/figure>\n\n\n\n

Top-shelf retail<\/h2>\n\n\n\n

On average, a grocery store lease lasts 20 years, at a time when the vacancy rate sits at 3.5 percent, according to JLL. Add to this a brand such as Publix, H-E-B or Stop & Shop, and some of the best cap rates in the sector will quickly emerge.<\/p>\n\n\n\n

\u201cIt\u2019s one of the safer areas of the new retail landscape due to long-term leases with strong credit tenants such as Kroger, Albertsons and Whole Foods,\u201d observed Robert Levy, a founder & managing partner at LBX Investments, a private investor that owns properties in Georgia, Illinois, South Carolina, Florida and Virginia.<\/p>\n\n\n\n

These longer leases, coupled with the items that grocery stores sell, lead investors to label grocery-anchored spaces as \u201cnecessity-based\u201d retail with the grocery store driving foot traffic at most neighboring stores, which could be anything from pharmacies to nail salons.<\/p>\n\n\n\n

\u201cYou get the repeat visit of the customer, and also the value of the shop space that\u2019s adjacent to it,\u201d noted Christine Mastandrea, president & COO at Whitestone REIT. \u201cThat (adjacent) space is becoming almost as valuable as the grocer is.\u201d<\/p>\n\n\n\n

Acquisition shopping lists<\/h2>\n\n\n\n

During the pandemic, mall owners learned the hard way that location alone won\u2019t drive the foot traffic. Consumer spend and rent growth are necessary to generate sustained ROI.<\/p>\n\n\n\n

Therefore, grocery-anchored investors are being as strategic as possible about their purchases. Before pulling the trigger on a new buy, successful investors will study the regional and local markets as well as demographic trends and consumer habits.<\/p>\n\n\n\n

At the regional level, the Sun Belt makes the most sense for investors today because it accounts for eight of the 10 fastest-growing counties by numeric growth, according to the U.S. Census Bureau.<\/p>\n\n\n\n

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Because all the weak retailers died and went bankrupt, if you have a strong center that dominates the marketplace, it\u2019s going to be in a really great position.<\/p>\n\u2014Jan Sweetnam, CIO & Executive Vice President, Federal Realty Investment Trust<\/cite><\/blockquote>\n\n\n\n

Investors will look for the best communities and the best sites in those communities. \u201cMuch of that might have to do with being on the best corner, in the most convenient location or (nearby) a high density of homes and possibly even high-income homes,\u201d added Mastandrea.<\/p>\n\n\n\n

More residents mean more people interacting with the surrounding restaurants, department stores and entertainment centers, according to Robert Taylor, CIO & president at Brixton Capital, which recently closed on a $250 million joint venture deal geared toward retail acquisitions.<\/p>\n\n\n\n

\"Whitestone\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Whitestone REIT purchased Garden Oaks, a 107,000-square-foot, Aldi-anchored retail center in Houston, in February 2024. According to the Houston Chronicle, the buyer was attracted to the area\u2019s strong population growth, especially the influx of young professionals.
Image courtesy of Whitestone REIT<\/em><\/figcaption><\/figure>\n\n\n\n

Investors also look at the type of grocer. The ideal tenant is not always a name brand, and equally important is the tenant\u2019s distinct appeal to the consumers living in the area.<\/p>\n\n\n\n

The tenant\u2019s market share, sales relative to the size of the space they occupy and their competitive advantages all weigh heavily on what constitutes a worthwhile acquisition, according to Mastandrea.<\/p>\n\n\n\n

As such, buying a highway-adjacent shopping center anchored by Publix in a suburb in South Florida may generally be a safer bet than a Winn-Dixie or Aldi, but there are equally compelling reasons to buy one of the other two. While Publix may be the largest grocer in the Sunshine State, Aldi\u2019s discounted items could be appealing to more budget-conscious individuals.<\/p>\n\n\n\n

\u201cIf you invest in the space, it\u2019s important to know how that grocer is performing,\u201d she noted.<\/p>\n\n\n\n

For example, said Mastandrea, throughout the state of Texas, H-E-B has far and away the most stores, and so any acquisition that isn\u2019t anchored by one needs to have some other selling factor to drive rent growth.<\/p>\n\n\n\n

Investors can find niches, be it in appealing to specific demographic groups or consumer habits. Mastandrea is noticing a bias toward organic options, alongside more niche, \u201csecondary-trip\u201d grocers. \u201cIt\u2019s not unusual that you go to one or two more grocers a week, depending on what your needs are,\u201d she pointed out. The grocers that are family-owned and private continue to compete just as well if not better against the big guys who are publicly owned and traded.\u201d<\/p>\n\n\n\n

Additionally, it always helps to have a diverse array of adjacent shops and services alongside the grocery store. \u201cThey are places where you shop on a daily basis, and that can be the outparcels, inline shops, the grocer itself or a Starbucks in the grocery store,\u201d observed Sweetnam.<\/p>\n\n\n\n

Think of the grocery store as an entr\u00e9e, while surrounding shops are the sides that make one menu item more appealing than the others. A shopper is very likely to go to a Safeway over Albertsons if they can get their nails done or a prescription filled next door.<\/p>\n\n\n\n

Lenders on a Shopping Spree
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As investors fill their carts with retail acquisition, development and value-add opportunities in the grocery-anchored retail sector, they are finding an enthusiastic group of lenders and equity partners willing to help make their deals happen.

Lenders are drawn to the reliable ROI<\/a> these properties often provide and the potential to offset losses from ailing office investments.

\u201cBecause there\u2019s less interest in office, the debt capital needs to be allocated elsewhere, and a lot of it is being focused on retail,\u201d observed Jim Dillavou, national head of retail investments and retail capital markets at Lincoln Property Co.

As a result, banks, CMBS lenders and life companies are all eager to take a piece out of the retail pie, and it\u2019s not just because of their office exposure. The necessity-based nature of these properties is very appealing.

\u201cThey\u2019re looking to backfill that exposure through the grocery space,\u201d said Gina Chambers, president of MCB Real Estate. \u201cThat little bit of supply that\u2019s available will serve as a portfolio diversifier.\u201d<\/p>\n\n\n\n

\"Milwaukee\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Milwaukee Marketplace, a retail property in Milwaukee, Ore., acquired by Lincoln Property Co. for $39 million in a joint venture with PCCP, has direct highway access. Lincoln saw an opportunity to fill a gap in necessity-based retail in the immediate area.
Image courtesy of Lincoln Property Co.<\/em><\/figcaption><\/figure>\n\n\n\n

Upgrades, inside and out<\/h2>\n\n\n\n

Grocery-anchored investors also look for centers with opportunities to add value and increase rents.
For some new acquisitions, Lincoln Property Co. will demise an old department store\u2019s excessively large space into several smaller lots, allowing for a more diverse array of tenants surrounding the grocery store. According to Dillavou, giving smaller tenants an opportunity space could well increase its longevity.<\/p>\n\n\n\n

\u201c(Demises) create availability and temporary friction in the market, and those spaces need to be occupied by tenants,\u201d he said.<\/p>\n\n\n\n

Oftentimes, grocery stores never needed all that space anyway. \u201cIf you were a 55,000-square-foot grocer in the 1970s and \u201980s, you are now a 30,000-square-foot grocer today,\u201d he said.<\/p>\n\n\n\n

Federal Realty will often set up five-, seven-, 10- or 12-year plans to bring in more tenants over time. In the end, sale values can go as high as $600 per square foot.<\/p>\n\n\n\n

To achieve this, the typical value-add investment also includes physical improvements like upgrades of fresh paint, new signage, landscaping and parking, which go hand-in-hand with outdoor patios and gathering spots. Sometimes, a restaurant\u2019s outdoor space can even be extended out to the sidewalks.<\/p>\n\n\n\n

In the end, the grocery store itself is a component of a larger investment strategy. \u201cUltimately, our goal is getting more people to spend more time there,\u201d Sweetnam said.<\/p>\n\n\n\n

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Read the May 2025 issue of CPE.<\/a><\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Necessity-driven centers deliver the ROI capital is craving.<\/p>\n","protected":false},"author":3012,"featured_media":1004756078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21808,21749,51037],"tags":[],"class_list":["post-1004756062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-featured","category-retail","category-trends"],"acf":[],"yoast_head":"\nWhy Investors Are Hungry for Grocery-Anchored Retail - 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\/why-investors-are-hungry-for-grocery-anchored-retail\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Investors Are Hungry for Grocery-Anchored Retail\" \/>\n<meta property=\"og:description\" content=\"Necessity-driven centers deliver the ROI capital is craving.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/\" \/>\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=\"2025-05-01T14:34:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-16T12:23:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/C_WholeFoodsAtBLVDPlace_CreditWhitestoneREIT-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/\",\"name\":\"Why Investors Are Hungry for Grocery-Anchored Retail - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/C_WholeFoodsAtBLVDPlace_CreditWhitestoneREIT-featured.jpg\",\"datePublished\":\"2025-05-01T14:34:29+00:00\",\"dateModified\":\"2025-05-16T12:23:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/C_WholeFoodsAtBLVDPlace_CreditWhitestoneREIT-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/C_WholeFoodsAtBLVDPlace_CreditWhitestoneREIT-featured.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Retail. 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