mid-cities...backfilling a former kmart space. in june, sky zone trampoline park opened a 27,100-sf...

Mid-Cities

PREPARED BY

Brendan Broussard

Retail Submarket Report

Los Angeles - CA

RETAIL SUBMARKET REPORT

Submarket Key Statistics 2

Leasing 3

Rent 7

Construction 9

Sales 14

Sales Past 12 Months 15

Supply & Demand Trends 17

Rent & Vacancy 21

Sale Trends 25

Mid-Cities Retail

1/6/2020Copyrighted report licensed to Keller Williams Realty - 1023202.

OverviewMid-Cities Retail

73.9 K 5.3 K 4.7% 1.3%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

The Mid-Cities retail submarket is the largest in the L.A.metro, with over 50 million SF of inventory. Thesubmarket covers a wide area with many cities, most ofwhich have middle- or lower-income demographics.Asking rents are the lowest among the major submarketsin the metro.

Like the metro, vacancies have increased since late2017, as closings have not been enough to offset storeclosures. Rents have moved largely in tandem with thegreater market, as well. Recent rent growth, while

positive, has been anemic.

Supply additions have been modest over the pastseveral years, and the current pipeline is dominated byone 100,000-SF project in Compton. Recent salesvolumes are in line with historical norms. Pricing for retailassets in the Mid-Cities, while at a discount to mostother areas of the metro, is at record levels anddemonstrates that investors see properties with the rightcharacteristics as attractive holds.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$3.115.9%4,825,627Malls 0.4% 0 0 0

$2.662.6%3,099,098Power Center 2.9% 0 0 0

$2.216.8%11,641,356Neighborhood Center 11.7% (10,324) 0 0

$2.045.5%5,551,054Strip Center 6.4% 2,757 0 0

$1.913.6%24,986,941General Retail 4.5% 3,652 0 12,100

$1.921.3%184,025Other 6.7% 0 0 85,359

$2.164.7%50,288,101Submarket 5.9% (3,915) 0 97,459

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

4.9%4.9%0%Vacancy Change (YOY) 6.1% 2010 Q2 3.3% 2006 Q3

63,468194,8615.3 KNet Absorption SF 1,061,111 2016 Q2 (496,022) 2009 Q1

144,656318,02773.9 KDeliveries SF 976,827 2016 Q3 28,770 2015 Q3

0.9%1.1%1.3%Rent Growth 5.4% 2007 Q2 -5.7% 2010 Q2

N/A$285.1M$284 MSales Volume $660.8M 2018 Q4 $80.5M 2011 Q3


Page 2

LeasingMid-Cities Retail

Vacancies in the Mid-Cities have been on an upwardtrend for two years and are currently 4.7%, above metroaverages. In terms of large move-ins, Chuze Fitnesstook occupancy in early 2019 of 62,100 SF in Cudahy,backfilling a former Kmart space. In June, Sky ZoneTrampoline Park opened a 27,100-SF location inCerritos.

Looking at recent signings and pending move-ins, inOctober 2019, an undisclosed tenant signed for 40,000SF at 11340 South St. in Cerritos. The location was a

former Toys R Us location, and the lease is set tocommence in May 2020.

Absorption in 2019 was weak, as store openings havenot been enough to offset closures. Fallas Paredesclosed a location in Compton at the beginning of theyear, vacating 30,000 SF. Gold Fortune Supermarket inCerritos shuttered during the fall, leaving behind a23,200-SF space. Also of note, Kohl’s vacated a portionof its 88,100-SF store in Cerritos in the summer of 2019,with 20,900 SF currently available for lease.

NET ABSORPTION, NET DELIVERIES & VACANCY


Page 3


VACANCY RATE

AVAILABILITY RATE


Page 4


4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating GLA Deals SF Vacancy (QTD) Net Absorption SF (QTD)

2,900408-530 E Washington Blvd

101,095 2 2.9% 0

3,516501 E Albertoni St

University Square Shopping…6,394 2 31.4% 0

8,400111-131 E Compton Blvd

55,232 1 0% 0

1,3322321 E Florence Ave

8,620 1 0% 0

2,000200-208 Towne Center Dr

59,673 1 0% 0

3,400821 W Rosecrans Ave

Pad A3,400 1 0% 0

3,04010727-10833 Long Beach Blvd

75,733 1 19.8% 0

8,10010901-10923 Atlantic Ave

39,180 1 0% 0

2,5188610-8626 Firestone Blvd

Downey Marketplace57,940 1 0% 0

9721540-1700 W Rosecrans Ave

Gateway Plaza51,331 1 0% 0


44,165 1 20.2% 0

1,13411401-11489 South St

Bldg A26,708 1 0% 0


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3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating GLA Deals SF Vacancy (QTD) Net Absorption SF (QTD)

15,6992120-2186 E Florence Ave

36,804 5 30.3% 0

3,60017610-17620 Bellflower Blvd

Bellflower Plaza41,060 4 8.8% 0

2,2101842 N Bullis Rd

Bullis Town Center9,157 4 0% 0


13,315 3 4.5% 0


Ryans Plaza55,115 3 4.7% 0

2,2669901-9915 Paramount Blvd

Downey Center37,000 3 3.9% 0

3,9705610 Pacific Blvd

Pacific Plaza15,040 3 6.8% 0

3,3894701-4721 S Broadway

15,470 3 9.0% 0

7,79815961-15985 Piuma Ave

26,100 3 7.0% 0

3,00017202-17298 Norwalk Blvd

Seafood City52,382 3 0% 0

3,2009733-9739 Long Beach Blvd

4,797 3 0% 0

2,6004846 Florence Ave

6,725 2 0% 0


7,718 2 18.3% 0

1,40011405 E Firestone Blvd

10,175 2 0% 0

2,68111660 South St

Bldg. A10,435 2 0% 0

3,455655-667 E University Dr

14,830 2 0% 0

4,0002864 E Florence Ave

5,949 2 0% 0

8204070 S San Pedro St

820 2 0% 0

2,4196040-6048 Atlantic Blvd

7,287 2 0% 0

3,9604420-4444 Slauson Ave

Maywood Towne Center20,510 2 0% 0


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RentMid-Cities Retail

Current year-over-year gains in the submarket, 1.3%,mirror the greater metro’s pace. Like the metro, strip,neighborhood, and mall retail subtypes are seeing

modest outperformance with repsect to gains, whereasgeneral retail and power centers are slightly lagging.

MARKET RENT GROWTH (YOY)


Page 7

RentMid-Cities Retail

MARKET RENT PER SQUARE FOOT


Page 8

ConstructionMid-Cities Retail

The Mid-Cities has seen modest supply additions inrecent years, with the largest projects completed since2014 including the Promenade at Downey (640,000-SFpower center completed in 2015 and 2016), the ToyotaDealership of Downtown Los Angeles (290,000 SF in2019), the Azalea Shopping Center in South Gate(230,000-SF power center in in 2014), and a Walmart in

Compton (130,000 SF in 2016).

Looking forward, there is 97,000 SF underway, themajority of which is in the soon-to-complete FreedomPlaza. The shopping center is part of the redevelopmentof the Jordan Downs public housing projects in Watts.

DELIVERIES & DEMOLITIONS


Page 9


304,952 165,010 97,459 565,442All-Time Annual Avg. SF Delivered SF Past 8 Qtrs Delivered SF Next 8 Qtrs Proposed SF Next 8 Qtrs

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET


Page 10


RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Jun-20191495 N Wilmington Ave

Multi-Tenant Popeyes De…4,100 1 Dec-2019

Southwest Group LLC

Prominent Realty1

Jan-20199928 Artesia Blvd

3,728 2 Nov-2019-

-2

Jun-20181302 E Slauson Ave

8,000 1 Oct-2019-

-3

Aug-201817404 Bellflower Blvd

3,000 1 Oct-2019-

Jacob P. Sonenshine4

Apr-20192200 W Artesia Blvd

IN-N-OUT3,867 - Oct-2019

-

-5

Nov-20175707 Pacific Blvd

8,396 2 Oct-2019-

Prajin Enterprises6

Sep-20189901 S Alameda St

Freedom Plaza3,000 1 Aug-2019

-

Federal Realty Investment Trust7


Freedom Plaza9,000 1 Aug-2019

-


Jun-201712202 Paramount Blvd

5,774 1 Apr-2019-

Robert Amin9

Jul-20188028 3rd St

1,900 1 Apr-2019-

Dr. Musa O Bahia10

Dec-20189751 Artesia Blvd

3,867 1 Apr-2019-

-11

Apr-20181824-1830 E Slauson Ave

11,000 1 Mar-2019-

-12

Oct-20182232-2240 S Central Ave

Compton Square9,640 1 Feb-2019

-

Red Mountain Retail Group, Inc.13

Jun-20189908 Artesia Blvd

9,555 2 Oct-2018-

Andrew Kalman14

Feb-2017821 W Rosecrans Ave

Pad A3,400 1 Sep-2018

-

Cyrus Hosiery Inc15

Mar-20183111 E Florence Ave

Smart & Final28,000 1 Sep-2018

-

-16

Mar-201815750 Paramount Blvd

Bldg A6,200 1 Aug-2018

-

-17

Mar-20188655 Atlantic Ave

Azalea3,000 1 Jul-2018

-

Primestor Development, Inc.18

Jan-20175971 S Main St

New Corner Retail Building8,328 1 Jul-2018

-

-19

Jan-201710840 Garfield Ave

7 Eleven3,750 1 Jul-2018

-

Jones Real Estate20


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UNDER CONSTRUCTION


Jun-20179901 S Alameda St

Freedom Plaza77,859 1 Feb-2020

Primestor Development, Inc.


Feb-20199102-9112 Firestone Blvd

Building A12,100 1 May-2020

-

Amusement Industry, Inc.2


Freedom Plaza7,500 1 Mar-2020

-


PROPOSED


Jun-2020Del Amo Blvd

Building 554,000 2 Nov-2020

-

L A County Capital Asset Leasing…1

Jan-202110901 Imperial Hwy

45,000 - Jan-2022-

-2

Mar-20204810-4814 Firestone Blvd

44,179 2 Sep-2020-

-3



-



Building 1036,000 2 Nov-2020

-




-


Apr-20203125 Firestone Blvd

24,180 2 Oct-2020-

-7

Jul-2020NEC Slauson Ave & Boyl…

22,000 1 Jan-2021-

-8

Jun-20206151 Atlantic Ave

19,900 1 Dec-2020-

-9

Feb-2020403 S Santa Fe Ave

18,400 - Dec-2020Urban Real Estate Services, Inc.

-10

Dec-2020E University Dr

Market18,000 1 Dec-2021

-

The Carson Companies11



-


Aug-2020NWC Bellflower Blvd and C

Belle Fleur Centre17,000 1 Aug-2021

-

-13

Jan-20204472 Gage Ave

SWC Atlantic & Gage15,075 1 Jan-2021

-

Redevelopment Agency Of14

Jan-20207201 Firestone Blvd

15,000 1 Oct-2020-

-15


Building 1115,000 2 Nov-2020

-


Jun-20208350 Firestone Blvd

15,000 1 Jul-2021-

-17


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PROPOSED


Jul-20205872 S Central Ave

11,000 1 Feb-2021-

-18

Jan-20208818 Imperial Hwy

10,200 1 Oct-2020North American Realty Services…

-19

Feb-2020815 W Rosecrans Ave

Building B10,000 1 Aug-2020

-

Cyrus Hosiery Inc20


Page 13




SalesMid-Cities Retail

Pricing in the mid-cities is typically at a modest discountto metro averages, with an average modeled pricing andcap rates of $320/SF and 5.6%, respectively. Annualizedsales volumes, $290 million, are in line with historicalaverages.

In February, L.A.-based SAFCO Capital Corporationpurchased from national developer Catellus TheCrossroads @ Firestone neighborhood center in SouthGate for $29.5 million ($554/SF) at a 5.95% in-place cap

rate. The 53,300-SF center was 100% leased at thetime of sale and is anchored by grocer ALDI as well asAT&T, Bank of America, and Panera Bread.

More recently, in early October, a 24,000-SF portion ofthe South Gate Town Center in South Gate sold to alocal investor as part of a 1031 exchange. The property,at 5831 Firestone Blvd., sold for $9.1 million ($379/SF) ata 5.95% cap rate. The property was 90% leased at thetime of sale with Dollar Tree as the anchor tenant.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 14

Sales Past 12 MonthsMid-Cities Retail

248 6.1% $252 2.5%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $137,500 $1,715,248 $850,000 $18,600,000

Price Per SF $25 $252 $248 $2,211

Cap Rate 3.5% 6.1% 6.0% 11.0%

Time Since Sale in Months 0.6 6.8 7.4 11.9

Property Attributes Low Average Median High

Building SF 407 6,604 3,584 142,449

Stories 1 1 1 3

Typical Floor SF 407 6,116 3,235 142,449

Vacancy Rate At Sale 0% 2.5% 0% 100%

Year Built 1897 1958 1954 2018

Star Rating 2.0


Page 15

Sales Past 12 MonthsMid-Cities Retail

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 Plaza De La Fiesta Phas…1985 48,685 2.9% $18,600,000 $382

7126-7132 Pacific Blvd11/25/2019 6.1%

-2 Sunbelt Rentals1988 50,276 0% $18,600,000 $370

12624 Rosecrans Ave7/22/2019 -

-3 Market & Shops B2016 25,500 0% $10,791,893 $423

5820-5830 Firestone Blvd2/22/2019 6.0%

-4 5831 Firestone Blvd1987 24,000 8.7% $9,100,000 $37910/2/2019 6.0%

-5 The Crossroads At Fires…2016 11,964 0% $8,668,938 $725

5840 Firestone Blvd2/22/2019 6.0%

-6 CVS1983 22,880 0% $7,817,145 $342

220 E Compton Blvd5/3/2019 5.5%

-7 Santa Fe Plaza2006 14,949 0% $6,850,000 $458

2501-2575 S Santa Fe Ave9/4/2019 6.5%

-8 Comerica Bank1974 4,016 0% $6,500,000 $1,619

11355 South St5/9/2019 5.0%

-9 The Crossroads At Fires…2016 5,340 0% $5,532,069 $1,036

5802 Firestone Blvd2/22/2019 6.0%

-10 6801 Atlantic Ave1948 33,222 0% $5,178,000 $1561/18/2019 -

-11 Chapel of Memories1955 9,991 0% $4,900,000 $490

12626 Woods Ave6/11/2019 6.3%

-12 2619-2629 Saturn Ave1946 17,372 0% $4,300,000 $2488/21/2019 -

-13 10729-10741 South St1969 18,096 35.3% $4,278,000 $2366/27/2019 7.0%

-14 Rite Aid1968 23,771 0% $3,970,000 $167

6360 Pacific Blvd8/1/2019 -

-15 6351-6353 Pacific Blvd1935 16,000 0% $3,926,000 $2455/14/2019 6.4%

-16 Target2000 142,449 0% $3,550,000 $25

11525 South St12/13/2019 -

-17 8124-8140 Firestone Blvd1949 17,945 0% $3,205,500 $1798/19/2019 -

-18 6601 Alondra Blvd2001 3,128 0% $3,200,000 $1,0238/27/2019 -

-19 8445 Somerset Blvd1987 3,031 0% $3,150,000 $1,03911/7/2019 -

-20 2618 Saturn Ave1947 12,214 0% $3,026,000 $2488/21/2019 -


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Supply & Demand TrendsMid-Cities Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2024 131,787 0.3% 0.2%126,022 1.050,712,070

2023 130,298 0.3% 0.2%111,736 1.250,580,283

2022 110,872 0.2% 0.1%71,266 1.650,449,985

2021 18,647 0% 0%12,251 1.550,339,113

2020 32,365 0.1% -0.1%(33,444) -50,320,466

YTD 0 0% 0%(3,915) -50,288,101

2019 21,837 0% 0%6,772 3.250,288,101

2018 (30,415) -0.1% -0.9%(444,821) -50,266,264

2017 356,620 0.7% 1.1%549,589 0.650,296,679

2016 732,575 1.5% 1.9%938,526 0.849,940,059

2015 (12,902) 0% 0.7%343,522 -49,207,484

2014 299,116 0.6% 0.4%210,186 1.449,220,386

2013 61,970 0.1% 0.8%371,142 0.248,921,270

2012 79,802 0.2% -0.2%(81,670) -48,859,300

2011 42,404 0.1% 0.2%103,993 0.448,779,498

2010 195,515 0.4% 0.5%244,555 0.848,737,094

2009 113,332 0.2% -0.3%(168,131) -48,541,579

2008 711,621 1.5% -0.1%(65,051) -48,428,247

MALLS SUPPLY & DEMAND



2024 46,986 1.0% 0.9%45,898 1.04,933,453

2023 46,444 1.0% 0.9%41,544 1.14,886,467

2022 40,015 0.8% 0.5%23,933 1.74,840,023

2021 4,469 0.1% -0.3%(12,223) -4,800,008

2020 (30,088) -0.6% -1.0%(47,742) -4,795,539

YTD 0 0% -- -4,825,627

2019 0 0% -5.5%(265,764) -4,825,627

2018 3,470 0.1% 0.4%20,922 0.24,825,627

2017 0 0% 1.9%91,571 04,822,157

2016 128,000 2.7% 2.0%95,258 1.34,822,157

2015 4,000 0.1% -0.3%(14,247) -4,694,157

2014 0 0% -1.1%(51,270) -4,690,157

2013 0 0% 0.6%25,889 04,690,157

2012 48,500 1.0% 1.7%78,897 0.64,690,157

2011 6,500 0.1% 1.3%61,082 0.14,641,657

2010 139,075 3.1% 2.4%112,581 1.24,635,157

2009 0 0% -1.1%(49,791) -4,496,082

2008 4,964 0.1% 0.8%36,829 0.14,496,082


Page 17


POWER CENTER SUPPLY & DEMAND



2024 9,928 0.3% 0.2%4,993 2.03,124,730

2023 9,830 0.3% 0.1%3,995 2.53,114,802

2022 8,547 0.3% 0%1,108 7.73,104,972

2021 1,904 0.1% -0.1%(4,632) -3,096,425

2020 (4,577) -0.1% -0.7%(20,956) -3,094,521

YTD 0 0% -- -3,099,098

2019 0 0% 1.1%32,673 03,099,098

2018 8,874 0.3% -0.3%(10,389) -3,099,098

2017 6,000 0.2% 5.6%173,666 03,090,224

2016 351,999 12.9% 6.9%211,371 1.73,084,224

2015 256,518 10.4% 9.4%256,269 1.02,732,225

2014 304,432 14.0% 12.4%307,566 1.02,475,707

2013 0 0% -1.0%(22,744) -2,171,275

2012 0 0% 0.6%12,005 02,171,275

2011 0 0% -0.1%(1,905) -2,171,275

2010 6,300 0.3% 2.9%62,836 0.12,171,275

2009 6,050 0.3% -1.6%(34,663) -2,164,975

2008 395,895 22.5% 13.2%283,917 1.42,158,925

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2024 20,975 0.2% 0.3%35,882 0.611,693,612

2023 20,736 0.2% 0.3%33,197 0.611,672,637

2022 17,906 0.2% 0.2%27,092 0.711,651,901

2021 3,202 0% 0.1%15,576 0.211,633,995

2020 (10,563) -0.1% 0.1%12,458 -11,630,793

YTD 0 0% -0.1%(10,324) -11,641,356

2019 0 0% 0.4%42,633 011,641,356

2018 0 0% -2.1%(249,929) -11,641,356

2017 0 0% -1.1%(127,529) -11,641,356

2016 53,259 0.5% 1.4%168,100 0.311,641,356

2015 4,000 0% 0.1%12,383 0.311,588,097

2014 130,970 1.1% 0.9%103,551 1.311,584,097

2013 0 0% 0.9%105,579 011,453,127

2012 8,164 0.1% 0.2%21,792 0.411,453,127

2011 0 0% -0.4%(41,377) -11,444,963

2010 21,829 0.2% 0.8%94,536 0.211,444,963

2009 6,394 0.1% -0.6%(70,878) -11,423,134

2008 103,754 0.9% -1.0%(108,511) -11,416,740


Page 18


STRIP CENTER SUPPLY & DEMAND



2024 5,099 0.1% 0.2%8,891 0.65,563,592

2023 5,057 0.1% 0.1%7,807 0.65,558,493

2022 4,083 0.1% 0.1%6,351 0.65,553,436

2021 606 0% 0.1%5,093 0.15,549,353

2020 (2,307) 0% -0.1%(5,478) -5,548,747

YTD 0 0% 0%2,757 05,551,054

2019 0 0% -0.1%(2,849) -5,551,054

2018 14,200 0.3% 0.1%4,333 3.35,551,054

2017 35,830 0.7% 0.7%37,567 1.05,536,854

2016 30,000 0.5% 1.6%86,531 0.35,501,024

2015 20,368 0.4% 1.5%80,531 0.35,471,024

2014 7,400 0.1% 2.0%106,448 0.15,450,656

2013 25,304 0.5% 1.3%69,570 0.45,443,256

2012 18,024 0.3% 0.9%50,581 0.45,417,952

2011 41,052 0.8% -0.6%(31,738) -5,399,928

2010 27,777 0.5% -0.2%(8,303) -5,358,876

2009 18,833 0.4% -0.5%(24,168) -5,331,099

2008 133,718 2.6% -1.1%(58,470) -5,312,266

GENERAL RETAIL SUPPLY & DEMAND



2024 48,195 0.2% 0.1%30,083 1.625,125,497

2023 47,634 0.2% 0.1%24,964 1.925,077,302

2022 39,788 0.2% 0.1%12,653 3.125,029,668

2021 8,271 0% 0%(1,312) -24,989,880

2020 (5,332) 0% -0.2%(45,517) -24,981,609

YTD 0 0% 0%3,652 024,986,941

2019 9,837 0% 0.8%188,079 0.124,986,941

2018 (56,959) -0.2% -0.8%(209,758) -24,977,104

2017 314,790 1.3% 1.5%374,314 0.825,034,063

2016 169,317 0.7% 1.5%378,561 0.424,719,273

2015 (297,788) -1.2% 0%8,586 -24,549,956

2014 (143,686) -0.6% -1.0%(257,009) -24,847,744

2013 36,666 0.1% 0.8%193,978 0.224,991,430

2012 5,114 0% -1.0%(244,945) -24,954,764

2011 (5,148) 0% 0.5%117,961 -24,949,650

2010 534 0% -0.1%(17,595) -24,954,798

2009 82,055 0.3% 0%12,239 6.724,954,264

2008 73,290 0.3% -0.9%(218,816) -24,872,209


Page 19


OTHER SUPPLY & DEMAND



2024 604 0.2% 0.1%275 2.2271,186

2023 597 0.2% 0.1%229 2.6270,582

2022 533 0.2% 0%129 4.1269,985

2021 195 0.1% 3.6%9,749 0269,452

2020 85,232 46.3% 27.4%73,791 1.2269,257

YTD 0 0% -- -184,025

2019 12,000 7.0% 6.5%12,000 1.0184,025

2018 0 0% 0%0 -172,025

2017 0 0% 0%0 -172,025

2016 0 0% -0.8%(1,295) -172,025

2015 0 0% -- -172,025

2014 0 0% 0.5%900 0172,025

2013 0 0% -0.7%(1,130) -172,025

2012 0 0% -- -172,025

2011 0 0% 0%(30) -172,025

2010 0 0% 0.3%500 0172,025

2009 0 0% -0.5%(870) -172,025

2008 0 0% -- -172,025


Page 20

Rent & VacancyMid-Cities Retail

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2024 116 0.5% 4.4%$2.25 2,485,280 4.9% 0%

2023 115 0.7% 3.8%$2.24 2,490,922 4.9% 0%

2022 115 0.8% 3.1%$2.23 2,483,538 4.9% 0.1%

2021 114 1.0% 2.3%$2.21 2,451,980 4.9% 0%

2020 113 1.3% 1.3%$2.19 2,448,872 4.9% 0.1%

YTD 111 -0.1% -0.1%$2.16 2,378,621 4.7% 0%

2019 111 1.4% 0%$2.16 2,374,706 4.7% 0%

2018 110 2.1% -1.4%$2.13 2,358,741 4.7% 0.8%

2017 107 3.6% -3.5%$2.08 1,943,391 3.9% -0.4%

2016 103 2.8% -6.9%$2.01 2,136,360 4.3% -0.5%

2015 101 4.3% -9.4%$1.95 2,342,311 4.8% -0.7%

2014 96 4.0% -13.2%$1.87 2,698,735 5.5% 0.1%

2013 93 2.8% -16.5%$1.80 2,609,805 5.3% -0.6%

2012 90 0.8% -18.8%$1.75 2,918,977 6.0% 0.3%

2011 90 -1.2% -19.4%$1.74 2,757,505 5.7% -0.1%

2010 91 -4.0% -18.5%$1.76 2,819,094 5.8% -0.1%

2009 94 -5.7% -15.1%$1.83 2,868,134 5.9% 0.6%

2008 100 -1.8% -10.0%$1.94 2,586,671 5.3% 1.5%

MALLS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 130 0.4% 4.2%$3.25 342,734 6.9% 0%

2023 129 0.6% 3.8%$3.23 341,801 7.0% 0%

2022 128 0.7% 3.2%$3.21 337,057 7.0% 0.3%

2021 128 0.9% 2.4%$3.19 321,079 6.7% 0.3%

2020 126 1.5% 1.5%$3.16 304,460 6.3% 0.4%

YTD 124 -0.1% -0.1%$3.11 286,459 5.9% 0%

2019 125 1.7% 0%$3.11 286,459 5.9% 5.5%

2018 122 2.3% -1.7%$3.06 20,695 0.4% -0.4%

2017 120 4.3% -3.9%$2.99 38,147 0.8% -1.9%

2016 115 4.9% -7.9%$2.87 129,718 2.7% 0.6%

2015 109 6.0% -12.2%$2.74 96,976 2.1% 0.4%

2014 103 5.3% -17.1%$2.58 78,729 1.7% 1.1%

2013 98 4.2% -21.3%$2.45 27,459 0.6% -0.6%

2012 94 2.1% -24.5%$2.35 53,348 1.1% -0.7%

2011 92 -0.8% -26.0%$2.30 83,745 1.8% -1.2%

2010 93 -3.0% -25.4%$2.32 138,327 3.0% 0.5%

2009 96 -4.2% -23.1%$2.39 111,833 2.5% 1.1%

2008 100 -0.2% -19.7%$2.50 62,042 1.4% -0.7%


Page 21


POWER CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 122 0.6% 4.6%$2.79 120,908 3.9% 0.1%

2023 121 0.7% 4.0%$2.77 116,112 3.7% 0.2%

2022 120 0.9% 3.2%$2.75 110,425 3.6% 0.2%

2021 119 1.0% 2.3%$2.73 103,060 3.3% 0.2%

2020 118 1.3% 1.3%$2.70 96,589 3.1% 0.5%

YTD 116 -0.1% -0.1%$2.66 80,021 2.6% 0%

2019 117 1.9% 0%$2.66 80,021 2.6% -1.1%

2018 114 4.0% -1.9%$2.61 112,694 3.6% 0.6%

2017 110 4.3% -5.7%$2.51 93,431 3.0% -5.4%

2016 105 3.5% -9.5%$2.41 261,097 8.5% 4.1%

2015 102 5.3% -12.6%$2.33 120,469 4.4% -0.4%

2014 97 4.0% -17.0%$2.21 120,220 4.9% -0.8%

2013 93 2.4% -20.1%$2.13 123,354 5.7% 1.0%

2012 91 0.1% -22.0%$2.08 100,610 4.6% -0.6%

2011 91 0.2% -22.1%$2.07 112,615 5.2% 0.1%

2010 91 -3.2% -22.3%$2.07 110,710 5.1% -2.6%

2009 94 -6.4% -19.7%$2.14 167,246 7.7% 1.9%

2008 100 -2.5% -14.2%$2.28 126,533 5.9% 5.0%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 113 0.5% 4.5%$2.31 711,053 6.1% -0.1%

2023 112 0.7% 4.0%$2.30 726,877 6.2% -0.1%

2022 111 0.8% 3.3%$2.28 740,168 6.4% -0.1%

2021 111 1.0% 2.5%$2.26 749,964 6.4% -0.1%

2020 109 1.5% 1.5%$2.24 762,659 6.6% -0.2%

YTD 108 -0.1% -0.1%$2.21 795,044 6.8% 0.1%

2019 108 2.0% 0%$2.21 784,720 6.7% -0.4%

2018 106 1.8% -2.0%$2.16 827,353 7.1% 2.1%

2017 104 3.0% -3.7%$2.13 577,424 5.0% 1.1%

2016 101 3.3% -6.5%$2.07 449,895 3.9% -1.0%

2015 98 3.6% -9.4%$2.00 564,736 4.9% -0.1%

2014 94 3.3% -12.6%$1.93 573,119 4.9% 0.2%

2013 91 2.1% -15.4%$1.87 545,700 4.8% -0.9%

2012 89 0.1% -17.1%$1.83 651,279 5.7% -0.1%

2011 89 -1.5% -17.2%$1.83 664,907 5.8% 0.4%

2010 91 -3.7% -15.9%$1.86 623,530 5.4% -0.6%

2009 94 -5.8% -12.7%$1.93 696,237 6.1% 0.7%

2008 100 -1.6% -7.3%$2.05 618,965 5.4% 1.8%


Page 22


STRIP CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 109 0.5% 5.1%$2.15 293,721 5.3% -0.1%

2023 108 0.7% 4.6%$2.14 298,673 5.4% -0.1%

2022 107 0.9% 3.8%$2.13 302,563 5.4% -0.1%

2021 106 1.1% 3.0%$2.11 305,531 5.5% -0.1%

2020 105 1.8% 1.8%$2.08 310,284 5.6% 0.1%

YTD 103 -0.1% -0.1%$2.04 303,472 5.5% 0%

2019 103 2.2% 0%$2.05 306,229 5.5% 0.1%

2018 101 1.7% -2.2%$2.00 303,380 5.5% 0.2%

2017 99 3.3% -3.8%$1.97 293,513 5.3% -0.1%

2016 96 2.5% -6.9%$1.90 295,250 5.4% -1.1%

2015 94 3.5% -9.2%$1.86 351,781 6.4% -1.1%

2014 91 3.0% -12.3%$1.80 411,944 7.6% -1.8%

2013 88 1.4% -14.8%$1.74 510,992 9.4% -0.9%

2012 87 -0.9% -16.0%$1.72 555,258 10.2% -0.6%

2011 87 -1.9% -15.3%$1.73 587,815 10.9% 1.3%

2010 89 -4.8% -13.6%$1.77 515,025 9.6% 0.6%

2009 94 -6.3% -9.2%$1.86 478,945 9.0% 0.8%

2008 100 -2.5% -3.1%$1.98 435,944 8.2% 3.5%

GENERAL RETAIL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 115 0.6% 4.2%$1.99 1,011,487 4.0% 0%

2023 114 0.7% 3.6%$1.98 1,002,396 4.0% 0%

2022 113 0.8% 2.9%$1.97 988,615 3.9% 0.1%

2021 112 0.9% 2.0%$1.95 968,029 3.9% 0%

2020 111 1.1% 1.1%$1.93 961,002 3.8% 0.2%

YTD 110 -0.1% -0.1%$1.91 911,200 3.6% 0%

2019 110 0.8% 0%$1.91 914,852 3.7% -0.7%

2018 109 2.1% -0.8%$1.90 1,092,194 4.4% 0.6%

2017 107 3.7% -2.8%$1.86 938,451 3.7% -0.3%

2016 103 2.0% -6.3%$1.79 997,975 4.0% -0.9%

2015 101 4.2% -8.1%$1.76 1,207,219 4.9% -1.2%

2014 97 4.3% -11.8%$1.69 1,513,593 6.1% 0.5%

2013 93 3.2% -15.5%$1.62 1,400,270 5.6% -0.6%

2012 90 1.2% -18.1%$1.57 1,557,582 6.2% 1.0%

2011 89 -1.1% -19.1%$1.55 1,307,523 5.2% -0.5%

2010 90 -4.3% -18.2%$1.57 1,430,632 5.7% 0.1%

2009 94 -5.7% -14.5%$1.64 1,412,503 5.7% 0.3%

2008 100 -2.0% -9.3%$1.74 1,342,687 5.4% 1.2%


Page 23


OTHER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 110 0.6% 3.0%$1.98 5,377 2.0% 0.1%

2023 109 0.7% 2.4%$1.97 5,063 1.9% 0.1%

2022 109 0.8% 1.7%$1.96 4,710 1.7% 0.1%

2021 108 0.7% 0.9%$1.94 4,317 1.6% -3.6%

2020 107 0.6% 0.2%$1.93 13,878 5.2% 3.8%

YTD 106 0% -0.4%$1.92 2,425 1.3% 0%

2019 106 -0.4% -0.4%$1.92 2,425 1.3% -0.1%

2018 107 2.3% 0%$1.93 2,425 1.4% 0%

2017 104 4.6% -2.2%$1.88 2,425 1.4% 0%

2016 100 0.2% -6.6%$1.80 2,425 1.4% 0.8%

2015 100 4.3% -6.8%$1.80 1,130 0.7% 0%

2014 96 4.5% -10.6%$1.72 1,130 0.7% -0.5%

2013 91 3.2% -14.4%$1.65 2,030 1.2% 0.7%

2012 89 0.9% -17.1%$1.60 900 0.5% 0%

2011 88 -1.7% -17.8%$1.58 900 0.5% 0%

2010 89 -5.1% -16.3%$1.61 870 0.5% -0.3%

2009 94 -5.8% -11.8%$1.70 1,370 0.8% 0.5%

2008 100 -3.1% -6.4%$1.80 500 0.3% 0%


Page 24

Sale TrendsMid-Cities Retail

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2024 -- - -- 174- $342.67 5.7%

2023 -- - -- 173- $340.47 5.7%

2022 -- - -- 171- $337.97 5.6%

2021 -- - -- 171- $337.96 5.5%

2020 -- - -- 168- $331.18 5.5%

YTD -- - -- 161- $316.54 5.6%

2019 $295.8 M256 3.2% $258.26$1,721,192 1616.0% $316.53 5.6%

2018 $660.8 M413 5.7% $283.92$2,581,103 1546.1% $304.61 5.7%

2017 $393.8 M498 6.0% $264.60$1,675,630 1495.4% $294.03 5.7%

2016 $376.3 M377 4.2% $235.89$1,475,496 1455.8% $285.18 5.7%

2015 $432.6 M508 8.5% $209.06$1,581,798 1386.4% $271.84 5.8%

2014 $424.7 M436 8.3% $214.34$1,555,549 1266.7% $247.75 6.1%

2013 $194.0 M266 3.0% $192.92$1,100,526 1096.7% $214.87 6.5%

2012 $130.4 M207 2.4% $175.64$1,164,550 1047.4% $204.32 6.6%

2011 $83.1 M212 3.6% $136.31$894,654 947.6% $184.93 7.0%

2010 $142.8 M128 2.9% $164.32$1,519,353 888.3% $174.19 7.3%

2009 $120.5 M110 1.9% $178.32$1,451,483 867.2% $169.36 7.4%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALES





2024 -- - -- 171- $370.24 5.4%

2023 -- - -- 170- $368.22 5.3%

2022 -- - -- 169- $365.99 5.3%

2021 -- - -- 169- $366.14 5.2%

2020 -- - -- 166- $358.77 5.2%

YTD -- - -- 158- $342.44 5.3%

2019 -- - -- 158- $342.45 5.3%

2018 -- - -- 151- $326.93 5.4%

2017 -- - -- 147- $317.07 5.4%

2016 -- - -- 144- $310.87 5.3%

2015 $56.1 M50 29.8% $210.87$28,073,428 1385.1% $298.27 5.4%

2014 $0 M54 36.7% -- 126- $271.56 5.7%

2013 -- - -- 109- $235.50 6.0%

2012 -- - -- 103- $223.67 6.2%

2011 -- - -- 93- $202.02 6.5%

2010 -- - -- 88- $190.58 6.8%

2009 $0 M1 3.1% -- 86- $185.90 6.9%




Page 25


POWER CENTER SALES





2024 -- - -- 175- $433.76 5.2%

2023 -- - -- 174- $430.88 5.2%

2022 -- - -- 173- $427.89 5.1%

2021 -- - -- 173- $428.24 5.0%

2020 -- - -- 169- $419.76 5.0%

YTD -- - -- 162- $401.04 5.1%

2019 $0 M4 6.2% -- 162- $401.01 5.1%

2018 $312.8 M29 31.6% $319.43$10,785,538 1527.2% $375.91 5.3%

2017 $0 M16 12.2% -- 1455.2% $359.30 5.3%

2016 -- - -- 144- $355.91 5.2%

2015 -- - -- 137- $339.07 5.3%

2014 $88.8 M14 17.8% $202.03$6,342,857 1245.6% $307.39 5.6%

2013 -- - -- 109- $269.45 5.9%

2012 -- - -- 103- $255.99 6.1%

2011 $0 M5 21.2% -- 936.7% $231.03 6.4%

2010 -- - -- 88- $217.34 6.7%

2009 -- - -- 87- $214.96 6.7%



NEIGHBORHOOD CENTER SALES





2024 -- - -- 177- $342.38 5.5%

2023 -- - -- 176- $340.23 5.5%

2022 -- - -- 175- $337.91 5.5%

2021 -- - -- 175- $337.95 5.4%

2020 -- - -- 171- $331.09 5.4%

YTD -- - -- 163- $315.76 5.5%

2019 $72.8 M10 2.7% $235.46$7,284,515 1636.0% $315.74 5.5%

2018 $65.2 M10 2.1% $272.26$6,515,000 1565.5% $300.67 5.6%

2017 $15.3 M16 2.6% $218.79$3,830,000 1485.2% $286.38 5.6%

2016 $68.2 M17 2.4% $287.49$4,874,975 1454.6% $279.37 5.6%

2015 $72.6 M24 2.4% $258.06$3,156,761 1386.2% $265.80 5.7%

2014 $64.7 M18 2.5% $224.57$3,591,770 1255.9% $242.35 6.0%

2013 $57.2 M16 2.6% $244.58$4,088,929 1096.6% $211.45 6.3%

2012 $14.6 M3 0.6% $226.83$4,851,833 1057.6% $202.25 6.5%

2011 $4.5 M19 3.3% $187.50$4,500,000 958.0% $182.80 6.8%

2010 $49.5 M19 3.6% $137.41$2,751,389 899.1% $171.77 7.1%

2009 $32.1 M12 2.0% $170.28$3,564,326 868.1% $166.49 7.2%




Page 26


STRIP CENTER SALES





2024 -- - -- 168- $347.09 5.8%

2023 -- - -- 167- $344.66 5.8%

2022 -- - -- 166- $342.02 5.8%

2021 -- - -- 165- $341.63 5.7%

2020 -- - -- 162- $334.06 5.6%

YTD -- - -- 154- $317.61 5.7%

2019 $14.8 M14 1.4% $277.68$2,117,289 1545.5% $317.59 5.7%

2018 $45.1 M22 3.5% $293.13$2,818,043 1505.9% $309.85 5.8%

2017 $48.1 M40 4.9% $297.99$2,406,071 1465.7% $301.39 5.8%

2016 $63.1 M22 4.1% $301.07$3,005,260 1416.1% $292.21 5.8%

2015 $60.0 M32 4.4% $279.14$2,711,136 1356.7% $279.12 5.8%

2014 $37.2 M18 2.8% $251.73$2,325,342 1246.0% $255.24 6.1%

2013 $31.2 M26 3.6% $195.72$1,474,714 1075.8% $221.01 6.5%

2012 $16.1 M21 3.1% $213.16$1,339,917 1027.8% $210.88 6.7%

2011 $17.2 M14 2.9% $136.50$1,866,057 937.6% $192.29 7.0%

2010 $10.0 M9 1.2% $226.44$1,663,000 885.9% $181.64 7.3%

2009 $18.0 M13 2.8% $131.68$1,634,182 856.6% $176.01 7.4%



GENERAL RETAIL SALES





2024 -- - -- 174- $325.80 5.9%

2023 -- - -- 173- $323.67 5.8%

2022 -- - -- 171- $321.12 5.8%

2021 -- - -- 171- $321.10 5.7%

2020 -- - -- 168- $314.84 5.7%

YTD -- - -- 161- $301.70 5.8%

2019 $208.1 M228 4.2% $265.94$1,341,932 1616.0% $301.68 5.8%

2018 $237.7 M352 5.9% $248.95$1,182,801 1566.0% $292.56 5.8%

2017 $330.3 M426 8.2% $262.86$1,565,553 1525.4% $283.90 5.8%

2016 $244.9 M338 6.4% $213.31$1,113,142 1466.0% $273.08 5.9%

2015 $243.9 M401 8.7% $186.62$1,077,139 1396.6% $260.06 6.0%

2014 $234.0 M332 5.9% $211.56$1,040,033 1267.6% $236.99 6.2%

2013 $105.5 M224 3.9% $172.42$748,075 1097.2% $204.69 6.7%

2012 $99.8 M183 3.7% $165.50$1,028,816 1047.0% $194.00 6.8%

2011 $61.3 M174 3.0% $133.58$744,069 947.5% $175.56 7.2%

2010 $83.3 M100 3.7% $179.31$1,190,232 888.4% $165.40 7.5%

2009 $70.4 M84 1.7% $200.78$1,117,748 867.5% $160.66 7.6%




Page 27


OTHER SALES





2024 -- - -- 172- $305.61 6.0%

2023 -- - -- 171- $304.36 5.9%

2022 -- - -- 170- $302.57 5.9%

2021 -- - -- 170- $301.62 5.8%

2020 -- - -- 167- $296.49 5.8%

YTD -- - -- 161- $285.95 5.9%

2019 -- - -- 161- $285.95 5.9%

2018 -- - -- 157- $277.84 5.9%

2017 -- - -- 147- $261.47 6.1%

2016 -- - -- 142- $252.79 6.1%

2015 $0 M1 73.0% -- 1367.0% $241.94 6.2%

2014 -- - -- 127- $224.84 6.4%

2013 -- - -- 110- $194.99 6.8%

2012 -- - -- 104- $185.22 7.0%

2011 -- - -- 95- $168.64 7.3%

2010 -- - -- 90- $159.17 7.6%

2009 -- - -- 86- $153.51 7.7%




Page 28

mid-cities...backfilling a former kmart space. in june, sky zone trampoline park opened a 27,100-sf...

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