Excerpted from Daily Business Review story.
“Properties that service the local community here are going to continue to do well,” Wolfe added.
Franklin Street is banking on just that.
The Tampa-based real estate company is marketing a 16-asset portfolio in Broward and Palm Beach counties. The portfolio is comprised of small Class B and C unanchored strip centers, which combined total about 115,000 square feet of retail space.
The portfolio will most likely trade for about $22 million at a 6 percent cap rate, said Robert Granda, director of investment sales with Franklin Street in Fort Lauderdale. Within three days, well over 100 investors were eyeing the portfolio.
“It just shows that these type of assets are strong, and they fit the economy very well,” he said.
The e-commerce industry is still in its infancy in his opinion. Retailers are still learning how to converge their online shopping segment with brick-and-mortar operations.
“As it pertains to these types of assets e-commerce doesn’t really affect them,” he said. “These are mom-and-pop, small business owners that provide a service to the community.”
The centers are almost all fully occupied by tenants such as dry cleaning businesses, medical offices, cellphone and shoe repair stores, and other service-oriented retailers.
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