Owners and buyers of anchored and unanchored shopping centers
Recent closings
Johnstown, PA; Valley Stream, NY; Birmingham, AL
Now offered
Lynbrook, NY shopping center
Property types
Power, strip and neighborhood centers, and smaller shopping centers
Overview
Underwriting each tenant.
A shopping center’s value rests on its rent roll: who the tenants are, how long they are committed and what they reimburse.
Unlike a single-tenant net lease property, a shopping center combines leases of different lengths, credit profiles and expense structures. Buyers examine the anchor’s term and options, the stability of the in-line tenants, any co-tenancy or exclusive-use clauses and how common area maintenance, taxes and insurance are recovered.
For sellers, the work is presenting the rent roll and operating history clearly, explaining vacancy and near-term rollover and pricing the property against comparable centers. For buyers, it is separating the income that is secure from the income that depends on leasing.
What’s included
Shopping center services.
Buyers of shopping center retail review every lease. The team prepares that information before the property is marketed.
Lease abstracts
Each lease summarized, with terms, options, increases and the clauses buyers will ask about.
Operating analysis
Income, recoverable expenses and net operating income reconciled from the property’s records.
Trade area review
Traffic, access, nearby retail and the demand that supports the tenants.
Pricing
Valuation against comparable center sales, reflecting both in-place income and leasing risk.
Marketing
Offering materials distributed to private investors, 1031 exchange buyers and the firm’s investor relationships.
Closing coordination
Estoppels, tenant notices, diligence and lender requirements managed through closing.
Process
The shopping center disposition process.
Defined milestones, managed by the same advisors from engagement through closing.
Abstract
Leases, rent roll and operating history reviewed.
Underwrite
Recoveries, rollover and site fundamentals.
Price
Comparable sales and current demand.
Market
Offering memorandum to qualified buyers.
Close
Estoppels, diligence and closing.
Shopping centers sold
Shopping center retail properties sold by the firm on behalf of its clients. View the full track record.
3-Tenant Power CenterJohnstown, PASold
3-Unit Shopping CenterValley Stream, NYSold
Dollar General-Anchored Strip CenterBirmingham, ALSold
How is a shopping center valued differently from a freestanding retail property?
A freestanding retail property is priced largely on one lease and one tenant’s credit. A shopping center is valued on the combined rent roll, the strength and term of the anchor, expense recoveries and the risk of vacancy and rollover across several leases.
What information should an owner have ready before selling?
A current rent roll, copies of all leases and amendments, two to three years of operating statements, CAM reconciliations and recent tax and insurance bills. The team reviews these before recommending a price.
Do vacancies prevent a sale?
No. Vacant space is priced as leasing risk, and some buyers specifically seek centers with lease-up potential. The key is presenting the vacancy clearly and accurately.
Does the firm work on small shopping centers?
Yes. The firm’s shopping center closings include three- and four-unit retail properties as well as anchored centers.
Available
Shopping Centers
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Shopping Centers
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