Mixed emotions writing this week’s market update. In normal times, we’d be in Las Vegas right now, at our annual ICSC RECon convention. While the dinners, meetings and events will need to wait for another day, we are working hard to keep the connections active and the deals flowing!
Last week brought forth additional action on Dollar General units. We have some new products available in a few different states. Send me a private message for additional information. As you probably gather by now, we do a lot of off-market deals. Especially with “essential NNN retail.” With a fast moving market, it works! I did also notice DG came out with some nice Covid-19 safety initiatives, both for their employees and for customers.
Maddie, our team’s Investment Analyst, compiled a nice fitness report of four major brands (Lifetime, Planet Fitness, LA Fitness and Vasa). Click the link below for the data. Our hope is to keep people informed of how brands are reopening, and compare or contrast from each other. I found it very helpful; and we hope you do too.
Office and Medical:
We are pitching a few compelling short/mid term, off-market, large office deals. And, have other clients out seeking longer term deals if you own any or have clients who do. Very credit and market specific, but not a shortage of buyers. PM me with any opportunities that could fit.
June and July Rents:
I’ve been trying to keep a pulse from various landlords to gauge rent collections this spring-summer. Most feedback has been about what one would expect with all parties trying their best to be fair and responsible. It will be interesting to see if there’s a big change after the “PPP forgiveness periods” lapse. Not a ton to report mid-month though.
We will be bringing to market some restaurant assets in the upcoming weeks. It will be interesting to see how the market responds. With states slowly reopening, it will be important to keep a watchful eye on how it’s going.
I’m still a believer that furniture can succeed out of a Covid-19 environment. With folks spending tremendous amounts of time at home; most likely home furnishings have more value to people.
It is important to watch for the brands who are in a solid credit position, as well as those who put in place safe initiatives like increased web platforms, curbside delivery and solid messaging/marketing. In my opinion, our friends/clients at Slumberland Furniture (www.slumberland.com) have done a nice job during these times, I would encourage you to check them out. It will be interesting to see if sales pick up across the board.
Wishing you all a safe, healthy and prosperous week!