Retail Submarket Report Mid-Cities Los Angeles - CA
PREPARED BY
Brendan Broussard Mid-Cities Retail
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
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Overview Mid-Cities Retail
12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 73.9 K 5.3 K 4.7% 1.3%
The Mid-Cities retail submarket is the largest in the L.A. positive, has been anemic. metro, with over 50 million SF of inventory. The Supply additions have been modest over the past submarket covers a wide area with many cities, most of several years, and the current pipeline is dominated by which have middle- or lower-income demographics. one 100,000-SF project in Compton. Recent sales Asking rents are the lowest among the major submarkets volumes are in line with historical norms. Pricing for retail in the metro. assets in the Mid-Cities, while at a discount to most other areas of the metro, is at record levels and Like the metro, vacancies have increased since late demonstrates that investors see properties with the right 2017, as closings have not been enough to offset store characteristics as attractive holds. closures. Rents have moved largely in tandem with the greater market, as well. Recent rent growth, while
KEY INDICATORS
Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Malls 4,825,627 5.9% $3.11 0.4% 0 0 0 Power Center 3,099,098 2.6% $2.66 2.9% 0 0 0 Neighborhood Center 11,641,356 6.8% $2.21 11.7% (10,324) 0 0 Strip Center 5,551,054 5.5% $2.04 6.4% 2,757 0 0 General Retail 24,986,941 3.6% $1.91 4.5% 3,652 0 12,100 Other 184,025 1.3% $1.92 6.7% 0 0 85,359 Submarket 50,288,101 4.7% $2.16 5.9% (3,915) 0 97,459
Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0% 4.9% 4.9% 6.1% 2010 Q2 3.3% 2006 Q3 Net Absorption SF 5.3 K 194,861 63,468 1,061,111 2016 Q2 (496,022) 2009 Q1 Deliveries SF 73.9 K 318,027 144,656 976,827 2016 Q3 28,770 2015 Q3 Rent Growth 1.3% 1.1% 0.9% 5.4% 2007 Q2 -5.7% 2010 Q2 Sales Volume $284 M $285.1M N/A $660.8M 2018 Q4 $80.5M 2011 Q3
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 2 Leasing Mid-Cities Retail
Vacancies in the Mid-Cities have been on an upward former Toys R Us location, and the lease is set to trend for two years and are currently 4.7%, above metro commence in May 2020. averages. In terms of large move-ins, Chuze Fitness took occupancy in early 2019 of 62,100 SF in Cudahy, Absorption in 2019 was weak, as store openings have backfilling a former Kmart space. In June, Sky Zone not been enough to offset closures. Fallas Paredes Trampoline Park opened a 27,100-SF location in closed a location in Compton at the beginning of the Cerritos. year, vacating 30,000 SF. Gold Fortune Supermarket in Cerritos shuttered during the fall, leaving behind a Looking at recent signings and pending move-ins, in 23,200-SF space. Also of note, Kohl’s vacated a portion October 2019, an undisclosed tenant signed for 40,000 of its 88,100-SF store in Cerritos in the summer of 2019, SF at 11340 South St. in Cerritos. The location was a with 20,900 SF currently available for lease.
NET ABSORPTION, NET DELIVERIES & VACANCY
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 3 Leasing Mid-Cities Retail
VACANCY RATE
AVAILABILITY RATE
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 4 Leasing Mid-Cities Retail
4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS
Property Name/Address Rating GLA Deals SF Vacancy (QTD) Net Absorption SF (QTD) 408-530 E Washington Blvd 101,095 2 2,900 2.9% 0
University Square Shopping… 6,394 2 3,516 31.4% 0 501 E Albertoni St 111-131 E Compton Blvd 55,232 1 8,400 0% 0
2321 E Florence Ave 8,620 1 1,332 0% 0
200-208 Towne Center Dr 59,673 1 2,000 0% 0
Pad A 3,400 1 3,400 0% 0 821 W Rosecrans Ave 10727-10833 Long Beach Blvd 75,733 1 3,040 19.8% 0
10901-10923 Atlantic Ave 39,180 1 8,100 0% 0
Downey Marketplace 57,940 1 2,518 0% 0 8610-8626 Firestone Blvd Gateway Plaza 51,331 1 972 0% 0 1540-1700 W Rosecrans Ave 10917-10949 Firestone Blvd 44,165 1 1,630 20.2% 0
Bldg A 26,708 1 1,134 0% 0 11401-11489 South St
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 5 Leasing Mid-Cities Retail
3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS
Property Name/Address Rating GLA Deals SF Vacancy (QTD) Net Absorption SF (QTD) 2120-2186 E Florence Ave 36,804 5 15,699 30.3% 0
Bellflower Plaza 41,060 4 3,600 8.8% 0 17610-17620 Bellflower Blvd Bullis Town Center 9,157 4 2,210 0% 0 1842 N Bullis Rd 17141-17163 Bellflower Blvd 13,315 3 2,616 4.5% 0
Ryans Plaza 55,115 3 5,628 4.7% 0 5443-5835 Bellflower Blvd Downey Center 37,000 3 2,266 3.9% 0 9901-9915 Paramount Blvd Pacific Plaza 15,040 3 3,970 6.8% 0 5610 Pacific Blvd 4701-4721 S Broadway 15,470 3 3,389 9.0% 0
15961-15985 Piuma Ave 26,100 3 7,798 7.0% 0
Seafood City 52,382 3 3,000 0% 0 17202-17298 Norwalk Blvd 9733-9739 Long Beach Blvd 4,797 3 3,200 0% 0
4846 Florence Ave 6,725 2 2,600 0% 0
9418-9430 Firestone Blvd 7,718 2 2,910 18.3% 0
11405 E Firestone Blvd 10,175 2 1,400 0% 0
Bldg. A 10,435 2 2,681 0% 0 11660 South St 655-667 E University Dr 14,830 2 3,455 0% 0
2864 E Florence Ave 5,949 2 4,000 0% 0
4070 S San Pedro St 820 2 820 0% 0
6040-6048 Atlantic Blvd 7,287 2 2,419 0% 0
Maywood Towne Center 20,510 2 3,960 0% 0 4420-4444 Slauson Ave
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 6 Rent Mid-Cities Retail
Current year-over-year gains in the submarket, 1.3%, modest outperformance with repsect to gains, whereas mirror the greater metro’s pace. Like the metro, strip, general retail and power centers are slightly lagging. neighborhood, and mall retail subtypes are seeing
MARKET RENT GROWTH (YOY)
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 7 Rent Mid-Cities Retail
MARKET RENT PER SQUARE FOOT
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 8 Construction Mid-Cities Retail
The Mid-Cities has seen modest supply additions in Compton (130,000 SF in 2016). recent years, with the largest projects completed since Looking forward, there is 97,000 SF underway, the 2014 including the Promenade at Downey (640,000-SF majority of which is in the soon-to-complete Freedom power center completed in 2015 and 2016), the Toyota Plaza. The shopping center is part of the redevelopment Dealership of Downtown Los Angeles (290,000 SF in of the Jordan Downs public housing projects in Watts. 2019), the Azalea Shopping Center in South Gate (230,000-SF power center in in 2014), and a Walmart in
DELIVERIES & DEMOLITIONS
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 9 Construction Mid-Cities Retail
All-Time Annual Avg. SF Delivered SF Past 8 Qtrs Delivered SF Next 8 Qtrs Proposed SF Next 8 Qtrs 304,952 165,010 97,459 565,442
PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN SQUARE FEET
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 10 Construction Mid-Cities Retail
RECENT DELIVERIES
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Multi-Tenant Popeyes De… Southwest Group LLC 1 4,100 1 Jun-2019 Dec-2019 1495 N Wilmington Ave Prominent Realty 9928 Artesia Blvd - 2 3,728 2 Jan-2019 Nov-2019 - 1302 E Slauson Ave - 3 8,000 1 Jun-2018 Oct-2019 - 17404 Bellflower Blvd - 4 3,000 1 Aug-2018 Oct-2019 Jacob P. Sonenshine IN-N-OUT - 5 3,867 - Apr-2019 Oct-2019 2200 W Artesia Blvd - 5707 Pacific Blvd - 6 8,396 2 Nov-2017 Oct-2019 Prajin Enterprises Freedom Plaza - 7 3,000 1 Sep-2018 Aug-2019 9901 S Alameda St Federal Realty Investment Trust Freedom Plaza - 8 9,000 1 Sep-2018 Aug-2019 9901 S Alameda St Federal Realty Investment Trust 12202 Paramount Blvd - 9 5,774 1 Jun-2017 Apr-2019 Robert Amin 8028 3rd St - 10 1,900 1 Jul-2018 Apr-2019 Dr. Musa O Bahia 9751 Artesia Blvd - 11 3,867 1 Dec-2018 Apr-2019 - 1824-1830 E Slauson Ave - 12 11,000 1 Apr-2018 Mar-2019 - Compton Square - 13 9,640 1 Oct-2018 Feb-2019 2232-2240 S Central Ave Red Mountain Retail Group, Inc. 9908 Artesia Blvd - 14 9,555 2 Jun-2018 Oct-2018 Andrew Kalman Pad A - 15 3,400 1 Feb-2017 Sep-2018 821 W Rosecrans Ave Cyrus Hosiery Inc Smart & Final - 16 28,000 1 Mar-2018 Sep-2018 3111 E Florence Ave - Bldg A - 17 6,200 1 Mar-2018 Aug-2018 15750 Paramount Blvd - Azalea - 18 3,000 1 Mar-2018 Jul-2018 8655 Atlantic Ave Primestor Development, Inc. New Corner Retail Building - 19 8,328 1 Jan-2017 Jul-2018 5971 S Main St - 7 Eleven - 20 3,750 1 Jan-2017 Jul-2018 10840 Garfield Ave Jones Real Estate
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 11 Construction Mid-Cities Retail
UNDER CONSTRUCTION
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Freedom Plaza Primestor Development, Inc. 1 77,859 1 Jun-2017 Feb-2020 9901 S Alameda St Federal Realty Investment Trust Building A - 2 12,100 1 Feb-2019 May-2020 9102-9112 Firestone Blvd Amusement Industry, Inc. Freedom Plaza - 3 7,500 1 Sep-2018 Mar-2020 9901 S Alameda St Federal Realty Investment Trust
PROPOSED
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Building 5 - 1 54,000 2 Jun-2020 Nov-2020 Del Amo Blvd L A County Capital Asset Leasing… 10901 Imperial Hwy - 2 45,000 - Jan-2021 Jan-2022 - 4810-4814 Firestone Blvd - 3 44,179 2 Mar-2020 Sep-2020 - Building 7 - 4 40,000 2 Jun-2020 Nov-2020 Del Amo Blvd L A County Capital Asset Leasing… Building 10 - 5 36,000 2 Jun-2020 Nov-2020 Del Amo Blvd L A County Capital Asset Leasing… Building 8 - 6 26,000 2 Jun-2020 Nov-2020 Del Amo Blvd L A County Capital Asset Leasing… 3125 Firestone Blvd - 7 24,180 2 Apr-2020 Oct-2020 - NEC Slauson Ave & Boyl… - 8 22,000 1 Jul-2020 Jan-2021 - 6151 Atlantic Ave - 9 19,900 1 Jun-2020 Dec-2020 - 403 S Santa Fe Ave Urban Real Estate Services, Inc. 10 18,400 - Feb-2020 Dec-2020 - Market - 11 18,000 1 Dec-2020 Dec-2021 E University Dr The Carson Companies Building 6 - 12 17,000 1 Jun-2020 Nov-2020 Del Amo Blvd L A County Capital Asset Leasing… Belle Fleur Centre - 13 17,000 1 Aug-2020 Aug-2021 NWC Bellflower Blvd and C - SWC Atlantic & Gage - 14 15,075 1 Jan-2020 Jan-2021 4472 Gage Ave Redevelopment Agency Of 7201 Firestone Blvd - 15 15,000 1 Jan-2020 Oct-2020 - Building 11 - 16 15,000 2 Jun-2020 Nov-2020 Del Amo Blvd L A County Capital Asset Leasing… 8350 Firestone Blvd - 17 15,000 1 Jun-2020 Jul-2021 -
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 12 Construction Mid-Cities Retail
PROPOSED
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 5872 S Central Ave - 18 11,000 1 Jul-2020 Feb-2021 - 8818 Imperial Hwy North American Realty Services… 19 10,200 1 Jan-2020 Oct-2020 - Building B - 20 10,000 1 Feb-2020 Aug-2020 815 W Rosecrans Ave Cyrus Hosiery Inc
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 13 Sales Mid-Cities Retail
Pricing in the mid-cities is typically at a modest discount rate. The 53,300-SF center was 100% leased at the to metro averages, with an average modeled pricing and time of sale and is anchored by grocer ALDI as well as cap rates of $320/SF and 5.6%, respectively. Annualized AT&T, Bank of America, and Panera Bread. sales volumes, $290 million, are in line with historical averages. More recently, in early October, a 24,000-SF portion of the South Gate Town Center in South Gate sold to a In February, L.A.-based SAFCO Capital Corporation local investor as part of a 1031 exchange. The property, purchased from national developer Catellus The at 5831 Firestone Blvd., sold for $9.1 million ($379/SF) at Crossroads @ Firestone neighborhood center in South a 5.95% cap rate. The property was 90% leased at the Gate for $29.5 million ($554/SF) at a 5.95% in-place cap time of sale with Dollar Tree as the anchor tenant.
SALES VOLUME & MARKET SALE PRICE PER SF
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 14 Sales Past 12 Months Mid-Cities Retail
Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 248 6.1% $252 2.5%
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
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 15 Sales Past 12 Months Mid-Cities Retail
RECENT SIGNIFICANT SALES
Property Sale
Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate Plaza De La Fiesta Phas… 1 - 1985 48,685 2.9% 11/25/2019 $18,600,000 $382 6.1% 7126-7132 Pacific Blvd Sunbelt Rentals 2 - 1988 50,276 0% 7/22/2019 $18,600,000 $370 - 12624 Rosecrans Ave Market & Shops B 3 - 2016 25,500 0% 2/22/2019 $10,791,893 $423 6.0% 5820-5830 Firestone Blvd 5831 Firestone Blvd 4 - 1987 24,000 8.7% 10/2/2019 $9,100,000 $379 6.0%
The Crossroads At Fires… 5 - 2016 11,964 0% 2/22/2019 $8,668,938 $725 6.0% 5840 Firestone Blvd CVS 6 - 1983 22,880 0% 5/3/2019 $7,817,145 $342 5.5% 220 E Compton Blvd Santa Fe Plaza 7 - 2006 14,949 0% 9/4/2019 $6,850,000 $458 6.5% 2501-2575 S Santa Fe Ave Comerica Bank 8 - 1974 4,016 0% 5/9/2019 $6,500,000 $1,619 5.0% 11355 South St The Crossroads At Fires… 9 - 2016 5,340 0% 2/22/2019 $5,532,069 $1,036 6.0% 5802 Firestone Blvd 6801 Atlantic Ave 10 - 1948 33,222 0% 1/18/2019 $5,178,000 $156 -
Chapel of Memories 11 - 1955 9,991 0% 6/11/2019 $4,900,000 $490 6.3% 12626 Woods Ave 2619-2629 Saturn Ave 12 - 1946 17,372 0% 8/21/2019 $4,300,000 $248 -
10729-10741 South St 13 - 1969 18,096 35.3% 6/27/2019 $4,278,000 $236 7.0%
Rite Aid 14 - 1968 23,771 0% 8/1/2019 $3,970,000 $167 - 6360 Pacific Blvd 6351-6353 Pacific Blvd 15 - 1935 16,000 0% 5/14/2019 $3,926,000 $245 6.4%
Target 16 - 2000 142,449 0% 12/13/2019 $3,550,000 $25 - 11525 South St 8124-8140 Firestone Blvd 17 - 1949 17,945 0% 8/19/2019 $3,205,500 $179 -
6601 Alondra Blvd 18 - 2001 3,128 0% 8/27/2019 $3,200,000 $1,023 -
8445 Somerset Blvd 19 - 1987 3,031 0% 11/7/2019 $3,150,000 $1,039 -
2618 Saturn Ave 20 - 1947 12,214 0% 8/21/2019 $3,026,000 $248 -
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 16 Supply & Demand Trends Mid-Cities Retail
OVERALL SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 50,712,070 131,787 0.3% 126,022 0.2% 1.0 2023 50,580,283 130,298 0.3% 111,736 0.2% 1.2 2022 50,449,985 110,872 0.2% 71,266 0.1% 1.6 2021 50,339,113 18,647 0% 12,251 0% 1.5 2020 50,320,466 32,365 0.1% (33,444) -0.1% - YTD 50,288,101 0 0% (3,915) 0% - 2019 50,288,101 21,837 0% 6,772 0% 3.2 2018 50,266,264 (30,415) -0.1% (444,821) -0.9% - 2017 50,296,679 356,620 0.7% 549,589 1.1% 0.6 2016 49,940,059 732,575 1.5% 938,526 1.9% 0.8 2015 49,207,484 (12,902) 0% 343,522 0.7% - 2014 49,220,386 299,116 0.6% 210,186 0.4% 1.4 2013 48,921,270 61,970 0.1% 371,142 0.8% 0.2 2012 48,859,300 79,802 0.2% (81,670) -0.2% - 2011 48,779,498 42,404 0.1% 103,993 0.2% 0.4 2010 48,737,094 195,515 0.4% 244,555 0.5% 0.8 2009 48,541,579 113,332 0.2% (168,131) -0.3% - 2008 48,428,247 711,621 1.5% (65,051) -0.1% -
MALLS SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 4,933,453 46,986 1.0% 45,898 0.9% 1.0 2023 4,886,467 46,444 1.0% 41,544 0.9% 1.1 2022 4,840,023 40,015 0.8% 23,933 0.5% 1.7 2021 4,800,008 4,469 0.1% (12,223) -0.3% - 2020 4,795,539 (30,088) -0.6% (47,742) -1.0% - YTD 4,825,627 0 0% - - - 2019 4,825,627 0 0% (265,764) -5.5% - 2018 4,825,627 3,470 0.1% 20,922 0.4% 0.2 2017 4,822,157 0 0% 91,571 1.9% 0 2016 4,822,157 128,000 2.7% 95,258 2.0% 1.3 2015 4,694,157 4,000 0.1% (14,247) -0.3% - 2014 4,690,157 0 0% (51,270) -1.1% - 2013 4,690,157 0 0% 25,889 0.6% 0 2012 4,690,157 48,500 1.0% 78,897 1.7% 0.6 2011 4,641,657 6,500 0.1% 61,082 1.3% 0.1 2010 4,635,157 139,075 3.1% 112,581 2.4% 1.2 2009 4,496,082 0 0% (49,791) -1.1% - 2008 4,496,082 4,964 0.1% 36,829 0.8% 0.1
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 17 Supply & Demand Trends Mid-Cities Retail
POWER CENTER SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 3,124,730 9,928 0.3% 4,993 0.2% 2.0 2023 3,114,802 9,830 0.3% 3,995 0.1% 2.5 2022 3,104,972 8,547 0.3% 1,108 0% 7.7 2021 3,096,425 1,904 0.1% (4,632) -0.1% - 2020 3,094,521 (4,577) -0.1% (20,956) -0.7% - YTD 3,099,098 0 0% - - - 2019 3,099,098 0 0% 32,673 1.1% 0 2018 3,099,098 8,874 0.3% (10,389) -0.3% - 2017 3,090,224 6,000 0.2% 173,666 5.6% 0 2016 3,084,224 351,999 12.9% 211,371 6.9% 1.7 2015 2,732,225 256,518 10.4% 256,269 9.4% 1.0 2014 2,475,707 304,432 14.0% 307,566 12.4% 1.0 2013 2,171,275 0 0% (22,744) -1.0% - 2012 2,171,275 0 0% 12,005 0.6% 0 2011 2,171,275 0 0% (1,905) -0.1% - 2010 2,171,275 6,300 0.3% 62,836 2.9% 0.1 2009 2,164,975 6,050 0.3% (34,663) -1.6% - 2008 2,158,925 395,895 22.5% 283,917 13.2% 1.4
NEIGHBORHOOD CENTER SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 11,693,612 20,975 0.2% 35,882 0.3% 0.6 2023 11,672,637 20,736 0.2% 33,197 0.3% 0.6 2022 11,651,901 17,906 0.2% 27,092 0.2% 0.7 2021 11,633,995 3,202 0% 15,576 0.1% 0.2 2020 11,630,793 (10,563) -0.1% 12,458 0.1% - YTD 11,641,356 0 0% (10,324) -0.1% - 2019 11,641,356 0 0% 42,633 0.4% 0 2018 11,641,356 0 0% (249,929) -2.1% - 2017 11,641,356 0 0% (127,529) -1.1% - 2016 11,641,356 53,259 0.5% 168,100 1.4% 0.3 2015 11,588,097 4,000 0% 12,383 0.1% 0.3 2014 11,584,097 130,970 1.1% 103,551 0.9% 1.3 2013 11,453,127 0 0% 105,579 0.9% 0 2012 11,453,127 8,164 0.1% 21,792 0.2% 0.4 2011 11,444,963 0 0% (41,377) -0.4% - 2010 11,444,963 21,829 0.2% 94,536 0.8% 0.2 2009 11,423,134 6,394 0.1% (70,878) -0.6% - 2008 11,416,740 103,754 0.9% (108,511) -1.0% -
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 18 Supply & Demand Trends Mid-Cities Retail
STRIP CENTER SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 5,563,592 5,099 0.1% 8,891 0.2% 0.6 2023 5,558,493 5,057 0.1% 7,807 0.1% 0.6 2022 5,553,436 4,083 0.1% 6,351 0.1% 0.6 2021 5,549,353 606 0% 5,093 0.1% 0.1 2020 5,548,747 (2,307) 0% (5,478) -0.1% - YTD 5,551,054 0 0% 2,757 0% 0 2019 5,551,054 0 0% (2,849) -0.1% - 2018 5,551,054 14,200 0.3% 4,333 0.1% 3.3 2017 5,536,854 35,830 0.7% 37,567 0.7% 1.0 2016 5,501,024 30,000 0.5% 86,531 1.6% 0.3 2015 5,471,024 20,368 0.4% 80,531 1.5% 0.3 2014 5,450,656 7,400 0.1% 106,448 2.0% 0.1 2013 5,443,256 25,304 0.5% 69,570 1.3% 0.4 2012 5,417,952 18,024 0.3% 50,581 0.9% 0.4 2011 5,399,928 41,052 0.8% (31,738) -0.6% - 2010 5,358,876 27,777 0.5% (8,303) -0.2% - 2009 5,331,099 18,833 0.4% (24,168) -0.5% - 2008 5,312,266 133,718 2.6% (58,470) -1.1% -
GENERAL RETAIL SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 25,125,497 48,195 0.2% 30,083 0.1% 1.6 2023 25,077,302 47,634 0.2% 24,964 0.1% 1.9 2022 25,029,668 39,788 0.2% 12,653 0.1% 3.1 2021 24,989,880 8,271 0% (1,312) 0% - 2020 24,981,609 (5,332) 0% (45,517) -0.2% - YTD 24,986,941 0 0% 3,652 0% 0 2019 24,986,941 9,837 0% 188,079 0.8% 0.1 2018 24,977,104 (56,959) -0.2% (209,758) -0.8% - 2017 25,034,063 314,790 1.3% 374,314 1.5% 0.8 2016 24,719,273 169,317 0.7% 378,561 1.5% 0.4 2015 24,549,956 (297,788) -1.2% 8,586 0% - 2014 24,847,744 (143,686) -0.6% (257,009) -1.0% - 2013 24,991,430 36,666 0.1% 193,978 0.8% 0.2 2012 24,954,764 5,114 0% (244,945) -1.0% - 2011 24,949,650 (5,148) 0% 117,961 0.5% - 2010 24,954,798 534 0% (17,595) -0.1% - 2009 24,954,264 82,055 0.3% 12,239 0% 6.7 2008 24,872,209 73,290 0.3% (218,816) -0.9% -
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 19 Supply & Demand Trends Mid-Cities Retail
OTHER SUPPLY & DEMAND
Inventory Net Absorption
Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 271,186 604 0.2% 275 0.1% 2.2 2023 270,582 597 0.2% 229 0.1% 2.6 2022 269,985 533 0.2% 129 0% 4.1 2021 269,452 195 0.1% 9,749 3.6% 0 2020 269,257 85,232 46.3% 73,791 27.4% 1.2 YTD 184,025 0 0% - - - 2019 184,025 12,000 7.0% 12,000 6.5% 1.0 2018 172,025 0 0% 0 0% - 2017 172,025 0 0% 0 0% - 2016 172,025 0 0% (1,295) -0.8% - 2015 172,025 0 0% - - - 2014 172,025 0 0% 900 0.5% 0 2013 172,025 0 0% (1,130) -0.7% - 2012 172,025 0 0% - - - 2011 172,025 0 0% (30) 0% - 2010 172,025 0 0% 500 0.3% 0 2009 172,025 0 0% (870) -0.5% - 2008 172,025 0 0% - - -
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 20 Rent & Vacancy Mid-Cities Retail
OVERALL RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $2.25 116 0.5% 4.4% 2,485,280 4.9% 0% 2023 $2.24 115 0.7% 3.8% 2,490,922 4.9% 0% 2022 $2.23 115 0.8% 3.1% 2,483,538 4.9% 0.1% 2021 $2.21 114 1.0% 2.3% 2,451,980 4.9% 0% 2020 $2.19 113 1.3% 1.3% 2,448,872 4.9% 0.1% YTD $2.16 111 -0.1% -0.1% 2,378,621 4.7% 0% 2019 $2.16 111 1.4% 0% 2,374,706 4.7% 0% 2018 $2.13 110 2.1% -1.4% 2,358,741 4.7% 0.8% 2017 $2.08 107 3.6% -3.5% 1,943,391 3.9% -0.4% 2016 $2.01 103 2.8% -6.9% 2,136,360 4.3% -0.5% 2015 $1.95 101 4.3% -9.4% 2,342,311 4.8% -0.7% 2014 $1.87 96 4.0% -13.2% 2,698,735 5.5% 0.1% 2013 $1.80 93 2.8% -16.5% 2,609,805 5.3% -0.6% 2012 $1.75 90 0.8% -18.8% 2,918,977 6.0% 0.3% 2011 $1.74 90 -1.2% -19.4% 2,757,505 5.7% -0.1% 2010 $1.76 91 -4.0% -18.5% 2,819,094 5.8% -0.1% 2009 $1.83 94 -5.7% -15.1% 2,868,134 5.9% 0.6% 2008 $1.94 100 -1.8% -10.0% 2,586,671 5.3% 1.5%
MALLS RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $3.25 130 0.4% 4.2% 342,734 6.9% 0% 2023 $3.23 129 0.6% 3.8% 341,801 7.0% 0% 2022 $3.21 128 0.7% 3.2% 337,057 7.0% 0.3% 2021 $3.19 128 0.9% 2.4% 321,079 6.7% 0.3% 2020 $3.16 126 1.5% 1.5% 304,460 6.3% 0.4% YTD $3.11 124 -0.1% -0.1% 286,459 5.9% 0% 2019 $3.11 125 1.7% 0% 286,459 5.9% 5.5% 2018 $3.06 122 2.3% -1.7% 20,695 0.4% -0.4% 2017 $2.99 120 4.3% -3.9% 38,147 0.8% -1.9% 2016 $2.87 115 4.9% -7.9% 129,718 2.7% 0.6% 2015 $2.74 109 6.0% -12.2% 96,976 2.1% 0.4% 2014 $2.58 103 5.3% -17.1% 78,729 1.7% 1.1% 2013 $2.45 98 4.2% -21.3% 27,459 0.6% -0.6% 2012 $2.35 94 2.1% -24.5% 53,348 1.1% -0.7% 2011 $2.30 92 -0.8% -26.0% 83,745 1.8% -1.2% 2010 $2.32 93 -3.0% -25.4% 138,327 3.0% 0.5% 2009 $2.39 96 -4.2% -23.1% 111,833 2.5% 1.1% 2008 $2.50 100 -0.2% -19.7% 62,042 1.4% -0.7%
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 21 Rent & Vacancy Mid-Cities Retail
POWER CENTER RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $2.79 122 0.6% 4.6% 120,908 3.9% 0.1% 2023 $2.77 121 0.7% 4.0% 116,112 3.7% 0.2% 2022 $2.75 120 0.9% 3.2% 110,425 3.6% 0.2% 2021 $2.73 119 1.0% 2.3% 103,060 3.3% 0.2% 2020 $2.70 118 1.3% 1.3% 96,589 3.1% 0.5% YTD $2.66 116 -0.1% -0.1% 80,021 2.6% 0% 2019 $2.66 117 1.9% 0% 80,021 2.6% -1.1% 2018 $2.61 114 4.0% -1.9% 112,694 3.6% 0.6% 2017 $2.51 110 4.3% -5.7% 93,431 3.0% -5.4% 2016 $2.41 105 3.5% -9.5% 261,097 8.5% 4.1% 2015 $2.33 102 5.3% -12.6% 120,469 4.4% -0.4% 2014 $2.21 97 4.0% -17.0% 120,220 4.9% -0.8% 2013 $2.13 93 2.4% -20.1% 123,354 5.7% 1.0% 2012 $2.08 91 0.1% -22.0% 100,610 4.6% -0.6% 2011 $2.07 91 0.2% -22.1% 112,615 5.2% 0.1% 2010 $2.07 91 -3.2% -22.3% 110,710 5.1% -2.6% 2009 $2.14 94 -6.4% -19.7% 167,246 7.7% 1.9% 2008 $2.28 100 -2.5% -14.2% 126,533 5.9% 5.0%
NEIGHBORHOOD CENTER RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $2.31 113 0.5% 4.5% 711,053 6.1% -0.1% 2023 $2.30 112 0.7% 4.0% 726,877 6.2% -0.1% 2022 $2.28 111 0.8% 3.3% 740,168 6.4% -0.1% 2021 $2.26 111 1.0% 2.5% 749,964 6.4% -0.1% 2020 $2.24 109 1.5% 1.5% 762,659 6.6% -0.2% YTD $2.21 108 -0.1% -0.1% 795,044 6.8% 0.1% 2019 $2.21 108 2.0% 0% 784,720 6.7% -0.4% 2018 $2.16 106 1.8% -2.0% 827,353 7.1% 2.1% 2017 $2.13 104 3.0% -3.7% 577,424 5.0% 1.1% 2016 $2.07 101 3.3% -6.5% 449,895 3.9% -1.0% 2015 $2.00 98 3.6% -9.4% 564,736 4.9% -0.1% 2014 $1.93 94 3.3% -12.6% 573,119 4.9% 0.2% 2013 $1.87 91 2.1% -15.4% 545,700 4.8% -0.9% 2012 $1.83 89 0.1% -17.1% 651,279 5.7% -0.1% 2011 $1.83 89 -1.5% -17.2% 664,907 5.8% 0.4% 2010 $1.86 91 -3.7% -15.9% 623,530 5.4% -0.6% 2009 $1.93 94 -5.8% -12.7% 696,237 6.1% 0.7% 2008 $2.05 100 -1.6% -7.3% 618,965 5.4% 1.8%
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 22 Rent & Vacancy Mid-Cities Retail
STRIP CENTER RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $2.15 109 0.5% 5.1% 293,721 5.3% -0.1% 2023 $2.14 108 0.7% 4.6% 298,673 5.4% -0.1% 2022 $2.13 107 0.9% 3.8% 302,563 5.4% -0.1% 2021 $2.11 106 1.1% 3.0% 305,531 5.5% -0.1% 2020 $2.08 105 1.8% 1.8% 310,284 5.6% 0.1% YTD $2.04 103 -0.1% -0.1% 303,472 5.5% 0% 2019 $2.05 103 2.2% 0% 306,229 5.5% 0.1% 2018 $2.00 101 1.7% -2.2% 303,380 5.5% 0.2% 2017 $1.97 99 3.3% -3.8% 293,513 5.3% -0.1% 2016 $1.90 96 2.5% -6.9% 295,250 5.4% -1.1% 2015 $1.86 94 3.5% -9.2% 351,781 6.4% -1.1% 2014 $1.80 91 3.0% -12.3% 411,944 7.6% -1.8% 2013 $1.74 88 1.4% -14.8% 510,992 9.4% -0.9% 2012 $1.72 87 -0.9% -16.0% 555,258 10.2% -0.6% 2011 $1.73 87 -1.9% -15.3% 587,815 10.9% 1.3% 2010 $1.77 89 -4.8% -13.6% 515,025 9.6% 0.6% 2009 $1.86 94 -6.3% -9.2% 478,945 9.0% 0.8% 2008 $1.98 100 -2.5% -3.1% 435,944 8.2% 3.5%
GENERAL RETAIL RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $1.99 115 0.6% 4.2% 1,011,487 4.0% 0% 2023 $1.98 114 0.7% 3.6% 1,002,396 4.0% 0% 2022 $1.97 113 0.8% 2.9% 988,615 3.9% 0.1% 2021 $1.95 112 0.9% 2.0% 968,029 3.9% 0% 2020 $1.93 111 1.1% 1.1% 961,002 3.8% 0.2% YTD $1.91 110 -0.1% -0.1% 911,200 3.6% 0% 2019 $1.91 110 0.8% 0% 914,852 3.7% -0.7% 2018 $1.90 109 2.1% -0.8% 1,092,194 4.4% 0.6% 2017 $1.86 107 3.7% -2.8% 938,451 3.7% -0.3% 2016 $1.79 103 2.0% -6.3% 997,975 4.0% -0.9% 2015 $1.76 101 4.2% -8.1% 1,207,219 4.9% -1.2% 2014 $1.69 97 4.3% -11.8% 1,513,593 6.1% 0.5% 2013 $1.62 93 3.2% -15.5% 1,400,270 5.6% -0.6% 2012 $1.57 90 1.2% -18.1% 1,557,582 6.2% 1.0% 2011 $1.55 89 -1.1% -19.1% 1,307,523 5.2% -0.5% 2010 $1.57 90 -4.3% -18.2% 1,430,632 5.7% 0.1% 2009 $1.64 94 -5.7% -14.5% 1,412,503 5.7% 0.3% 2008 $1.74 100 -2.0% -9.3% 1,342,687 5.4% 1.2%
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 23 Rent & Vacancy Mid-Cities Retail
OTHER RENT & VACANCY
Market Rent Vacancy
Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $1.98 110 0.6% 3.0% 5,377 2.0% 0.1% 2023 $1.97 109 0.7% 2.4% 5,063 1.9% 0.1% 2022 $1.96 109 0.8% 1.7% 4,710 1.7% 0.1% 2021 $1.94 108 0.7% 0.9% 4,317 1.6% -3.6% 2020 $1.93 107 0.6% 0.2% 13,878 5.2% 3.8% YTD $1.92 106 0% -0.4% 2,425 1.3% 0% 2019 $1.92 106 -0.4% -0.4% 2,425 1.3% -0.1% 2018 $1.93 107 2.3% 0% 2,425 1.4% 0% 2017 $1.88 104 4.6% -2.2% 2,425 1.4% 0% 2016 $1.80 100 0.2% -6.6% 2,425 1.4% 0.8% 2015 $1.80 100 4.3% -6.8% 1,130 0.7% 0% 2014 $1.72 96 4.5% -10.6% 1,130 0.7% -0.5% 2013 $1.65 91 3.2% -14.4% 2,030 1.2% 0.7% 2012 $1.60 89 0.9% -17.1% 900 0.5% 0% 2011 $1.58 88 -1.7% -17.8% 900 0.5% 0% 2010 $1.61 89 -5.1% -16.3% 870 0.5% -0.3% 2009 $1.70 94 -5.8% -11.8% 1,370 0.8% 0.5% 2008 $1.80 100 -3.1% -6.4% 500 0.3% 0%
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 24 Sale Trends Mid-Cities Retail
OVERALL SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$342.67 174 5.7% 2023 ------$340.47 173 5.7% 2022 ------$337.97 171 5.6% 2021 ------$337.96 171 5.5% 2020 ------$331.18 168 5.5% YTD ------$316.54 161 5.6% 2019 256 $295.8 M 3.2% $1,721,192 $258.26 6.0% $316.53 161 5.6% 2018 413 $660.8 M 5.7% $2,581,103 $283.92 6.1% $304.61 154 5.7% 2017 498 $393.8 M 6.0% $1,675,630 $264.60 5.4% $294.03 149 5.7% 2016 377 $376.3 M 4.2% $1,475,496 $235.89 5.8% $285.18 145 5.7% 2015 508 $432.6 M 8.5% $1,581,798 $209.06 6.4% $271.84 138 5.8% 2014 436 $424.7 M 8.3% $1,555,549 $214.34 6.7% $247.75 126 6.1% 2013 266 $194.0 M 3.0% $1,100,526 $192.92 6.7% $214.87 109 6.5% 2012 207 $130.4 M 2.4% $1,164,550 $175.64 7.4% $204.32 104 6.6% 2011 212 $83.1 M 3.6% $894,654 $136.31 7.6% $184.93 94 7.0% 2010 128 $142.8 M 2.9% $1,519,353 $164.32 8.3% $174.19 88 7.3% 2009 110 $120.5 M 1.9% $1,451,483 $178.32 7.2% $169.36 86 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
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$370.24 171 5.4% 2023 ------$368.22 170 5.3% 2022 ------$365.99 169 5.3% 2021 ------$366.14 169 5.2% 2020 ------$358.77 166 5.2% YTD ------$342.44 158 5.3% 2019 ------$342.45 158 5.3% 2018 ------$326.93 151 5.4% 2017 ------$317.07 147 5.4% 2016 ------$310.87 144 5.3% 2015 50 $56.1 M 29.8% $28,073,428 $210.87 5.1% $298.27 138 5.4% 2014 54 $0 M 36.7% - - - $271.56 126 5.7% 2013 ------$235.50 109 6.0% 2012 ------$223.67 103 6.2% 2011 ------$202.02 93 6.5% 2010 ------$190.58 88 6.8% 2009 1 $0 M 3.1% - - - $185.90 86 6.9% (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.
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 25 Sale Trends Mid-Cities Retail
POWER CENTER SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$433.76 175 5.2% 2023 ------$430.88 174 5.2% 2022 ------$427.89 173 5.1% 2021 ------$428.24 173 5.0% 2020 ------$419.76 169 5.0% YTD ------$401.04 162 5.1% 2019 4 $0 M 6.2% - - - $401.01 162 5.1% 2018 29 $312.8 M 31.6% $10,785,538 $319.43 7.2% $375.91 152 5.3% 2017 16 $0 M 12.2% - - 5.2% $359.30 145 5.3% 2016 ------$355.91 144 5.2% 2015 ------$339.07 137 5.3% 2014 14 $88.8 M 17.8% $6,342,857 $202.03 5.6% $307.39 124 5.6% 2013 ------$269.45 109 5.9% 2012 ------$255.99 103 6.1% 2011 5 $0 M 21.2% - - 6.7% $231.03 93 6.4% 2010 ------$217.34 88 6.7% 2009 ------$214.96 87 6.7% (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.
NEIGHBORHOOD CENTER SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$342.38 177 5.5% 2023 ------$340.23 176 5.5% 2022 ------$337.91 175 5.5% 2021 ------$337.95 175 5.4% 2020 ------$331.09 171 5.4% YTD ------$315.76 163 5.5% 2019 10 $72.8 M 2.7% $7,284,515 $235.46 6.0% $315.74 163 5.5% 2018 10 $65.2 M 2.1% $6,515,000 $272.26 5.5% $300.67 156 5.6% 2017 16 $15.3 M 2.6% $3,830,000 $218.79 5.2% $286.38 148 5.6% 2016 17 $68.2 M 2.4% $4,874,975 $287.49 4.6% $279.37 145 5.6% 2015 24 $72.6 M 2.4% $3,156,761 $258.06 6.2% $265.80 138 5.7% 2014 18 $64.7 M 2.5% $3,591,770 $224.57 5.9% $242.35 125 6.0% 2013 16 $57.2 M 2.6% $4,088,929 $244.58 6.6% $211.45 109 6.3% 2012 3 $14.6 M 0.6% $4,851,833 $226.83 7.6% $202.25 105 6.5% 2011 19 $4.5 M 3.3% $4,500,000 $187.50 8.0% $182.80 95 6.8% 2010 19 $49.5 M 3.6% $2,751,389 $137.41 9.1% $171.77 89 7.1% 2009 12 $32.1 M 2.0% $3,564,326 $170.28 8.1% $166.49 86 7.2% (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.
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 26 Sale Trends Mid-Cities Retail
STRIP CENTER SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$347.09 168 5.8% 2023 ------$344.66 167 5.8% 2022 ------$342.02 166 5.8% 2021 ------$341.63 165 5.7% 2020 ------$334.06 162 5.6% YTD ------$317.61 154 5.7% 2019 14 $14.8 M 1.4% $2,117,289 $277.68 5.5% $317.59 154 5.7% 2018 22 $45.1 M 3.5% $2,818,043 $293.13 5.9% $309.85 150 5.8% 2017 40 $48.1 M 4.9% $2,406,071 $297.99 5.7% $301.39 146 5.8% 2016 22 $63.1 M 4.1% $3,005,260 $301.07 6.1% $292.21 141 5.8% 2015 32 $60.0 M 4.4% $2,711,136 $279.14 6.7% $279.12 135 5.8% 2014 18 $37.2 M 2.8% $2,325,342 $251.73 6.0% $255.24 124 6.1% 2013 26 $31.2 M 3.6% $1,474,714 $195.72 5.8% $221.01 107 6.5% 2012 21 $16.1 M 3.1% $1,339,917 $213.16 7.8% $210.88 102 6.7% 2011 14 $17.2 M 2.9% $1,866,057 $136.50 7.6% $192.29 93 7.0% 2010 9 $10.0 M 1.2% $1,663,000 $226.44 5.9% $181.64 88 7.3% 2009 13 $18.0 M 2.8% $1,634,182 $131.68 6.6% $176.01 85 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.
GENERAL RETAIL SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$325.80 174 5.9% 2023 ------$323.67 173 5.8% 2022 ------$321.12 171 5.8% 2021 ------$321.10 171 5.7% 2020 ------$314.84 168 5.7% YTD ------$301.70 161 5.8% 2019 228 $208.1 M 4.2% $1,341,932 $265.94 6.0% $301.68 161 5.8% 2018 352 $237.7 M 5.9% $1,182,801 $248.95 6.0% $292.56 156 5.8% 2017 426 $330.3 M 8.2% $1,565,553 $262.86 5.4% $283.90 152 5.8% 2016 338 $244.9 M 6.4% $1,113,142 $213.31 6.0% $273.08 146 5.9% 2015 401 $243.9 M 8.7% $1,077,139 $186.62 6.6% $260.06 139 6.0% 2014 332 $234.0 M 5.9% $1,040,033 $211.56 7.6% $236.99 126 6.2% 2013 224 $105.5 M 3.9% $748,075 $172.42 7.2% $204.69 109 6.7% 2012 183 $99.8 M 3.7% $1,028,816 $165.50 7.0% $194.00 104 6.8% 2011 174 $61.3 M 3.0% $744,069 $133.58 7.5% $175.56 94 7.2% 2010 100 $83.3 M 3.7% $1,190,232 $179.31 8.4% $165.40 88 7.5% 2009 84 $70.4 M 1.7% $1,117,748 $200.78 7.5% $160.66 86 7.6% (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.
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 27 Sale Trends Mid-Cities Retail
OTHER SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2024 ------$305.61 172 6.0% 2023 ------$304.36 171 5.9% 2022 ------$302.57 170 5.9% 2021 ------$301.62 170 5.8% 2020 ------$296.49 167 5.8% YTD ------$285.95 161 5.9% 2019 ------$285.95 161 5.9% 2018 ------$277.84 157 5.9% 2017 ------$261.47 147 6.1% 2016 ------$252.79 142 6.1% 2015 1 $0 M 73.0% - - 7.0% $241.94 136 6.2% 2014 ------$224.84 127 6.4% 2013 ------$194.99 110 6.8% 2012 ------$185.22 104 7.0% 2011 ------$168.64 95 7.3% 2010 ------$159.17 90 7.6% 2009 ------$153.51 86 7.7% (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.
1/6/2020 Copyrighted report licensed to Keller Williams Realty - 1023202. Page 28