Jason Ryals Colliers International NE Florida

Jacksonville 2013 Outlook Conference
Retail Overview
Location, Location, Location
April 3, 2013
Presenter
Jason Ryals
Colliers International NE Florida
Principal
Retail Services Director
Dir +1 (904) 861-1136
[email protected]
Jacksonville MSA Trade Area Breakdown
Area
GLA
Total Vacancy
Vacancy Rate
Arlington
1,634,127
343,922
21.05%
Baymeadows/Avenues
3,330,222
364,115
10.93%
Beaches
2,064,730
331,406
16.05%
Mandarin/Julington Creek
2,871,103
363,610
12.66%
Northside
3,030,997
471,955
15.57%
N. St. Johns/St. Augustine
1,320,580
149,266
11.30%
Orange Park/Fleming Island/Middleburg
4,570,065
610,395
13.36%
Regency
2,987,357
594,699
19.91%
Southside
3,666,705
517,172
14.10%
Westside
3,692,825
389,913
10.56%
West Intracoastal
3,692,285
320,361
14.56%
31,369,488
4,456,814
14.21%
TOTAL
• This Study represents shopping centers in the excess of 40,000 SF
• Study findings come from the Retail Market Overview, 4th Q 2012
Jacksonville Retail Leasing Activity and Absorption
Average Rental Rate vs. Vacancy
Annual Sales Volume vs. Jags Wins
Annual Sales Volume
Jags Win Volume
Dollars (Mil)
500
Games Won
12
10
8
6
4
2
0
400
300
200
100
2007 2008 2009 2010 2011 2012
2007
2008
2009
2010
2011
2012
Trade Area Rankings
St Johns Town Center
Tier 1
Tier 2
Mandarin
Tier 3
Fleming Island
Avenue’s Mall
Tier 4
Dunn Avenue
103rd Street
River City Marketplace
Beaches/Beach and Hodges
Middleburg
Normandy Blvd
Blanding Blvd
Oakleaf
Bartram
Regency
St Johns Town Center
Total Square Feet: Over 1.5 Million – all
phases
No. of Stores: 11 Anchors & more than
150 branded name stores
Year Built: 2005
Anchor Tenants: Dillards, Target, Ashley
Home Furniture, Barnes & Noble, Dicks
Sporting Goods, Ross Dress for Less,
Staples, DSW, JoAnn Fabrics, PetSmart
Major Retailers: Old Navy, Sephora,
Cheesecake Factory, PF Changs,
California Pizza Kitchen
New Additions: REI, Pollo Tropical, Brio
Tuscan Grill, Seasons 52
St Johns Town Center – Site plan
River City Marketplace and Parkway Shoppes
Total Square Feet: Over 1.2 Million – all
phases
No. of Stores: 8 Anchors & more than 90
branded name stores
Year Built: 2005
Anchor Tenants: Wal-Mart, Lowes, Ashley
Home Furniture, Gander Mountain, Dicks
Sporting Goods, Best Buy, Bed Bath and
Beyond Less, Wallace Movie Theater
Major Retailers: Old Navy, Kirklands,
Petsmart, Ross Dress for Less
New Additions: Marshall’s, Dicks Sporting
Goods, BJ’s Brewhouse, Outback,
Carrabba’s
River City Marketplace – Site Plan
Example of Location, Location, Location
Example of Location, Location, Location
New Retailers to the Market
14
Investment Market is Hot
10920 Baymeadows Road – Reedy Branch Publix
Transaction Statistics:
- 75,906 square feet
- 96% occupied at the time of sale
- $11,700,000 sale price
- 7.0% cap rate based on in place NOI
- Purchased by Publix
15
Investment Market is Hot
12795 San Jose Blvd – Shoppes At Julington Creek Marina
Transaction Statistics:
- 42,207 square feet
- 89% occupied at the time of sale
- $8,700,000 sale price
- Purchased by Inland Diversified
Investment Market is Hot
4475 Roosevelt Blvd – CVS on Roosevelt Blvd
Transaction Statistics:
- 11,817 square feet
- $700.99/SF
- $8,283,608 sale price
Investment Market is Hot
233 State Street – Downtown McDonald’s
Transaction Statistics:
- 3,905 square feet
- 20 year term with 8 5-year options
- 4% Cap Rate
- $2,218,800 sale price
Retail Investment Trends
Information sourced from Real Capital Analytics
What to Expect in 2013
• Continued slow absorption of vacant space
• Leveling off and slowly increasing rental rates
• Very little new construction on a large scale
• Cap Rates will remain low until interest rates start to
increase
• New retailers to Jacksonville:
Thank you for your time!
For More Information
Jason Ryals
Colliers International Northeast Florida
Principal
Retail Services Director
Dir +1 904 861-1136
[email protected]