HFF announces sale of urban retail center in Chicago’s Lincoln Park

                                                                                 Aerial photo by McShane Fleming Studios
Clybourn Galleria, Lincoln Park Neighborhood, Chicago, IL

CHICAGO, IL – – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Clybourn Galleria, a 24,601-square-foot, fully leased, urban retail center in Chicago’s Lincoln Park neighborhood.  

 The HFF team marketed the property on behalf of the seller, Newport Capital Partners.  Westwood Financial purchased the asset.  Additionally, the HFF team brokered the sale of this property to the seller in 2013.

Amy Sands

 Clybourn Galleria is situated on .821 acres at 1841-1847 North Clybourn Avenue, which is in the heart of the North and Clybourn retail corridor, one of Chicago’s busiest mixed-use neighborhoods and the dominant retail market serving Chicago’s north side. 

The retail property is surrounded by several of Chicago’s most affluent North Side neighborhoods, including Old Town, Gold Coast, Lakeview and Bucktown/Wicker Park.

 

More than 498,400 residents live within three miles of the property, and the average household income within a half-mile radius is $161,671. 

Clinton Mitchell

 Completed in 2005, Clybourn Galleria is fully leased to an e-commerce-proof tenant lineup, including Natuzzi Italla Furniture, Jos. A Bank, SWEAT, Massage Envy, Amazing Lash, Smartchoice MRI and Red Wing Shoes.

 The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell.

Newport Capital Partners is an employee-owned, Chicago-based, boutique real estate investment management firm. 

Westwood Financial owns over 70 community shopping centers, primarily-anchored by top-tier grocers, across 26 U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles and Charlotte. 

CONTACTS:

AMY SANDS

IL Lic. #475.138622

HFF Senior Director

(312) 528-3650

asands@hfflp.com

CLINTON MITCHELL

HFF Senior Director

(312) 528-3650

cmitchell@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

http://newportcapitalptrs.com.

www.westfin.com.

Marcus & Millichap Arranges $652,000 Sale of 9,014-SF, Net-Leased Dollar General Site in Laurel, MS

Dollar General Site, 91 Eastview Drive, Laurel, MS

LAUREL, MS  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Dollar General, a 9,014-square foot net-leased property located in Laurel, Miss., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $652,000.

Daniel Hurd

Daniel Hurd, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was also secured and represented by  Hurd. Elizabeth Williams, Broker, assisted in closing this transaction.

“The dollar store sector has continued to be white-hot this year. In an environment where so many other retailers are consolidating, Dollar General dominates the rural markets where their competitors cannot afford to operate in," stated Mr. Hurd. "

"We are selling deals all across the country and there is no sign that things will slow down anytime soon. My team and I are on pace for a record year and we look forward to a continued growing market share moving forward,”.

Constructed in 2005, Dollar General is situated on an approximately 1.70-acre parcel of land. Dollar General has just over three years remaining on a recent lease extension, which demonstrates their continued commitment to this location.

Elizabeth Williams

Additionally, there are four, five-year renewal options with rent increases associated in each.

Located in Laurel, Miss., Dollar General has traffic counts of more than 17,000 on U.S. Highway 84 East and 23,000 on I-59. Mississippi has consistently been a strong producing market for Dollar General with over 1,300 locations statewide. Dollar General is located at 91 Eastview Drive in Laurel, Miss.

CONTACTS:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

or

Whitney Davis
Marketing Coordinator
Marcus & Millichap 4030 W. Boy Scout Boulevard Suite 850 Tampa, FL 33607 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com
www.MarcusMillichap.com

Home Prrice Appreciation in Highest-Risk Natural Hazard Cities 1.7 Times the Overall Market Rate over Last Decade, Finds ATTOM Data Solutions

Daren Blomquist

IRVINE, CA,  Sept. 20, 2018 — ATTOM Data Solutions, curator of the nation’s premier property database, today released its 2018 U.S. Natural Hazard Housing Risk Index, which found that median home prices in cities with the top 80^th percentile for natural hazard housing risk have appreciated 40 percent on average over the last 10 years — 1.7 times the 24 percent home price appreciation in the overall U.S. housing market during the same time period.

For the report ATTOM indexed natural hazard risk in more than 3,000 counties and more than 22,000 U.S. cities based on the risk of six natural disasters: earthquakes, floods, hail, hurricane storm surge, tornadoes, and wildfires. 

ATTOM also analyzed housing trends in 2,616 cities and 440 counties — containing more than 53 million single family homes and condos — broken into five equal quintiles of natural hazard housing risk (see full methodology below).

“While combined natural disaster risk has not seemed to hobble home price appreciation over the past decade, the story is much different for some individual hazard risks — namely flood, hurricane storm surge and wildfire risk,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

“Home price appreciation in the overall U.S. housing market was double the rate of appreciation in cities with the highest flood risk and triple the rate of appreciation in cities with the highest hurricane storm surge risk over the past 10 years. 

"The broader market has also outperformed appreciation in cities with the highest wildfire risk during the last decade, although the gap is much narrower.”

	Overall Natural Hazard Risk Category
Housing Metric	Very Low	Low	Moderate	High	Very High	Grand Total
Number of Cities	524	522	524	523	523	2616
Single Family Homes & Condos	9,185,179	9,434,995	11,107,207	12,524,073	11,039,375	53,290,829
Average Home Value	$282,218	$267,380	$260,204	$298,559	$624,357	$346,516
Average Property Age (Years)	45	43	39	36	42	41
Average Property Tax	$4,518	$3,705	$3,321	$3,652	$4,959	$4,031
Average Property Tax Rate	1.7%	1.4%	1.3%	1.3%	0.9%	1.3%
Average Foreclosure Rate	0.65%	0.38%	0.36%	0.29%	0.21%	0.38%
Avg Pct Seriously Underwater (LTV 125+)	10.2%	9.9%	9.8%	7.9%	4.7%	8.5%
Average Homeownership Tenure	8.19	7.63	7.60	7.66	9.23	8.06
Average 2018 Median Sales Price	$244,079	$232,812	$231,432	$267,133	$582,876	$311,640
Average Premium/Discount to Market Value	-3.7%	-3.7%	-3.0%	0.3%	1.0%	-1.8%
Average of 1-Year HPA	6%	7%	7%	6%	9%	7%
Average of 5-Year HPA	29%	39%	39%	43%	54%	41%
Average of 10-Year HPA	11%	19%	21%	28%	40%	24%

Foreclosure rates elevated in highest-risk flood cities

Foreclosure rates were lower in cities in the top 80^th percentile for natural hazard housing risk, and this was true for all individual natural hazard risk types except for flood risk. In cities in the top 80^th percentile for flood risk, active foreclosures represented 0.61 percent of all properties, well above the foreclosure rate of 0.38 percent across all risk categories.

“Weather is the largest external swing factor in U.S. economics and accounts for over $550 billion per year in lost revenue and up to 76,000 lost jobs,” said Mark Gibbas, president and CEO at WeatherSource, a technology company that provides global weather and climate data along with advanced analytics. 

Mark Gibbas

“Weather can have an enormous impact on homeowners and the housing market.  When big weather events such as hurricanes, tornados and hail hit, many homeowners suffer financial hardship from various sources such as lost wages and losses due to inadequate insurance. 

"And while the impact on homeowners can be severe, hurricanes like Harvey can change the landscape of the housing market region wide, including shifts in the number of available homes and shifts in home values.” 

Cities with the highest flood risk also posted seriously underwater rates (loan-to-value ratio of 125 percent or higher) above the overall market average — 8.9 percent of all homes with a mortgage compared to 8.5 percent nationwide. 

Tornado risk was the only other individual natural hazard risk factor with seriously underwater rates above the market average in the highest risk cities — 10.0 percent of all homes with a mortgage.

CONTACT:

Christine Stricker Sr.
Marketing Manager, Projects
Office: 949.748.8428
Email: christine.stricker@attomdata.com