As summer is coming to an end, CAP rates for net lease retail properties continue to remain low. Some of the lowest average rates are coming from segments such as banks, c-stores and pharmacies. While top tier assets remain in short supply and high demand, investors have begun to be bolder in regards to their investment criteria. But for now, the future of net lease retail development is looking good!
In the Koontz opinion, the Court held that the government’s demand for property and cash from a developer as a condition for the issuance of land use permits must meet a minimum nexus and proportionality with the prospective burden imposed by the development. This could be very impactful in our industry, and it’s possible that it will affect the permitting stage of real estate developments.
Congratulations to Southpace Principal John Lauriello for being named one of Birmingham’s 50 Most Influential Executives by the Birmingham Business Journal. John has continued to play a major role in the revitalization of downtown Birmingham while saving more than 28 historical office buildings, along with numerous historic homes and apartment buildings in downtown areas. His passion for the city inspires others to be a part of the progress.
Stutts Everette represented Brick and Tin in the leasing of 2,673 SF at 2901 Cahaba Road in Mountain Brook, Alabama. This will be their second location in the Birmingham area and the restaurant is expected to open during the holiday season. Everette also represented T. Waynes BBQ Smokehouse in the leasing of 4,200 SF at Dolly Creek Station on Acton Road in Birmingham, Alabama. The restaurant is expected to open sometime this September.