Woodland Plaza, built in 1981, is a multi-tenant retail center with Dollar Tree as a shadow anchor
. The Seller had recently completed several new leases and cosmetic improvements to the center before selling.
The site will "shadow anchor
" the proposed nearby Super Wal-Mart.
The property also benefits from a strong lineup of shadow anchor
tenants including Sam's Club, Home Depot and Aldi.
The property had experienced occupancy declines stemming from the departure of its shadow anchor
, Albertsons, in first quarter 2017.
Whether it is an anchor (or shadow anchor
) of a retail center, the risk of losing that tenant affects not only the immediate space but also the in-line tenants that feed off the major tenant's traffic.
Located at 2351-2499 East Joliet Highway, the property is surrounded by newly constructed properties and shadow anchored
by Lowe's and Target.
The property is shadow anchored
by Target and Home Depot.
Timbercrest at Lakeview is a 59,269 square foot shopping centre anchored by Marshalls and shadow anchored
by Super Target.
Frank Innaurato, managing director of CMBS analytical services at Realpoint, said a large amount of big-box exposure to shadow anchors
in CMBS loans--not part of the CMBS collateral per se--have a direct effect on traffic at any given retail location, including regional or strip malls and power centers.
Leased fee sales data should include percent leased at time of sale (which can be different from percent occupied), a general understanding of prior leased occupancy history, meaningful remaining lease terms at time of sale, general escalations for remaining lease terms, and presence or absence of shadow anchors
in addition to the rent information.