Still Plenty of Opportunities in SoCal Retail

Tim Kuruzar

There are still plenty of opportunities in the Southern California retail market, and JLL is expanding its retail investment sales team as a result. In its second strategic hire this year, JLL has added Tim Kuruzar to the team as VP. Kuruzar says that the market is slightly past the peak, but there are still ample investment opportunities. Next year, he expects expiring debt to drive more investment activity throughout the region.

“The Southern California retail investment market is still extremely desirable,” Tim Kuruzar, VP at JLL, tells GlobeSt.com. “Most of us believe we’re slightly beyond the market peak, but I don’t think that is bad news for our clients as fundamentals are still very strong.  Cap Rates are lagging behind interest rates, though they are starting to catch up.  I also believe that expiring debt is going to be a big market driver in the next couple of years.  The changes that stand out the most to me are the extraordinary focus placed on experiential and entertainment driven retail locations and the rise of the junior box. Also, the amount of expanding specialty grocers alone has tripled in the last few years.”