Data analytics confirm that curbside real estate overwhelmingly caters to convenience trips from the growing suburban population, boosted by work-from home and limited supply. Assets offer dedicated parking and excellent visibility which has led to historically elevated retention and occupancy.
Convenience properties are laid out as a ubiquitous line-up of units that are attractive to a wide variety of high credit national tenants, including restaurant and service users, which limits long-term capital needs and obsolescence risk. Additionally, the standard lease structure protects against inflation with annual rent bumps and renewal MTM opportunities.
Convenience assets make up the most liquid retail real estate sector with $8B of properties trading on an annual basis providing an opportunity to scale a portfolio located in the top sub-markets of the U.S. There are no public companies currently aggregating this property type.
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