Perhaps proving that investors can make money in any real estate market no matter how tough the conditions, Investors Real Estate Trust (IRET), a North Dakota-based publicly traded REIT, reported increased growth and profits for its nine-month period ended Jan. 31, 2016.
Despite its strong recent run, the REIT said it is initiating a capital recycling and portfolio repositioning program with the goal of building a stronger operating platform with...
Watch List (March 16) IRET Doubling Down on Multifamily in Oil-Shocked Upper Midwest
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Five Former Westfield Centro Malls Go Back to Noteholder
Five former Westfield Centro regional malls tied together in a loan in a CMBS trust have gone back to the loanholder, according to Wells Fargo Securities.
The Westfield Centro portfolio is secured by four regional malls and one anchored retail center totaling 2.4 million square feet of total mall space (of which 1.7 million square feet is loan collateral). The malls are in California, Colorado, Connecticut, Missouri and Ohio.
With an outstanding...
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Invesco/Simon Venture Acquiring Luxury Mall On Las Vegas Strip for $1.1 Billion
MGM Resorts International (NYSE: MGM) and an affiliate of Dubai World have agreed to trade The Shops at Crystals, a 324,000-square-foot upscale shopping center on the Las Vegas Strip, to a venture led by Invesco Real Estate and Simon Property Group for $1.1 billion.
Simon (NYSE: SPG) and Invesco (NYSE: IVZ) will acquire the 350,000-square-foot trophy center in the 4,000-room Aria Resort and Casino near the entryway of MGM’s CityCenter mixed-use...
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Bankruptcy Court to Weigh $106 Million Albertsons Bid to Buy 29 Haggen Grocery Stores
U.S. Bankruptcy Court in Delaware next week will consider a bid by the Albertsons supermarket chain to acquire 29 of the 32 core stores in Washington and Oregon owned by Bellingham-based grocery chain Haggen Holdings, LLC.
Albertson’s LLC on March 14 submitted a binding $106.1 million bid and asset purchase agreement to Haggen for the purchase of 29 stores operated by Haggen, which filed for Chapter 11 bankruptcy protection on Sept. 8, 2015.
Haggen...
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Macy's Elects REIT Exec to Board of Directors
William Lenehan, president and chief executive officer of Four Corners Property Trust, Inc. has been elected to the board of directors for Macy's, Inc. (NYSE: M), effective April 1, 2016.
Lenehan brings extensive knowledge and experience in real estate development and management. In August he took the helm of Four Corners (NYSE: FCPT), a publicly-traded investment trust focused on foodservice real estate and indirect, wholly-owned subsidiary of...
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Watch List (March 31) Late Cycle CRE Rebound Could Foretell Higher REO Property Losses
The amount of loans held in REO is more than 40% lower than a year ago thanks to improving commercial real estate fundamentals, market liquidity and coninued investor interest in all things real estate. It also helped that the single biggest REO property, the 11,227-unit Stuyvesant Town/Peter Cooper Village multifamily complex in New York City, sold for $5.3 billion, netting $1.8 billion more than its appraised value.
Investor (and analyst) attention...
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TPG and Phillips Edison Form Value-Add Joint Venture
TPG Real Estate and Phillips Edison Grocery Center REIT II formed a partnership to acquire value-added grocery-anchored shopping centers throughout the U.S. TPG has an 80% equity interest in the partnership. Phillips Edison will have the remaining 20% equity staker and earn fees from managing the properties.
The joint venture was formed for the express purpose of moving further out on the investment risk spectrum to look for opportunities outside...
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Retailers Hunt for Real Estate Options Other than Store Closures
The end of the first quarter typically also marks the end of the store closure season as retailers who fared poorly during the year-end holiday sales period go public with their restructuring plans.
Several notable store closure announcements dominated the headlines this year, however the headlines overshadowed an equally noteworthy trend: a growing number of brands that are seeking to increase the relevance of their real estate portfolios and...
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Cypress Equities Acquires Partially Completed Retail Center in Louisiana
Cypress Equities acquired Covington Nord du Lac, a retail center in Covington, LA, a 214,000-square-foot (96% leased) center.
The purchase price has not yet been disclosed.
In addition to existing space, the project includes 83,000 square feet of partially-built improvements, and an additional 162,000 square feet of planned development space. If built it would bring the center to 460,000 square feet.
Cypress’ plans for the property include...
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Un-Anchored Shopping Center Sale in Orlando Sale Sets Pricing Record
Setting a new pricing record for the Central Florida retail sales market, a private investor, Village HC LLC, purchased the Village of Hunters Creek, a 52,539-square-foot un-anchored neighborhood retail center, for $17 million.
The center, located at 13526 Village Park Drive in Orlando, garnered the highest price per square foot in recent years for a Central Florida shopping center that does not include any national tenants, at about $324 per square...
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Sale of Un-Anchored Shopping Center Sets Per SF Pricing Record
A private investor, Village HC LLC, purchased the Village of Hunters Creek, a 52,539-square-foot un-anchored neighborhood retail center, for $17 million, or about $324 per square foot.
Located at 13526 Village Park Dr. in Orlando, the property garnered the highest price per square foot in recent years for a Central Florida shopping center that does not include any national tenants, according to Sean Glickman, managing director of retail investment...
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Bankruptcy Court Approves $106 Million Sale of 29 Haggen Stores
U.S. Bankruptcy Judge Kevin Gross has signed a $106.1 million asset purchase agreement for the sale of 29 remaining Haggen stores in Washington and Oregon in Albertsons.
The U.S. Bankruptcy Court in Delaware's action last week also permits the separate liquidation of three Haggen stores in Puyallup and Port Angeles, WA; and Oregon City, OR that weren't part of the sale to Boise, ID-based Albertsons, according to court documents.
With the approval...
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Sit-down Restaurants, Drugstore Property Sales Propping Up Weak Triple-Net Investing
Could investors finally be feeling net-lease fatigue? When stocks plunged, hordes of mostly mom-and-pop investors surged into the single-tenant, net-leased property market, snapping up drugstores and restaurants at record numbers, and helping lead commercial real estate out of the last Great Recession.
But sales of net-leased property has slumped dramatically in the first three months of this year. According to preliminary totals for the first...
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REITs Reverse Course on Investment Strategy, Become Big Net Sellers
True to their 2016 guidance announcements this winter, the nation’s publicly traded REITs have started out the year as big net sellers of property. Through the first quarter of this year, REITs have sold more than $15 billion in properties and bought less than $6 billion. The gap alone doesn’t fully tell the full story.
The volume of property sales by REITs in the first quarter is higher than in any of the four quarters from 2015. Also, the volume...
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Kimco Acquires Hollywood Portfolio from JV Partner CPP
Kimco Realty Corp. (NYSE: KIM) has relieved its joint-venture partner, Canada Pension Plan Investment Board, of the remaining 45-percent ownership interest in two South Florida shopping centers for a gross purchase price of $299.2 million, including the assumption of $100 million in existing mortgage debt.
Located in Hollywood, FL, the Oakwood Plaza shopping center and the adjacent Dania Pointe development project sit along heavily-traveled I-95...
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Brixmor Taps Taylor as CEO, President
Brixmor Property Group, Inc. (NSYE: BRX) has selected industry veteran Jim Taylor as its chief executive officer and president, following an extensive search by the Brixmor board of directors' search committee and consulting firm Korn Ferry.
Effective May 20, 2016, Taylor will succeed Daniel B. Hurwitz, who has filled the position on an interim basis since February, following the December 2015 resignation of former chief executive Michael Carroll...
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Silicon Valley Will Make Thousands of Bank Branches Disappear
The shrinking number of retail bank branches has been a trend for several years now. But according to a newly released Citigroup report, we haven't seen anything yet.
Citigroup, which operates more than 750 bank branches in the U.S., is projecting that one-third of all existing U.S. bank branches could disappear in the next 10 years. The culprit will be the full-blown emergence of new financial technologies, FinTech for short.
The hit to the...
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Will Roll Out Plans by Lidl, Grocery Rivals Spark Bidding Wars for U.S. Store Sites?
Germany-based Lidl, now acquiring its first U.S. store sites for a planned roll out of as many as 150 stores in the Mid-Atlantic region, is joining a pitched battle among both established grocers and new players in the U.S. market who are in expansion mode from Southern California to South Carolina.
The competition for a relatively limited number of well-located and development-ready store sites will likely drive up pricing in the near term, according...
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Cushman & Wakefield and Thalhimer Selected To Dispose of Tanglewood Mall
The Guild Group selected Cushman & Wakefield and Thalhimer (a member of the Cushman & Wakefield Alliance) as the exclusive sales representatives for Tanglewood Mall, a 797,524-square-foot regional mall on Electric Road just off I-581, in Roanoke, VA.
Built in 1973, with renovations completed in 2006, Tanglewood Mall is anchored by JC Penney and Belk. Other major tenants include TJ Maxx, Steinmart, Staples, Carmike Cinemas, Kroger, and Barnes...
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Marcus Theatres Purchases Country Club Hills Cinema in Chicago
Marcus Theatres acquired the Country Club Hills Cinema at 4201 W. 167th St. in Chicago to add to its portfolio of Illinois theatres. The sale price was not disclosed.
Located within the Country Club Plaza shopping center, the property consists of an 85,000-square-foot retail building on a 16.9-acre lot with 16 screens. Marcus is planning to undertake extensive renovations before re-opening the theater later this year.
"Given the extent of the...
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