Lifestyle centers were the stars of the retail development universe in the 2000s. Shoppers flocked to these properties, which typically featured a single-story, open-air design and upscale tenants. Since the recession, however, only a few of these centers have been built, and it’s unlikely that more of them will come out of the ground. Instead, developers are focusing their energy on larger mixed-use projects with some lifestyle center elements.
American Realty Advisors has launched a new sustainability initiative for its $6 billion commercial real estate portfolio. The institutional investment manager rolled out the green program at 150 N. Wacker Drive, a 31-story office tower in Chicago.
The chain is the fifth largest specialty retailer in the nation, and recent speculation about the poor performance of its bigger stores has the industry buzzing about the competitive pressures facing Forever 21, and how they might affect its future real estate strategy.
The gap between strong class-B malls and struggling ones is getting wider by the day. Market rents are increasing for the “only game in town” malls, according to research firm Green Street Advisors, and private equity investors such as Starwood Capital have made big investments in the space.
TIAA-CREF and Jonathan Rose Cos. have launched a new $51.6 million fund to preserve and “green” affordable housing across the nation. The Rose Affordable Housing Preservation Fund LLC will acquire affordable and mixed-income multifamily housing in the Washington, D.C.-to-Boston corridor, Chicago, Denver, Los Angeles, San Francisco, Portland, Ore., and Seattle markets.
The recent news from Sears regarding more store closings, layoffs, leasing agreements with other retailers and capital raising efforts is a sign that the end is near for the troubled retailer, according to several industry experts. Few, if any, hold out any hope that the 128-year-old company can recover.
Retail CMBS loan delinquencies have fallen to their lowest level since 2009, but experts worry that store closings, along with e-commerce, could negatively impact loan performance in the future, especially when borrowers try to refinance.
Investor demand for net leased restaurant properties is heating up, sparked by confidence in the restaurant sector and a dearth of new construction in other retail sectors. Investors are hungry for quick service restaurants (QSR) like McDonald’s, as well as casual dining properties like Red Lobster.