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Simon: Prices to Return to 2004 Levels; Brokers Turn to Auctions; Boscov's Emerges from Bankruptcy (Friday's News & Notes)

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It's been a couple of days since I did a roundup post. So here are some items from the past few days.

  • David Simon was interviewed on Bloomberg. There's a write up about his remarks here. For one thing, Simon predicted prices for malls would end up around where they were in 2003 and 2004 when everything is all settled. Simon also said that the company is a logical buyer if General Growth ends up selling assets.
  • Reuters wrote about a rise in property auctions as commercial real estate brokers search for ways to get investment sales volumes growing again. PropertWire also wrote about this trend.
  • Richard Baker is interested in converting NRDC Acquisition Corp. into a REIT. It doesn't seem that long ago that that people were talking about consolidation and REITs going private. Looks like things are going in the other direction now. REITs have raised a ton of cash with public offerings this year. So maybe some previously private players would like to get in on that action.
  • One of our sister publications, Multichannel Merchant wrote about how retailers are rapidly adopting social media in attempts to reach customers and drive sales. We wrote about landlords nascent efforts in this area last month.
  • Regional department store chain Boscov's has successfully emerged from bankruptcy. We'll take the good news in any form it comes. Earlier in the year it seemed like not a day passed without news of mass store closings or bankruptcies. Even worse was when firms that originally planned to restructure decided to liquidate instead. Now we're seeing some glimmers of hope. A couple of retailers are reducing closures and now Boscov's successfully navigated its bankruptcy. Let's hope there's more of this kind of news ahead.
  • Sears launched a third party marketplace.
  • Another of our sister publications, Supermarket News, has the scoop about longtime Basha's president and CEO Mike Proulx retiring.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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