Some more encouraging news trickled in today, including mall owner Taubman expressing renewed interest in overseas investment and electronics chain Best Buy announcing plans for more store openings in the third quarter. Plus, the Inland Group is raising funds to go after commercial property acquisitions.
- After the global credit crunch disrupted its plans to invest in a $500 million Macau shopping center, Taubman Centers, Inc. is looking at the project again, according to Bloomberg.
- Australian REITs, however, are increasingly looking into selling overseas assets, including those in the U.S., after suffering significant declines in the value of their real estate portfolios in the first half of the year.
- Felix Salmon, of the Reuters Blog, discusses the benefits of shopping centers having a single landlord versus the multiple landlord model inherent in urban retail strips.
- The market is finally seeing some investment sales activity. The Watertown Daily Times reports that a Massachusetts retail property recently sold for more than $17 million.
- RetailSails adds some color to the back to school season discussion. Looking, among other things, at the ICSC sales figures for August, RetailSails concludes the season has not been great for retailers.
- The Minneapolis/St. Paul Business Journal has better news to report. It seems electronics chain Best Buy, which is headquartered in the region, will open 22 new stores in the third quarter of fiscal 2010, more stores than it opened in the first two quarters combined.
- In the mean time, ChicagoRealEstateDaily.com reports that Oak Brook, Ill.-based Inland Group launched a $5 billion stock offering on behalf of Inland Diversified Real Estate Trust. Inland plans to earmark the proceeds for future acquisitions.
- Also, Born Curious has posted a story about how shopping centers geared toward specific ethnic groups seem to be outperforming mainstream retail properties.