- Developers Are Cashing Out of Projects Early as Land Values Surge “Manhattan property owners are cashing out ahead of schedule. With New York real estate values and rents surging, owners of commercial properties acquired as recently as a year ago are already seeking buyers. In the case of one midtown site, the developer scrapped construction plans to sell an empty plot.” (Crain’s New York Business)
- Walker & Dunlop’s Whopper of a Deal “Walker & Dunlop Inc. expanded its senior housing lending and its relationship with one of the sector’s largest owners with its latest deal: the origination of 28 loans totaling $465 million, secured by independent living properties New Senior Investment Group Inc. purchased from affiliates of Holiday Retirement.” (Commercial Property Executive)
- Nordstrom and Eataly Are Helping Century City's Mall Go Glam “Westfield Corp. plans to spend $800 million on a massive makeover of its Century City mall as it races to stave off local competitors and the rapid growth of online retailing.” (Los Angeles Times)
- U.S. Developers Focus on Luxury Apartments Puts Added Pressure on Renters “According to CBRE Group, the continued delivery of high-end rental housing—along with a lack of newly constructed moderately-priced apartments—is contributing to strong overall rent growth. While this has left the budgets of many middle-class renters feeling tighter than ever, it presents above-market opportunities to multifamily investors.” (World Property Journal)
- Nordstrom Enters Haute Couture Space “Nordstrom Inc. is entering the haute couture space with the introduction of SPACE, a new shop curated by Olivia Kim, director of creative projects. SPACE will offer products from emerging and advanced designers.” (Chain Store Age)
- Walgreens To Open New Clinics Staffed, Owned By Hospital Partners “In a new twist on its retail health clinic model, Walgreens Boots Alliance (WBA) says it will open up to 25 new retail clinics in Oregon and Washington states that will be owned and operated by a Seattle-based health system.” (Forbes)
- Retailers See Gains in Serving E-Commerce Supply Chains “Retailers may be figuring out the logistics of e-commerce. The largest U.S. retailers reported strong online sales in their second-quarter earnings reports this week, extending a trend that has seen e-commerce revenue expand far faster than store sales, and several said they are making strides in delivering goods to consumers more profitably.” (Wall Street Journal)
- Fannie, Freddie Risk-Transfer Bonds Give Investors New Scare “A nascent corner of the market for Fannie Mae and Freddie Mac bonds is on a roller coaster ride despite what Morgan Stanley calls the “pristine performance” of the mortgages linked to the debt.” (Bloomberg)
- The Big Business Behind the Local Food “Grocery chains and big box retailers are aggressively expanding their locally grown offerings. But there are real concerns about what consumers are getting when they buy ‘local.’” (Fortune)
- Luxury Condos Start Charging $1M for a Parking Space “Would you pay $1 million for a parking space in your luxury condo building? At least two new developments in Manhattan are charging that price for a single spot, according to The Wall Street Journal. Developers are betting that parking spaces in the city have become so scarce that buyers will dole out the cash.” (Crain’s New York Business)
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