- Sears Could Drag Down Seritage, Its Landlord “For Seritage, relying on the Sears has allowed it to follow in the footsteps of much larger REITs such as Simon Property (SPG) and reimagine what a mall or shopping center should be in the age of digital shopping and cautious consumer spending. But Seritage could find out very quickly that being shackled to the troubled retail icon is not without serious downside.” (The Street)
- Former Blockbuster Video Complex Gets Tenants and New Funding “A building that once housed movie rentals is now fully leased as a UPS terminal and an International Paper warehouse. The former Blockbuster Video distribution center near U.S. Highway 75 in McKinney has been owned for more than two years by investor Saskaway Group. The 697,149-square-foot warehouse on Rosebud Boulevard — once used to distribute movies nationwide on videotape and DVD — sat empty and wound up in the hands of the lender before Saskaway Group acquired it.” (Dallas Morning News)
- Blame the Banks for All Those Boring Chain Stores Ruining Your City “Not long after he leased out the shell of a once-iconic Phoenix steakhouse, developer Lorenzo Perez got an email from a broker. He learned that the new space, now home to an award-winning restaurant, a small garden store, and an independent bookshop, was worth about $195 a square foot. Nearby retail properties, the broker said, were being valued at 25 percent more. Why the difference? While Perez was courting local businesses, his competitors had landed large corporate tenants.” (Bloomberg)
- Albertsons to Expand E-Commerce “Albertsons plans to add click-and-collect and delivery at its Jewel-Osco, Shaw’s, United Supermarkets, Acme Market and Star Market banners using MyWebGrocer’s platform, MyWebGrocer announced. ‘We wanted to offer customers an integrated digital experience that leveraged an experienced provider and would bring our e-commerce offering to market quickly, while still providing a best-in-class user experience,’ Shane Sampson, chief marketing and merchandising officer at Albertsons Co., Boise, Idaho.” (Supermarket News)
- ULI Seeks to Rally Real Estate Industry on Climate Change Implications Following Major U.N. Agreement “As world leaders gather at the United Nations this week to ratify the Paris Agreement on climate change, a new paper released by the Urban Land Institute (ULI) argues that real estate owners and investors need to prepare for a host of market implications likely to be accelerated by the major climate change agreement. Entitled L’Accord de Paris: A Potential Game Changer for the Global Real Estate Industry, the paper notes that buildings account for nearly one-third of global climate-changing carbon emissions, more than any other sector.” (CoStar News)
- Aeropostale Cuts Rent Deal That Saves 75 More Stores “Things keep getting better for Aeropostale. The new owners of the ailing teen retailer will spare up to 475 stores in the US — an additional 75 stores — as more landlords agree to reduce rents. In an unusual deal, two mall operators — Simon Properties and General Growth Properties — joined licensor Authentic Brands Group in buying the bankrupt chain for $243 million. The new owners announced that 7,000 jobs would be saved as they reorganize the company, including negotiating deals with other mall operators that have Aeropostale as a tenant.” (New York Post)
- Q&A with Norman Nichols, KeyBank “KeyBank’s acquisition of First Niagara Bank made headlines this summer, as the $4.1 billion merger created one of the largest banks in the U.S. With the Federal Reserve’s seal of approval this past July, the new company is now determining how it can benefit from each team’s unique experience and geographic diversity, as well as efficiently leverage the firm’s extended product base. Norman Nichols, head of income property and community development lending for Key Bank, exclusively discussed with Commercial Property Executive the next steps to efficiently execute the merger and the challenges of such an integration in today’s capital markets.” (Commercial Property Executive)
- AutoZone Earnings Rise as Company Adds Stores “AutoZone Inc. said profit grew 6.4% in the final quarter of its fiscal year as the replacement-part retailer reported higher revenue, propped up by new store openings. Sales at domestic stores open at least a year rose 1% for the Memphis, Tenn., company, which has been working to increase inventory and selection in part by opening so-called mega hub locations and making more frequent deliveries to stores. On Thursday Chief Executive Bill Rhodes said the company's ongoing inventory rollout ‘has gone very well’ and will continue in 2017.” (MarketWatch)
- A&E Networks to Open Brooklyn Office—Among the First TV Brands to Take Space in the Borough “A&E Networks has signed a deal to become one of the first major television networks to open an office in Brooklyn. The media company, which owns six brands including Lifetime and the History channel, has signed a lease to take 11,775 square feet at 1000 Dean St. in Crown Heights. The space will be used for its newly launched digital-content agency, 45th & Dean. The firm's name is a play on the new office's location and A&E's Manhattan headquarters and studio space at 235 E. 45th St.” (Crain’s New York Business)
- Five Tips for Using Vacant Real Estate for Events “It happens all the time. A brand or company imagines using an empty storefront, a cool lobby, or an unsold piece of real estate in a new or iconic building as a means to make an event unique. However, unlike traditional event venues, these raw spaces create a whole set of new issues for event organizers and marketers. That’s where Space in the Raw comes in. Utilizing vacant real estate to satisfy short-term commitments, Space in the Raw activates properties by offering one-of-a-kind brand experiences.” (BizBash)
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