One example of what might become an all too common phenomenon this year occurred on Jan. 6 when a court ordered the 509,000-square-foot Shenango Valley Mall in Hermitage, Pa. into receivership at the request of its lenders. Receivership is a stra...
Last week’s announcement by Saks Fifth Avenue that it plans to cut 9 percent of its workforce as a result of slumping economic conditions could portend things to come for the luxury retail sector, warn analysts. Little more than a year ago...
Grubb & Ellis’s 2009 Forecast Report predicts continued softness for retail real estate. The firm expects net absorption to end the year at negative 12 million square feet. Completions are also expected to decrease to 20 million square feet...
Tucker Development Corp. acquired an 11-acre site in Newark, N.J. for the development of a 200,000-square-foot shopping center. The forthcoming Springfield Avenue Marketplace will likely be anchored by a general merchandise and/or grocery store...
As the U.S. real estate market continues its downward slide, commercial construction firms are suddenly finding themselves on the other side of the looking glass. For the past several years, builders of retail space benefited from a booming marke...
The 2.7% decline in U.S. retail sales in December will force shopping center owners to offer more rent concessions in order to retain and attract retailers, says Suzanne Mulvee, real estate strategist for Property Portfolio & Research (PPR) based...
With a series of small announcements, embattled regional mall REIT General Growth Properties Inc. is little by little getting its house in order as its Feb. 12 loan extension deadline approaches. Last week, in a transaction that did not involve...
Reis Inc.’s latest quarterly stats have documented a slow and steady rise in retail vacancy. Its blended number, which looks at neighborhood and community centers and regional malls in a single statistic, shows that retail vacancy has now risen 2...
Glimcher Realty Trust sold the Great Mall of the Great Plains, a 782,499-square-foot regional mall in Olathe, Kan. to Great Olathe Center, LLC, a group of local investors, for $20.5 million. The company would not disclose the cap rate on the...
