U.S. wages and salaries rose 0.2% in the second quarter, the slowest pace on record, according to the Labor Department. The department's employment cost index, which includes benefits, also posted a 0.2% increase. Some analysts said the report could slow the Federal Reserve's plans to raise interest rates.
Spirit Realty Capital bought nearly $1 billion in properties in 2014 and is working to enhance its tenant diversification, says CEO Thomas Nolan. The REIT is still in acquisition mode, he says, but it doesn't set an "artificial target" for deals.
Private equity companies are exiting investments they have made in older New York City properties, having renovated the buildings and experienced significant appreciation. Institutional investors and REITs are buying these properties as they offer a value-add play, especially as choice properties in Manhattan have been "picked over," according to Colliers International's James Murphy.
Boston Properties is selling a 321,943-square-foot office building at 505 9th St. N.W. in Washington, D.C., to an unidentified buyer. The sale price is $318 million.
Ventas outlined a road map for the spinoff of its pure-play skilled nursing REIT, Care Capital Properties. Aug. 10 is the record date for the stock distribution. The REIT will list on the New York Stock Exchange under "CCP" after distribution of shares is completed, which is expected to be Aug. 17.
More mergers and acquisitions between hospital operating companies and REITs are expected to follow two recent major transactions in this space. "There's been an increasing amount of competition to own hospital facilities," says Mindy Berman, a health care practice lead at JLL.
Shopping centers in the Philippines are becoming more similar to town centers by offering more entertainment options and dedicating space to religious gatherings, weddings and workouts. The country's soaring population and urbanization have shopping centers answering the demand for public gathering areas. "Nowhere else in the world has a population so absorbed the shopping-mall lifestyle," said Paul Santos, vice president of the Philippine Retailers Association.
Bellevue, Tenn.'s abandoned shopping center will become One Bellevue Place after a property renovation that will create a shopping center with a new health-focused grocery store and a movie theater, among other offerings. The plan is being welcomed by area residents, who have had to travel at least 20 miles to do their shopping.
Berkadia has secured a 10-year, $50 million loan from J.P. Morgan for Coral Ridge Mall. The fixed-rate loan will help the 500,000-square-foot Fort Lauderdale, Fla., shopping center, whose tenants include AMC Dine-In Theatres, Target and HomeGoods.
Europe's shopping centers saw a 1.2% increase in foot traffic in 2014, an ICSC survey has found. "Shoppers have voted with their feet, demonstrating their continuing and growing preference for the shopping center model," said Mike Morrissey, ICSC's executive vice president and chief global coordination officer. "This survey ... illustrates people's desire for shopping environments that are engaging, social and interesting."