The owner of an increasingly popular Apple store on the Chicago River waterfront has put the 20,000-square-foot store site up for sale, along with 10,000 square feet of office space, for $175 million. Walton Street Capital acquired the property and an adjacent 35-story business tower last year.
Investment in US data centers reached more than $20 billion in 2017, more than double the previous year, according to CBRE. Data-center REIT returns reached 28.4% last year, well above the 8.7% seen for all equity REITs, according to Nareit.
Moody's Investors Service is requesting feedback on a proposal in which it would use a company's estimate of its lease liability instead of Moody's estimate in response to the new lease accounting rule. Feedback is due by April 17.
The price per room at which hotels traded last year dropped 12% to $240,000, according to a report by STR and Hotel Brokers International. STR attributes that to more sales in suburban areas, fewer luxury trades and lower sales in the top 25 markets.
Walmart will likely make new acquisitions of companies ranging from $50 million to $300 million, according to Marc Lore, the company's online chief. The company will continue to invest in Jet.com, but will also buy online startups to continue to compete with Amazon.
Ventas and developer Wexford Science & Technology unveiled their $220 million redevelopment of Providence, R.I.,'s South Street Landing late last year. Once an empty building, it now has 136,000 square feet serving as administrative offices for Brown University and 132,000 square feet housing the Rhode Island Nursing Education Center.
Columbia Property Trust has successfully repositioned its portfolio into a select number of high-value, big city assets by channeling the proceeds of the sales of its suburban assets into purchases in New York, San Francisco and Washington. "We believe, over time, that these three markets present the most compelling case for rewarding our investors, and that's why we've chosen to build our team and portfolio around them," says CEO Nelson Mills.
US sales of existing homes rose 3% in February to a seasonally adjusted annual rate of 5.54 million, according to the National Association of Realtors. The increase follows declines in December and January.
The CMBX 6, a subprime commercial real estate debt index, is surprising investors who anticipated that recent announcements of retail closures would hurt it. The index has rallied even as Toys 'R' Us plans to close its stores and Claire's has filed for bankruptcy.
Westfield London, soon to be the largest retail center in Europe, has begun construction on the first phase of a $1 billion project. The project will include 740,000 square feet of new space for more than 90 new tenants.
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