Commercial Real Estate
Top stories summarized by our editors
2/23/2018

With the US economy still expanding, REIT investors have no reason for concern as interest rates rise, according to REIT portfolio managers at Cohen & Steers. The firm's research shows that REITs have outperformed other equities when interest rate increases were due to economic expansion.

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Cohen & Steers
2/23/2018

The retail sector's lackluster year in 2017 -- absorption was down about 30% from 2016 and 2015 -- is beginning to affect high-end malls, which in recent quarters have seen a moderate rise in vacancies and flat rental rate growth, according to CoStar Group. Also, the typically safe grocery-anchored space may come under risk from over-retailing and tenant competition.

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CoStar Group
2/23/2018

Airbnb announced several measures to make its room-sharing service more competitive with hotels, including a new service called Airbnb Plus, in which higher-end homes are inspected to ensure they meet quality standards, and a new luxury brand called Beyond by Airbnb. Hotel listings on the site have increased significantly, and Airbnb also plans to offer a service called Boutique, which can be used to search for hotel rooms.

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Airbnb
2/23/2018

An outlet mall development near Tallahassee, Fla., could break ground as soon as spring 2019. Park Place Outlet Mall will include a restaurant, a hotel and a park, along with retailers.

2/23/2018

Weingarten Realty has sold Tates Creek Centre and Millpond Center in Kentucky to Branch Properties for $59.7 million. Both retail assets are anchored by Kroger stores.

2/23/2018

Westfield Annapolis, a retail shopping center in Maryland's capital, is being remodeled; the work will include adding a family lounge and updating the Bow Tie Cinema and the food court. Additionally, the public library is opening a location in the retail center.

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The Baltimore Sun
2/23/2018

Marietta City Council in Georgia has approved the development of a shopping center; it will include a deli, a restaurant and retail. Peoples Financial Corp. owns the property.

2/23/2018

Better Things LLC has purchased the 9,222-square-foot Devonshire Station retail center in Indianapolis. The property features a CVS Pharmacy, McDonald's, Peak Fitness and Dollar General.

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McDonald
2/22/2018

Portfolio manager Laurel Durkay contends the time may be right to buy real estate investment trusts despite the severe headwinds besetting the sector amid concerns over interest-rate rises. "Historically what you've seen is that in rising interest rate environments, if you do see the accompanying accelerating growth, that's actually a point in time where REITs are going to outperform the broader equity index," Durkay says.

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Reuters
2/22/2018

Host Hotels & Resorts placed three Hyatt hotels -- Andaz Maui at Wailea in Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point in Bonita Springs, Fla. -- under contract to buy for $1 billion. The REIT sold the Key Bridge Marriott in the Washington, D.C., region for $190 million and has a contract to sell the W New York for $190 million.

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GlobeSt