Shoppers have flocked to the Henri Bendel flagship on New York City's Fifth Avenue, since parent L Brands announced last week that it would shutter the banner's 23 stores. The 123-year-old retailer was long a symbol of luxury, especially under former President Geraldine Stutz, who brought in upscale European designers and created the "Street of Shops" concept that became a model for retailers.
The stockholders of Texas-based Rent-A-Center voted to approve Vintage Capital Management's acquisition of the rent-to-own retailer. Vintage Capital owns Buddy's Home Furnishings, a Rent-A-Center rival, and the deal still requires approval from the Federal Trade Commission.
Bloomingdale's has renovated and expanded the denim floor of its New York City flagship, with new designer labels, exclusive brands and a range of jeans priced from $98 to $1,000. Shoppers can call before they visit the store to have stylists pull items for them to try on.
Starwood Property Trust has closed on its $2.5 billion acquisition of the Project Finance Debt Business of GE Capital's Energy Financial Services. CEO Barry Sternlicht has said the REIT wants to be a "multicylinder finance company," and the addition of the energy debt unit's assets, which have a low correlation to real estate, was part of that effort.
Current conditions bode well for the outlook for lodging and resorts. Corporate profits, one of the main drivers of business travel, increased 5.5 percent last year while household budgets are benefitting from low unemployment and rising wages. Get the full sector spotlight here.
Nareit's annual conference brings together 1,500+ REIT executives, investors and industry professionals for a mix of private meetings, educational sessions and networking events. REITworld will take place Nov. 7-9 at the San Francisco Marriott Marquis. Register today.
Even as a strong multifamily supply pipeline concerns some observers, demand in this asset class will remain strong enough to mitigate a downturn, according to Marcus & Millichap. It reports that developers will deliver slightly more than 300,000 units this year, but the low homeownership rate among millennials, among other trends, will keep absorption steady.
CapitaLand Ltd. is buying a 16-property, 3,787-unit US apartment portfolio for $835 million from Starwood Capital. This is the Singapore-based investor's initial foray into the US apartment market, and it says it will continue to invest in these assets.
Carter Validus Mission Critical REIT II has appointed Todd Sakow to succeed Lisa Drummond as the company's chief operating officer and secretary. Sakow has stepped down from his roles as chief financial officer and treasurer, which will be assigned to Kay Neely, former senior vice president of accounting for Carter Validus Advisors II.
Institutional investors are increasingly accepting of health care real estate assets in their portfolios, and they are turning to REITs to acquire them -- a trend that is giving health care REITs the opportunity to reposition their portfolios. Even though these REITs are net sellers right now, they are well-positioned to make strategic acquisitions.