Sears has opened a 10,000-square-foot Kmart shop inside a Sears department store in Brooklyn, N.Y., selling groceries, health and beauty items and other household goods. The retailer also plans to create mini-Sears stores inside Kmart locations to sell higher-end appliances.
Listed equity REITs own more than 511,000 properties. That translates to just about $2 trillion in gross real estate assets in the U.S. Nareit developed an interactive map that highlights the properties owned by REITs, now with even broader property breakdowns by state and MSA. Explore the map.
A Brookfield Asset Management unit has bought a minority stake in a multifamily portfolio owned by Carmel Partners. Brookfield paid $914 million for the 49% stake, giving the portfolio a $1.865 billion valuation.
Nelson Mills, president and CEO of Columbia Property Trust, is feeling more bullish about the US office market than many shareholders, he says in this Q&A. The REIT is focused on three markets -- New York, San Francisco and Washington, D.C. -- and may add Boston as the fourth.
Drew Genova, executive managing director at CBRE is seeing a push to create alpha at the property management level. Other trends in this space include outsourcing property management, property accounting and fund level accounting, he says, noting, "It's all about driving efficiency."
The City Council in Joplin, Mo., has approved an extra one-cent sales tax to be collected by Northpark Mall. The funds will be used to pay back bonds that funded renovations, stormwater drainage and other work.
Goldenberg Group has purchased a 30,100-square-foot parking lot in Philadelphia for $24.13 million. This parcel, along with an adjacent parcel, may allow the organization to develop a shopping, office and hotel center.
Florida-based private-equity firm Vintage Capital will acquire rent-to-own retailer Rent-A-Center in a deal valued at about $1.37 billion, including debt. Vintage Capital's portfolio also includes a controlling interest in Rent-A-Center rival Buddy's Home Furnishings.
Sources say Forest City Realty Trust has restarted talks with Brookfield Asset Management to be acquired, following Forest City's decision in March to remain independent. The price is close to what was being discussed earlier this year, the sources say, which was in the range of $25 to $25.50 per share.
REITs should be able to withstand the pressure of rising interest rates because the economy is good and rate increases are expected to be slow. "If interest rates are increasing gradually, and are likely to remain at, or below, long-term averages, as is currently expected, real estate would likely be well positioned to benefit in such an environment," TH Real Estate's Melissa Reagen wrote in a Nuveen report.