The Centre in Livingston, Scotland, has unveiled a $1.4 million attraction called the HiRide that is slated to open in the spring. The adventure course will be suspended 36 feet in the air and feature a 42.6-foot climbing space, a zipline and a soft play area.
US retail sales dipped 0.3% in January from the previous month, according to the Commerce Department, as consumers cut spending in several categories. Sales rose at clothing, electronics and department stores, and sales were up 3.6% from the same month last year.
Luxury department store retailer Nordstrom has been investing in store remodels, e-commerce acquisitions and new store concepts in a push to stay competitive and cater to shoppers' changing tastes. The spending has taken a toll on its profits, and Nordstrom family members have reportedly resumed talks with bankers in a push to take the publicly-traded company private.
Hotel properties have figured prominently in commercial mortgage-backed securities issuance this year, supporting several large refinancings and acquisitions, according to JLL. Hotel assets have backed a little over half of this year's private-label deals.
The market does not have much appetite for further mergers and acquisitions among retail REITs after a spate of such deals last fall. Some of the most likely buyers in the space have indicated they are not interested in a deal at this time.
Washington Prime Group is repositioning or has just finished repositioning anchor tenants in 15 of its malls since 2015. Recent examples include Grand Central Mall in Vienna, W.V.; Great Lakes Mall in Mentor, Ohio; Markland Mall in Kokomo, Ind.; and Northwoods Mall in Peoria, Ill.
Several post office properties are under redevelopment around the country, including in Houston and New York City, illustrating a demand for office space in these unique postindustrial buildings. Related Cos. and Vornado Realty are redeveloping the James A. Farley Post Office Building in Manhattan, which has "up to 200,000 square feet on a floor and a really open space with great light," says Andrew Rosen of Related.
Blackstone Group LP has promoted Jonathan Gray to president and chief operating officer, a move that positions him as heir apparent to CEO Stephen Schwarzman. Gray leads the global real estate business for Blackstone and has grown it to $115 billion in assets under management.
Though large deals took place between owners of massive shopping centers in 2017, expectations of such deals this year are falling. It's less likely now that large transactions, such as an acquisition of Macerich, will take place.