Circle Centre Partnership will upgrade Circle Centre, a downtown Indianapolis retail center. The renovations will take up to two years and include new bathrooms, lighting, elevators, lounge areas and community tables.
Plans are still being worked out for Butler Square on Shorter Avenue, a retail development from Butler Properties in Georgia. The project will no longer include a Lidl grocery store but will still include seven retail spaces.
Many US consumers will see their pay rise starting this month under the new tax law, which could boost sales at retailers including Walmart, Costco Wholesale and Amazon. Taxes will decline about $2,119 this year for a family making $75,000, according to the Tax Policy Center.
Goldman Sachs analysts expect the cost of servicing US debt will surge due to climbing bond yields and the expansion in borrowing amid a growing economy. "In the past, as the economy strengthens and the debt burden increases, Congress has responded by raising taxes and cutting spending," the analysts wrote, noting the opposite is now true.
Tops Friendly Market and Winn-Dixie parent Bi-Lo are both preparing for possible bankruptcy filings in the coming weeks, sources said. Both chains are carrying heavy debt loads and facing growing competition.
Restaurateurs who once struggled to find the space they needed to launch new eateries are now being courted as anchor tenants by retail property owners, said David Chang, who owns 23 eateries around the world. Restaurants and food sellers fill 20% to 40% of space at most shopping centers, up from 10% to 15% in 2008, according to commercial real estate firm CBRE Group.
Cedar Realty Trust has arrived at an agreement to resolve a shareholder activist campaign by Snow Park Capital Partners. Cedar Realty will add one new independent board director under the agreement.
REITs are becoming more attractive to investors as they appear poised for a rebound after lagging the Standard & Poor's 500 in the past year. REITs are undervalued compared with stocks and bonds, says Mike Kirby, chairman of Green Street Advisors.
WeWork, founded eight years ago and now valued at $20 billion, is looking to expand its shared-working-space model to living space and amenities, as illustrated by projects such as its Dock 72 project at Brooklyn Navy Yard. CEO and co-founder Adam Neumann describes WeWork not as a real estate company but as one that connects entrepreneurs through the work environment and beyond.
Nareit's Leader in the Light Award has gone to Vornado Realty Trust for eight consecutive years. Vornado introduced its sustainability program in 2009, and since then the company has curtailed its energy use by more than 15% and is now focusing on New York Mayor Bill de Blasio's "ambitious" goals for carbon reduction, says Dan Egan, vice president for sustainability and utilities.