Colorado company Lamar Cos. has purchased a shopping center in North Richland Hills, Texas, from a Los Angeles-based private investment company for an undisclosed amount. The 99,331-square foot center was built in 1991.
East River Plaza, a former wine factory that is being transformed into a big-box store shopping center, is scheduled to open in October 2009. When the developer first considered the idea in 1994, big-box retailing in urban centers was untested, but more companies are finding ways to conquer hurdles such as limited parking space.
Alpha and beta -- two of the main ideas that hedge funds typically use to measure risk -- aren't widely used in real estate. That, however, could change as real estate portfolio managers look to make sense of the volatility in the investment market. "Everyone in real estate thinks that somehow they can produce alpha," says Jon Southard, principal and director of forecasting at Torto Wheaton Research. "I don't know how that can be."
Al Ruwais, in the United Arab Emirates, will get a two-story shopping center from property development company ALDAR Properties. The city currently has no shopping center, and residents are forced to travel to surrounding cities to shop.