Related Cos. unveiled its $500 million Gateway Center, at site of the former Bronx terminal market in New York. Anchors at the 1 million-square-foot center include BJ's Wholesale Club, Home Depot and Best Buy.
Banks smaller than the 19 major banks subjected to stress tests in May will be examined by the Federal Reserve to determine their vulnerability to continued declines in commercial real estate values. The central bank will collect data from banks one by one, then compare that data with other similar banks. The Fed calls the process "horizontal review."
The market for new commercial mortgage-backed securities, or CMBS, still isn't getting any help from the Federal Reserve's Term Asset-Backed Securities Loan Facility, or TALF, months after it was revised to help
commercial real estate. Not a single new CMBS deal has been done using TALF financing.
The rush to go public and invest in real estate debt continues to build momentum. The latest entrant is Crexus Investment Corp., which generated proceeds of almost $200 million from its IPO on Thursday. At least four similar IPOs are scheduled to reach the equity markets before the month is out.
Job losses will bottom out at the end of 2009 and should be poised to recover next year, said a panelist at ICSC's webinar on "Successful Leasing Strategies in a Volatile Market." Still, the retail industry should prepare for difficult year, as consumers will continue to struggle.
Tommy Hilfiger's global flagship store is opening on New York's Fifth Avenue. The 22,000-square-foot location will be the company's largest, and the company will host complimentary denim fittings and celebrity stylist appearances, among other perks.