Knoxville Center in Tennessee has been struggling in recent years to stay competitive with more active, nearby shopping centers. Simon Property Center is now making efforts to revitalize the two-story, 970,000-square-foot center. It has signed leases with new tenants, and a merchants association for the center will be formed.
Brick-and-mortar retailers are increasingly viewing e-commerce as a tool they can use to compete, not as a drain on their revenue, a Cassidy Turley report finds. That, coupled with retail centers' push to offer experiences such as dining or entertainment, is boosting the sector.
CoStar Group is using data analyzed from some 300,000 lease renewals signed in the U.S. to predict store closures and monitor retailer sentiment. Short-term leases indicate less confidence in the market, CoStar notes. "As we see the number of these short-term leases diminish, that's a pretty good indicator that there's more confidence on the part of retailers keeping stores open," said Ryan McCullough, a CoStar real estate economist.
The 582-room Terranea Resort in Rancho Palos Verdes, Calif., has received $220 million in refinancing for its existing mortgages, secured by owners JC Resorts and Lowe Enterprises. The property has reported a 58% rise in gross revenue since 2010 and a 16% jump in revenue per available room in 2012.