Commercial Real Estate
Top stories summarized by our editors
6/26/2019

Following a pilot program that began in 2017, Walmart will now allow customers to pay for online grocery orders with Supplemental Nutrition Assistance Program benefits at its more than 2,500 pickup locations. Customers can select "EBT card" on Walmart's website and present the benefit card at pickup.

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TechCrunch
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Walmart
6/26/2019

Pebblebrook Hotel Trust is under contract to sell the Kimpton Rouge Hotel in Washington, DC, for $42 million, or about $306,000 per key. LaSalle Hotel Properties acquired the 137-room hotel, which is located near Dupont Circle, for $10.6 million in 2001.

6/26/2019

Wildwood Shopping Center in Bethesda, Md., is among the top earners for Federal Realty Investment Trust due to its prime location in the suburbs and the innovative retailing strategies it has deployed there. Nearby Bethesda Row is also booming, and John Tschiderer, senior vice president for development, notes that both properties are leveraging the "promise of the experience economy."

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Nareit
6/26/2019

Medical office buildings are a "terrific" investment, says Jeffrey Busch, CEO of Global Medical REIT, who adds, "There is a tremendous growth in the health care industry of baby boomers who are now aging and need much more medical care." To source deals, the REIT goes outside of main markets, where bidding is very competitive, to focus on secondary and tertiary markets, he says.

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Nareit
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Global Medical REIT
6/26/2019

Howard Hughes Co.'s master-planned communities have helped to grow its net operating income from $49 million in 2010 to $321 million, excluding the Seaport in Manhattan. This "collection of small cities ... have been a critical factor in the success of the company, whether measured by sales, commercial development, income or awards," says CEO David Weinreb.

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David Weinreb
6/26/2019

Mortgage-backed securities issued by Fannie Mae and Freddie Mac are trading at a growing discount relative to what Ginnie Mae is selling; thus, standard mortgage costs are rising. The gap is attributed to statements from the Trump Administration that it plans to overhaul Fannie and Freddie and end their conservatorship.

6/26/2019

Home Depot will cut costs elsewhere in the supply chain to offset possible tariff increases on imported goods and keep from passing along the entire burden to customers, CEO Craig Menear said. The home improvement retailer says 70% of its products are made in the US, which will also minimize the effects of higher tariffs, he said.

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CNBC
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Home Depot, Craig Menear
6/26/2019

Empire Outlets on New York City's Staten Island is not your typical outlet mall complex due to its proximity to the Staten Island Ferry terminal and its clear view of Manhattan. This location, ideal for serving both visitors and locals, drew 165,000 during opening weekend last month and has had roughly 20,000 visitors a day since, according to data from the outlet's developer.

6/26/2019

Idaho's Pine Ridge Mall in Chubbuck and Grand Teton Mall in Idaho Falls were both developed in the 1980s by the Price Development Company and were largely similar, but that's no longer the case. Grand Teton has managed to keep several department stores and other retail offerings, while Pine Ridge has struggled to retain these large retailers and has instead sought out experience-based businesses, such as a gym and escape room company, to remain open.

6/26/2019

The Mall at Green Hills in Nashville, Tenn., has opened its new two-story wing, which includes several new retail stores, entrances to the Dillard's department store and more parking. The new space has welcomed Forever 21, Foot Locker, Cinnabon and many more tenants.

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Cinnabon, Dillard