A group of more than 12 REITs with assets in Hawaii has provided a $100,000 grant to kick off The REITWay Community Giving Campaign to help nonprofit organizations that develop affordable housing. The grant will go toward the second phase of the Kahauiki Village project in Honolulu, and the campaign is accepting applications for additional grants through mid-December via the website TheREITWayHawaii.com.
The stocks of manufactured home communities Sun Communities and Equity LifeStyle Properties posted slight gains in October as the rest of the market crashed. Demographics and other factors suggest this sector is poised to continue to grow and its stocks positioned to act as a hedge in case of a downturn, writes Robert Ross.
Macerich is debuting a new concept at Tysons Corner in northern Virginia, in which digital retail brands can open up physical stores using a package of technology and utility services and flexible real estate. Called BrandBox, the service provides for stores that range from 500 square feet to 2,500 square feet and have leases that run six to 12 months.
Landmark Mall in northern Virginia is now fully under the control of Howard Hughes Corp., according to Mark Bulmash, senior vice president for development, who says the company will replan the 51-acre site. The ownership change appears to be part of a partnership with Seritage Growth Properties, which owns the Sears store at the mall.
The Treasury Department has expanded an anti-money-laundering program called a geographic targeting order that focuses on all-cash purchases of residential properties through limited liability companies. The changes set the minimum value of property subject to the requirement at $300,000 and expanded the program to 12 areas, up from seven.
Northpark Mall in Ridgeland, Miss., held a grand reopening Thursday following a multimillion-dollar renovation. The updates make the location more of a "one-stop shop," according to the general manager.
The 89,053-square-foot New London Square retail center in Marietta, Ga., was sold through Marcus & Millichap for $7.25 million to an unnamed buyer. The new owners are expected to make improvements to attract more tenants.
Maplewood Mall in Philadelphia will get new landscaping, plaza updates and new signs through a $3.3 million investment from the city. The area lacks large retailers in favor of smaller organizations and a quiet, brick-paved layout.
Macy's raised its forecast for full-year earnings after reporting better-than-expected third-quarter earnings on Wednesday. The retailer is seeing results from efforts including redesigning some stores, closing underperforming locations, focusing on luxury goods and expanding the reach of its off-price Backstage concept.
Federal Reserve Chairman Jerome Powell has delivered an upbeat assessment on the health of the US economy, saying it has room for further growth. However, he noted potential headwinds from factors including slowing demand from abroad, protectionism and the effects of the end of fiscal stimulus, which could influence the Fed's longer-term policy on interest rates.
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