The site of the former Eastland Mall, which closed in 2010, will be transformed into the new headquarters for Charlotte's Major League Soccer expansion team. Crosland Southeast is seeking to rezone the vacant 77-acre plot, which also will include commercial space, houses and apartments and a public park.
The Philippines Securities and Exchange Commission is seeking to attract REIT listings through a recent move to ease tax and ownership rules. Ayala Land wants to raise $500 million once the new rules are in place.
Investors appear to be pulling back from real estate in Brooklyn, with TerraCRG data showing that the dollar volume of commercial property sales fell to $5.1 billion last year -- a decline of 30%. A downturn in the market for rental-apartment properties was a major contributor to the decline.
Blackstone CEO Steve Schwarzman says there are now fewer buying opportunities because of the price appreciation that assets have experienced. "Everything is up. You have to see something reasonably remarkable in terms of your ability to improve the operations of a company," he says.
The flow of capital into real estate private equity funds has declined, with just $18 billion worth of real estate funds closing during the fourth quarter. That is the lowest three-month tally since Q1 of 2013, according to Preqin.
Last year, Vornado Realty Trust significantly reduced the rent for Forever 21 locations. But landlords are often reluctant to make these types of concessions for a variety of reasons.
Columbia Property Trust has sold an office campus in Cranberry Township, Pa., for $180 million. The 824,000-square foot complex is leased by Westinghouse.
Gladstone Land Corp. has acquired 1,324 acres in Holyoke, Colo., for $7.5 million. The deal "increases the number of regions where we own farms and the number of different crop types grown on our farms, and it also adds a new operator to the number of tenants on our farms," says Gladstone CEO David Gladstone.
Lawmakers in various cities and states are seeking to offer alternatives to would-be renters who are unable to make all-cash security deposits. In some cases, these plans involve allowing renters to make payments in installments or take out insurance policies.
Centurion American Development is in the design phase of a new mixed-use development in North Richland Hills in suburban Dallas that is expected to break ground in the spring. The property, the former site of the North Hills Mall, will have 60,000 square feet of commercial space, a hotel, 364 single-family lots, 8 acres of multifamily development, an amenity center, a trail system and green space.
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