A Whole Foods Market store in New York City is the test site for a convenience store concept called Whole Foods Market Daily Shop. Local and organic products are paired with the ease of a convenience store, and shoppers can make their own acai bowls or get seasonal kombucha on tap.
The National Association of Realtors' chief economist, Lawrence Yun, said he expects commercial real estate prices to rise for the next year, then even out in 2020. The multifamily and industrial asset classes are the best-performing, with cap rates trending at 5% to 6%, he says.
Mack-Cali Realty Corp. has terminated settlement discussions with dissident shareholder group Bow Street LLC. Bow Street recently launched a proxy fight after its proposal to financially restructure and sell the REIT was rejected.
Weyerhaeuser Co. is among the largest US REITs, with a market cap of about $20 billon. Despite its size, President and CEO Devin Stockfish spends time engaging with the company's employees, including its foresters, log truck drivers and the people who work at the mills.
Host Hotels & Resorts has put two Marriott Suites properties in Chicago's suburbs up for sale, as the REIT apparently looks to exit the market. The hotels are part of a six-asset portfolio with an estimated value of $325 million that Host Hotels wants to sell.
Entities like social-purpose REIT Housing Partnership Equity Trust are among the leaders tackling the affordable housing crisis with partners such as Eden Housing, a nonprofit. Affordable housing has become a national concern, says John Pawlowski, a senior analyst at Green Street Advisors, who adds, "The political pressure will build until the cycle breaks and rents go down."
Trademark Property Co. has been tapped to develop a master plan for the 1.7-million-square-foot Memorial City Mall in Houston. The announcement comes just over six months after Sears pulled out of the property.
Halvorsen Holdings is embarking on a journey to develop May River Crossing in Bluffton, S.C. The 70,200-square-foot shopping center will be anchored by a Publix with a drive-thru pharmacy.
Irondequoit, N.Y., residents will soon vote on whether to approve funding for a 43,000-square-foot community center at the vacant Skyview on the Ridge mall. The mall's new owners are also pursuing other redevelopment plans while they await a decision on the community center.
Fashion retailer H&M has debuted a new, two-tier loyalty program with expanded rewards for its biggest-spending customers. Perks will include discounted blowouts at Drybar, invitation-only events and free-shipping offers.
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