True Value is investing $150 million to revamp its supply chain by shifting to a hub-and-spoke system designed to more efficiently move goods to the more than 4,500 stores and businesses it serves. The hardware wholesaler plans to create spokes that are closer to stores and that will be stocked with faster-moving goods, while larger, central hubs will house off-season goods and products that are less in demand.
The Architecture Billings Index turned negative in June, according to the American Institute for Architects, signalling a decline in commercial real estate demand. "With billings declining or flat for the last five months, it appears that we are settling in for a period of soft demand for design services," says AIA chief economist Kermit Baker.
Alexandria Real Estate Equities has acquired Seattle's Pioneer Square for $12.3 million. This purchase gives the REIT control of the block, following its $20.5 million acquisition of the neighboring property last year, but it has not revealed plans for the properties.
Seritage Growth Properties has approximately $235 million of non-Sears revenue coming online over the next 18 to 24 months, which president and CEO Benjamin Schall says "provides our platform with a tremendous amount of stability as well as growth." He also says that Seritage sees "significant opportunity" in large scale and mixed-use development and that it has prioritized three dozen assets that have potential for significant densification opportunities and for mixed use.
The growth rate of US online retail sales has slowed notably over the last three quarters, according to FTI Consulting. The company suggests that it may be time to stop expecting online retail growth rates in the mid-teens.
M Health Fairview will open a walk-in clinic at Minnesota's Mall of America to treat shoppers and mall employees. The facility will include a pharmacy and be equipped to perform lab tests and radiology services.
Nicholas Schorsch and Brian Block, former executives with AR Capital, have reached a $60 million settlement with the Securities and Exchange Commission. They were alleged to have wrongfully taken millions of dollars from the REIT American Realty Capital Properties, which is now called Vereit.
Cornet Plaza in Las Vegas has been sold to C&C Elliot Street for $6.4 million. The 26,888-square-foot shopping center includes tenants such as Papa John's, Capriotti's and Hammers Grill & Bar.
Oakridge Mall in San Jose, Calif., is preparing to welcome a new video game and entertainment venue called GameWorks. The business will offer popular arcade games, the latest video game titles, space for corporate event and dining options.
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