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.
Discount retailer Fred's will shutter 104 stores by the end of next month, in addition to the 159 closures announced last month. The closures, part of an ongoing restructuring, will leave the retailer with about 300 locations.
JBG SMITH has raised a committed $78 million for its social impact fund from 11 investors, including developers and leading financial institutions. The fund's purpose is to develop and preserve affordable workforce housing across the Washington, D.C., area, and the fundraising goal is $150 million.
Expanding e-commerce and the growing volume of data traffic are fueling the growth of the cell tower, data center and industrial REIT sectors. In a Bloomberg Intelligence webinar, Invesco's Paul Curbo and Cohen & Steers' Evan Serton say new technologies and users will continue to support these sectors.
Rising interest rates can create headwinds in REIT capital markets and may be a factor behind slow REIT activity in initial public offerings, said Daniel LeBey, a partner at Vinson & Elkins. If the REIT IPO market remains soft, LeBey expects strong M&A activity for 2019.
Park Hotels & Resorts has completed its $150 million restoration of the 652-key Caribe Hilton in San Juan, Puerto Rico, after the devastation of Hurricane Maria in 2017. The resort has held a soft opening, with a formal opening planned for June 18.
Howard Sider, assistant vice president at Arch Insurance, noted that his company continues to deal with REIT mergers and acquisitions litigation. Tim Crowley, first vice president at Crystal & Co., speaking of the company's partnership on the Nareit D&O Program, said, "A core benefit of our program is the unique coverage that we've developed ... to respond to all of these various types of claims activities."
Construction has begun on the first phase of the Port Covington project in Baltimore. The 235-acre mixed-use property will see its first new buildings open in fall 2021 with retail, a food hall, an open-air market, meeting space and a rooftop event area.
New York City will welcome its first outlet mall when Empire Outlets opens on Staten Island. The 340,000-square-foot mall is currently around 80% leased and aims to win over shoppers with events and waterfront views.
PRES Cos. has acquired California's Corona Freeway Center for $11 million. The facility was recently outfitted with a new HVAC system, new roof, parking lot renovations and updated landscaping.
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