Marcus & Millichap CEO Hessam Nadji notes that the Federal Reserve has been very accommodating in terms of messaging that it will facilitate the life of this expansion and not become a headwind. REITs will further flourish in a low-interest rate environment, he says, and another reason for optimism is that the real estate industry has not overbuilt in this cycle compared to the prior peak of the last cycle.
The Stamford Town Center mall in Connecticut is saying goodbye to a Chico's store while other tenants step up to fill in the gaps. Menswear retailer Zane recently joined the mall's lineup, and a Fun Palace entertainment center is slated to open next month.
Wausau Center Mall in Wisconsin has been listed for sale after a series of both retail exits and new tenants. The city is expected to work with any future owner to help the space transform.
Dressbarn has identified 53 stores that will close by the end of next month, as part of the retailer's plan to shutter all of its roughly 650 Dressbarn locations this year, parent Ascena Retail Group said. The retailer has hired Gordon Brothers Retail Partners to help with closures, and it will seek a buyer for Dressbarn's intellectual property.
Prime US REIT, a US-focused REIT that launched on the Singapore Exchange, has raised $612 million. The offering had been downsized from $705 million.
Blackstone is in negotiations to sell some of the warehouses it is purchasing from GLP Pte Ltd. for $18.7 billion, according to sources. Prologis is said to be one of the bidders, some of the sources have said, and one source added that at least one portfolio is valued at $1 billion or more.
Housing construction slowed in June due to a drop in multifamily starts. Despite increases in construction in recent years, however, the supply of new apartments is modest compared to prior booms, according to Nareit economist Calvin Schnure, and demographic trends will continue to buoy the apartment market, and apartment REITs, in the months ahead.
Colony Capital is considering selling its Colony Industrial unit, according to sources, which could garner more than $5 billion. In February 2019, the company said it would launch a strategic review.
Dweck Properties has acquired the 299-unit apartment, the Park at Pentagon Row, in Arlington, Va., for $117 million. Equity Residential sold the property, which is near the location of Amazon's planned second headquarters.