Town Center, a retail center on the west side of Detroit, is getting new life with the addition of discount retailer Forman Mills. The property is also attracting startup local businesses taking advantage of the very low rent.
With a foreclosure lawsuit filed against it, Madison Properties USA has stalled on the renovations of Desoto Square in Bradenton, Fla. The developer purchased the property in 2017 with plans to redevelop it and change public perception about the struggling retail center, but vacant stores and slow-moving renovations concern locals.
Grocers are using Dallas-Fort Worth and other Texas markets to test their home delivery options in a region with high competition but more reasonable costs. Market heavyweights Walmart and Kroger are among those setting up innovation labs in the region.
Walmart-owned Sam's Club will offer online shopping and delivery via Instacart from half its US stores by the end of October, the companies said. The deal, which represents an expansion of Walmart's partnership with Instacart, will also allow nonmembers to shop online at Sam's Club.
Sears won't print its Wish Book holiday catalog this year, but will launch an online version of the book early next month. The retailer, which filed for Chapter 11 bankruptcy protection this week, revived the print catalog last year for members of its loyalty program.
Collateralized loan obligations, or CLOs, have become a popular financial instrument again on Wall Street, to some observers' chagrin, as a variation of these structures were in part responsible for the financial crash. "If there turns out to be an issue, this is where the unfinished business of the post-crisis financial reform efforts is going to be revealed," Harvard Law School professor and former Fed oversight governor Daniel Tarullo says.
Alexandria Real Estate Equities has reached an agreement with New York City to add a third building to the Alexandria Center for Life Science in Manhattan's midtown Kips Bay neighborhood. The REIT will start building the 550,000-square-foot tower in 2020.
As regional and mid-level groups start to supplant national owners and operators in the skilled nursing industry, concerns about market, operations and regulations are being considered. "Ten years ago, everyone wanted to be a big national player, but it's hard to create those relationships in 50 states," Greystone's Mark Jarrell says.
The growing consensus is that Amazon ultimately will select the northern Virginia region as a site for its second headquarters. The Crystal City submarket, where JBG Smith owns many of the buildings, is seen by speculators as the ideal site.
While many landlords are excited about the possibility of leasing space that Sears will vacate because of its bankruptcy, others see some downsides. If the retailer is liquidated instead of emerging from Chapter 11, it will add 100 million square feet of vacant space to the market, which would hurt lower-performing malls.