Lewis Retail Centers has cut the ribbon on a 105,000-square-foot retail center in Calimesa, Calif. The MarketPlace at Calimesa is anchored by Stater Bros. Market and has been under construction since May 2019.
As some originators of commercial mortgage-backed securities scale back their operations, debt funds could help fill the gap. Investor-driven lenders including debt funds reduced commercial mortgage activity during the second quarter but still surpassed the CMBS market, according to Real Capital Analytics.
JBG SMITH Properties has filed revised plans with Fairfax County in Northern Virginia for a new 113-unit apartment building at its Reston Heights project that is smaller than what was first envisioned. Earlier plans called for two 11-story mixed-use buildings, one of which has already come online. The REIT is scaling back its plans for the second building.
Automation does not eliminate the need for labor in the logistics space. "What we see today from automation is that even the most heavily automated facilities actually require the most labor and talent," says Steven Hussain of Prologis, which is helping train individuals to enter the industry.
An unidentified Fortune 100 company has signed a lease for 6 MW of capacity at a three-story Iron Mountain data center that is under construction in Phoenix. The data center will measure more than 530,000 square feet and provide a total of 48 MW of capacity.
The coronavirus pandemic led to a "very substantial correction" for the REIT market, and this could provide patient investors with "a significant valuation improvement for the sector and an entry point very different than the pre-COVID period," according to Steven Wieting, chief investment strategist and chief economist at Citi Private Bank. In this Q&A, Wieting discusses the effect COVID-19 is having on the economy in general and real estate in particular.
The coronavirus pandemic "has altered the ESG conversation," according to Reena Agarwal of the Center for Active Design and moderator of a panel on the topic during Nareit's REITworks: 2020 Virtual Conference. Healthy buildings were one topic of conversation, with Ben Myers of Boston Properties noting that they "are becoming very quickly a must-have."
Colony Capital is selling 197 hotel properties to Highgate in a deal that includes Highgate's assumption of $2.7 billion in debt. The sale is part of Colony Capital's pivot to focus on digital infrastructure.
Midscale and economy roadside hotels are a bright spot in the larger hospitality sector, with many summer travelers having taken car trips that eschewed big cities. Companies such as Choice Hotels International and Wyndham Hotels & Resorts, which cater to this cohort, are outperforming other parts of the market.
Preferred Apartment Communities is selling a student housing portfolio that includes more than 6,000 beds for $478.7 million, a move that CEO Joel Murphy noted will support its goal of exiting the asset class. TPG Real Estate Partners is the buyer of the portfolio, which consists of eight communities.