Some malls in Southern California have turned parts of their parking lots into outdoor markets in response to a state ruling in July limiting indoor shopping. Mall operators have also been getting creative in other ways, including curbside pickup, attracting nontraditional businesses and investing in bankrupt retailers.
Bunker Hill Mall in Charlestown, Mass., wants to renovate its property to include a 240-unit residential building to fill up approximately 46,000 square feet of vacant space on the mall's property. The retail center's owners have sent a letter of intent to the Boston Planning and Development Agency laying out the plans for the renovation.
Sparc Group, a venture backed by Simon Property Group and Authentic Brands Group, is poised to acquire Brooks Brothers after increasing its bid to $325 million. A hearing to approve the transaction is scheduled for Aug. 14, and the deal could be completed this month.
In this interview, Federal Realty CEO Don Wood talks about the decision to raise the company's dividend and confidence in the future. "It's all about our confidence in what happens on the other side of this," he says.
CMBS industry veteran John Flynn has alleged that lenders sometimes inflate net operating incomes in CMBS transactions, and a study from the University of Texas at Austin appears to raise similar concerns. However, some within the industry are skeptical of claims of misrepresentation and point to the checks that are in place to minimize fraud.
National retail and restaurant chains are suffering in Manhattan as offices remain closed and tourists stay away, while in other parts of the country these same outlets are experiencing recovery. "I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less," says Michael Weinstein, CEO of Ark Restaurants.
A limited number of office workers in New York City have returned, with Manhattan office towers experiencing foot traffic that is 10% of pre-pandemic levels, according to Cushman & Wakefield's Bruce Mosler. The return of more workers could depend in part on the reopening of schools, he notes.
National Health Investors has agreed to defer $2.1 million in rent for Bickford Senior Living in the third quarter. The REIT also plans to sell nine Bickford communities that have a book value of $76.7 million.
Alexandria Real Estate Equities acquired the ground leasehold interest in a two-story, approximately 100,000-square foot research-and-development property in Palo Alto, Calif. Jazz Pharmaceuticals is leasing the property.
Equinix is acquiring a two-data center campus in Mumbai from GPX Global Systems in a $161 million deal. The deal, which marks Equinix's entry into India, could close in the first quarter of next year.