There are a growing number of real estate funds forming to invest in the Opportunity Zones mandated by the Tax Cut and Jobs Act. Interest in these funds is strong, but many investors still have questions about how they work and their tax advantages.
The Blackstone Group's $7.6 billion acquisition of Gramercy Property Trust closed on Wednesday. The industrial REIT owns 81 million square feet of mainly single-tenant buildings across the US.
Columbia Property Trust is listing the remaining office properties it owns in Atlanta, with a plan to exit the market once the buildings sell. Among the properties it is selling are Lindbergh Center and its One and Three Glenlake Parkway, twin towers leased to AT&T that are expected to draw interest.
Simon Property Group plans to add a $70 million, 180,000-square-foot office and retail component, including three ice skating rinks, to its Northgate Mall in Seattle. NHL Seattle, a group lobbying for a hockey franchise for the city, will be the anchor tenant.
Manhattan apartment owners are ramping up the concessions they offer to tenants as new supply comes online in the market. Concessions were made in 37% of new leases in September, up from 27% in September 2017, according to Miller Samuel Inc. and Douglas Elliman Real Estate.
As Gen Z members become customers, retailers will need to change to meet their demands, including for multichannel commerce and fast shipping. To do so, retailers must consider that Gen Z members believe in authenticity, are dedicated digital users and multitask.
Good Mac Airport Associates hopes to build a mixed-use space with five retailers in a 25,500-square-foot retail center along Airport Road in Allentown, Pa. The project also includes additional retail, a restaurant, fast food and a 168-unit apartment complex.
A judge has halted a foreclosure lawsuit on Concord Mall in Elkhart, Ind. U.S. Bank National Association, which holds a $12.8 million loan on the property, agreed to new loan terms with Concord Mall Properties.
After purchasing the empty Sears and Macy's department store spaces at Richmond Town Square Mall in Ohio, DealPoint Merrill plans to renovate the space into a mixed-use development. The $70 million project will include ground-level retail space, along with a luxury, multifamily property, a hotel and a restaurant.
FAO Schwarz will open holiday pop-ups in all of Canada's Hudson's Bay Co. stores, marking the iconic US toy brand's first foray into the country. The company will also open its new New York City flagship next month, and it's planning pop-ups in other stores including Macy's in the US and Selfridges in London.