A bankruptcy judge has given Sears approval to auction off profitable stores. The retailer is expected to find an initial bidder by Dec. 15.
STORE Capital has invested about $100 million or more per month for the past four years, says Chris Volk, president and CEO. Tenant diversity is important, he adds, noting that "if you have a huge pool of diverse, noncorrelated tenants, then the performance of that stream of rents needs to behave very much like an investment-grade stream of income -- and in fact it does."
Faced with significant pressure, but still a vital component to local communities, small-business retailers "need support now more than ever," writes John Hurst, president of the Retailers Association of Massachusetts. Laws driving up costs to operate in the state, putting small businesses at risk, are a main area of concern.
Reem Mall developer Al Farwaniya Property Developments has announced the tenant lineup for the 2.9 million-square-foot property in Abu Dhabi. Among identified tenants are Eataly, Virgin Megastore, Centrepoint and Adidas.
Brixmor Property Group sold a 50,967-square-foot, two-story H-E-B location in the Houston area for $17.25 million. H-E-B occupies a newly built building that replaced a multi-tenant shopping center.
Libor is likely to be discontinued, and other benchmarks are available, but Libor alternatives aren't being written into financial contracts. Banks say there is too much uncertainty to reference alternative benchmarks, despite regulators' frustration the process is moving slowly.
Startup Fourpost is betting on the future of brick-and-mortar retail and helping small merchants create a physical retail presence. Fourpost has opened its first two locations at the Mall of America and Canada's West Edmonton Mall, where it will offer space for 30 brands, many of which are local.
A group of more than 12 REITs with assets in Hawaii has provided a $100,000 grant to kick off The REITWay Community Giving Campaign to help nonprofit organizations that develop affordable housing. The grant will go toward the second phase of the Kahauiki Village project in Honolulu, and the campaign is accepting applications for additional grants through mid-December via the website TheREITWayHawaii.com.
The stocks of manufactured home communities Sun Communities and Equity LifeStyle Properties posted slight gains in October as the rest of the market crashed. Demographics and other factors suggest this sector is poised to continue to grow and its stocks positioned to act as a hedge in case of a downturn, writes Robert Ross.
Macerich is debuting a new concept at Tysons Corner in northern Virginia, in which digital retail brands can open up physical stores using a package of technology and utility services and flexible real estate. Called BrandBox, the service provides for stores that range from 500 square feet to 2,500 square feet and have leases that run six to 12 months.