High-quality shopping malls are some of the best value opportunities right now, according to Bernhard Krieg, managing director and portfolio manager on the real estate equities team for Brookfield's public securities group. He is also watching office companies with access to San Francisco.
Alexandria Real Estate Equities has secured a build-to-suit lease from RegenxBio and is developing a 132,000-square-foot office and laboratory at its Alexandria Life Science and Translational Research Center in Rockville, Md. RegenxBio plans to consolidate its area locations in the building when it delivers in 2020.
Google is said to be interested in a 1.3 million-square-foot office complex under development in Manhattan's West Village. The office building at St. John's Terminal will deliver in 2022 and could provide space for more than 8,500 new workers.
Two major risks in commercial real estate are inflated property prices and a speculative construction pipeline that may be too robust for actual demand, writes Calvin Schnure, Nareit's senior vice president of research and economic analysis. Currently, he notes, price gains are bolstered by net operating income growth, and the major property types are balanced between supply and demand in their pipelines, which strengthens forecasts for REITs.
After years of delays, construction on Adelanto Towne Center in Adelanto, Calif., is scheduled to begin before year's end. The project includes 54,000 square feet of space, with several retail locations, fast food, a gas station and a car wash.
A resaca-sided retail center in San Benito, Texas, may include 50,000 square feet of retail shops, offices and restaurants. Developer Carlos Varela has received approval from city commissioners for the project, which could cost as much as $7 million to build.
The Mall of America in Bloomington, Minn., has started the monthlong process of decorating for the holidays. The decorations include two 44-foot-tall trees featuring 32,000 LED bulbs each; also included are 400 additional decorative trees, plus seven 11-foot-tall nutcrackers at the grand entrance.
The $300 million City Center Bishop Ranch, a 300,000-square-foot complex with a movie theater, a fitness center and at least 13 retailers, is scheduled to open today in San Ramon, Calif. The center plans to open additional shops and dining options in the coming months.
Ralph Lauren has started to see results from efforts to court younger shoppers with updated styles and social media campaigns, CEO Patrice Louvet said. The brand is in talks to expand its offerings on Amazon and has also started selling its luxury goods via other sites, including Stitch Fix.
IKEA will host a three-month bootcamp for 20 startups at its campus in Almhult, Sweden, to fuel innovation with an eye on future partnerships. The first two weeks will be spent determining if there's a potential for each of the startups to partner with IKEA, and those that pass the test will remain for the three months, spokeswoman Janice Simonsen said.