Blackstone Real Estate Income Trust, Blackstone's first public non-listed REIT, launched this January, has raised $755.4 million -- or 41% of all the funds the entire public non-listed REIT market has raised to date this year, according to Robert A. Stanger & Co. The company is well on its way to meeting its goal of targeting mom-and-pop real estate investors.
Bond rating companies are beginning to downgrade retail debt that includes troubled anchors or otherwise struggling malls. As part of their scrutiny, they are looking at leases that allow retailers to negotiate for more concessions such as early termination or rent relief.
The growing number of mixed-use developments around urban transit hubs such as Chicago; Boston; Denver; Austin, Texas; and Washington, D.C. -- many built by REITs -- are attracting retail and office tenants eager to be near passing foot traffic. "It's definitely a factor when tenants are making their final choice," said E. Nelson Mills, CEO of Columbia Property Trust.
Hines plans to develop a 27-acre, mixed-used tower in downtown Miami, called Miami Worldcenter. The 600,000-square-foot, 45-story project will rival Manhattan's Hudson Yards as one of the largest building projects underway in the US right now.
Wendy Mann, CEO of CREW Network, talks about the advancements women have made in commercial real estate and what CREW is doing now to groom future leaders in the industry. "It's been proven that companies are more successful when they have men and women at the leadership helm," she says.
The proposed border adjustment tax is coming under fire from some conservative House Republicans, Senate Republicans, and retailers and other corporations that rely on imports. If Republicans can't build support for the idea, they would need to find another way to pay for corporate tax cuts.
New York City continues to clamp down on illegal room-sharing as Airbnb becomes more proactive in helping weed out these listings. "We have zero tolerance for illegal hotels on our platform in New York," says Peter Schottenfels, Airbnb's press secretary for New York and New England.
A report from Phillips Edison & Co. states that retail shopping centers are providing more social opportunities with areas for eating, drinking, shopping and socializing. Online retailers and studios such as Core Power Yoga and CycleBar are playing important roles as the industry diversifies.
With numerous retailers shutting doors this year, teens will have fewer job opportunities in shopping centers, with some reports indicating that retail jobs won't make any gains until back-to-school shopping. With fewer jobs available, and fewer teens looking for jobs, there are fewer opportunities for teens to learn important soft skills needed later.
A new 70,500-square-foot shopping center in Glendora, a suburb of Los Angeles, will see the addition of three new tenants: fast-casual restaurant Oke Poke, an ice cream shop called Creamistry and an Orangetheory Fitness. The shops will open in October.
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