Two suburban Chicago shopping centers have been sold in deals brokered by Millennium Properties. The centers, in Elmhurst and Barrington, are fully leased and include more than 19,500 square feet of office, retail and restaurant space.
SL Green Realty plans to develop an office tower in Manhattan's Financial District close to the World Trade Center that could be as large as 200,000 square feet. It has received permits to demolish three buildings it owns at 183 and 187 Broadway and 5-7 Dey Street, and also appears to be prepping to answer the Metropolitan Transportation Authority's request for proposals to buy 62,750 square feet of unused air rights next door to the development.
US multifamily REITs' operating performance will continue to decelerate this year, according to Moody's Investors Service. However, long-term fundamentals still favor renting versus owning, and multifamily REITs continue to have a strong credit profile with low leverage and plenty of liquidity, according to the ratings agency.
Federal Reserve Bank of Chicago President Charles Evans says that while the Fed may hold off on another rate increase to see what happens with inflation, it will likely begin to sell assets off of its balance sheet sooner. Most Fed officials expect to see one more rate increase this year.
The Levee District, a shopping center with 650,000 square feet of retail and restaurant space in East Peoria, Ill., will see the addition of a new multitenant building. The expansion will make room for a T-Mobile location in a center that is 90% occupied.
T.J. Maxx and Marshalls parent TJX Co. is growing while traditional department stores struggle amid shifting shopping patterns. The off-price retailer operates 3,800 stores and plans to open 250 more in 2017 as it sticks with the brick-and-mortar strategy that continues to bring in budget-conscious shoppers on the hunt for hidden treasures.
REITs this year raised 23% more capital through May 2017 than in the same period last year, for a total of $19 billion of debt, $16 billion of common equity and $2 billion of preferred equity, according to S&P Global Market Intelligence. It also reported that REITs' Q1 results were generally in line with expectations, but there is a trend of decelerating growth that is expected to continue for the rest of the year.