Powder Springs, Ga., officials held an open house Monday to showcase new designs for the city's proposed town center property and let residents voice opinions on the options. Though no formal presentation occurred, residents were able to vote on amenities they would like, such as water features, fireplace art sculpture and a multiuse lawn.
Sears paid down $325 million on an existing loan in the fourth quarter and won an extension on the maturity date for the remaining $400 million until January 2019, the retailer said in regulatory filings. The company has also secured a $607 million credit facility which is secured by 138 properties that Sears will eventually sell to repay the loan.
Inditex, the parent of fashion retailer Zara, aims to find a buyer for 14 of its stores in Spain and two in Portugal, the company confirmed. The retailer is seeking to raise $472 million from the sale of the stores, which it would then lease back with an option to vacate after five years, a source said.
The annual increase in the Labor Department's core Consumer Price Index fell to 1.7% in November from 1.8% the previous month. Federal Reserve officials, some of whom are already concerned about weak inflation, are expected to factor the report into their policymaking.
Commercial mortgage-backed securities holdings rose by 0.8%, or $3.6 billion, in the third quarter over the second quarter, reversing a 10-year downward trend, according to the Mortgage Bankers Association. Commercial and multifamily mortgage debt reached $3.11 trillion in the third quarter, MBA said.
Data center and infrastructure REITs are benefiting from two types of tech trends -- the proliferation of handheld devices and more advanced developments such as big data and driverless cars, says Burl East, manager of the Altegris/AACA Opportunistic Real Estate Fund. "We like investing in business that have secular demand drivers," he says.
A recent injunction by the courts to prevent the closure of Teavana stores in retail shopping centers has more tenants seeking lease clauses that allow them to terminate early. Uncertainty over occupancy and leasing success has led to several disputes between landlords, tenants and lenders.
E-commerce activity accounts for about a third of absorption in the DCT Industrial Trust portfolio, according to president and CEO Philip Hawkins. He also noted that the line in the supply chain between e-commerce and traditional retail is blurring, as "[a]lmost every company is working on e-commerce fulfillment."
Despite the growing competition from banks, Fannie Mae and Freddie Mac remain the major lenders in the multifamily market, holding 37% of all outstanding mortgages in the sector as of Sept. 30, according to Federal Reserve data. Fannie Mae and Freddie Mac "remain the most competitive on the overall package," says CBRE's Brian Eisendrath.
Arneil Pueblo has sold the 54,430-square-foot Pueblo Point Shopping Center in Phoenix to Paradise Valley Ventures for $11 million. The retail center is in an infill location with high barriers to entrance.