Commercial News

SCT Week for October 6 2017

Posted: October 06, 2017 at 12:00 AM by Stephanie Messina


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October 6, 2017

Holiday shoppers taking to tech tools this year

Mobile devices have become indispensible to many holiday shoppers — three-quarters of those who own them will use them when shopping in a store this holiday season, according to ICSC Research. And 83 percent of shoppers overall will research retailers’ websites or use their apps, primarily for research, before heading to the stores. Not surprisingly, Millennials (those 18 to 36... more >>

QIC in nearly $1.6 billion deal to buy 10 Forest City malls

Forest City Realty Trust is selling its stake in 10 malls to partner QIC, an Australian fund manager, in a deal valued at nearly $1.6 billion. The total value of the malls approaches roughly $3.2 billion. Forest City and QIC formed their joint ownership of these malls in 2013. While this largely marks Forest City’s exit from the mall business, it also underscores QIC’s... more >>

Florida, Houston retail recovering from storms

Landlords, retailers and consumers are recovering from the summer’s disastrous series of hurricanes in the U.S. Southeast. On the consumer side, economic growth will increase in the short term, according to John Chang, first vice president of research services for Marcus & Millichap, who spoke on a conference call this week. “We will see a burst of retail consumption in... more >>

Landlords striving to reopen retail properties in storm-ravaged Puerto Rico

San Juan’s popular Plaza Las Américas mall is operating at full capacity, but properties outside the capital are still without power and water. In the wake of Hurricane Maria, New Hyde Park, N.Y.–based Kimco Realty Corp. reports that recovery efforts are under way at its seven Puerto Rico assets. Two in the southern part of the island were less affected, and most tenants... more >>

Pioneering developer Sheldon Gordon dies at 88

Retail real estate visionary Sheldon Gordon, who joined forces with major developers to create such icons as The Forum Shops at Caesars, in Las Vegas, and Beverly Center, in Los Angeles, has died. He was 88. The Forum Shops, built through a partnership of The Gordon Co. and Melvin Simon & Associates (later Simon Property Group) marked the first diversification into retail... more >>

Storefronts: What the tenants are up to

• TV star and retailer Marcus Lemonis is opening his first store, a women’s fashion and lifestyle shop called Marcus, at a street-front location on Chicago’s Gold Coast, at 110 E. Delaware Place. Lemonis, known as the “business-turnaround king,” is host of CNBC’s prime-time reality series, The Profit. Lemonis says he will open additional Marcus stores in Aspen, Colo.;... more >>

Transactions: Who’s paying how much for what

• Gazit Horizons paid The Brodsky Organization nearly $73.3 million for a 92,000-square-foot, three-level retail condominium in New York City, occupied by Bed Bath & Beyond and Starbucks. • United Properties paid almost $29.8 million for Mount Sinai (N.Y.) Shopping Center, which is anchored by a King Kullen supermarket and which contains 101,000 square feet of retail... more >>

Hot links: news from around the U.S.

Here's what local news sources are reporting about retail and shopping centers: • Canadian landlord RioCan is considering selling its retail properties in secondary markets to refocus on projects in big cities. CBC • Developers are busy transforming Philadelphia’s landmark former commodities exchange into a futuristic food court. Philadelphia • One Minnesota shopping... more >>

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