Sears Holdings will close at least 30 more stores, in addition to the 150 locations announced earlier this year, including 18 Kmart stores and 12 Sears locations. "At the beginning of the year we said we would continue to strategically and aggressively evaluate our store space and productivity, and accelerate the closing of some unprofitable stores," said Sears spokesman Howard Riefs.
China Life Insurance Group is buying a 95% stake in a 5.5 million-square-foot portfolio owned by private equity firm ElmTree Funds. The deal, which exemplifies foreign capital's push into secondary and tertiary US markets, values the ElmTree portfolio at $950 million.
Americold, a public non-traded REIT, is considering an initial public offering, which could value the company at $3 billion to $4 billion, according to sources. Americold owns temperature-controlled warehouses and is backed by investor Ron Burkle.
REITs did not perform as well as the broader market for the first four months of 2017, with the FTSE/NAREIT All REITs Index posting a total return of 3.5%, compared with the Standard & Poor's 500 index's 7.2%. Certain categories did outperform the general market, including data-center REITs' total return of 18%, infrastructure REITs at 15.7% and specialty REITs with 14.3% returns.
The proliferation of custom indexes means that the number of indexes is now greater than the number of stocks in US markets. The repackaging of active strategies into special indexes has become popular with investors, prompting the creation of ever more indexes to satisfy demand.
Single-family rental-home investors such as American Homes 4 Rent, Colony Starwood Homes and AHV Communities still have an appetite for this market even though the number of distressed assets to buy is declining. Instead, they are finding it cost-effective to build homes they will then rent out.
CyrusOne has been benefiting from multiple trends in the industry, says CEO Gary Wojtaszek. These include a general rotation out of traditional real estate assets into those that are growing much faster and the move to outsource data-center operations -- even among the cloud providers.
Philadelphia's Market East district tops the list of big-city retail areas where merchants can get more bang for their rental buck, according to a new report from JLL. Wicker Park in Chicago, Pike Street in Seattle, Fulton Market District in Chicago and The Marina in San Francisco round out the top five.
Labor Secretary R. Alexander Acosta says he has no legal basis to delay the effective date of his department's fiduciary rule beyond June 9. However, the Labor Department will continue to seek public input on the entire fiduciary rule.
With numerous large anchor bankruptcies, the Chicago area has reached a total of 10.8 million square feet across 218 anchor stores for sale or lease, up from 8.2 million square feet in 2016. The area is seeing new tenants fill this space, including off-price and discount retailers and furniture retailers.
- Page 1