GGP has reportedly declined a $14.8 billion buyout from its largest shareholder, Brookfield Property Partners, a deal that would have created one of the largest publicly traded property companies in the world. Brookfield is said to be considering a new offer after GGP's board of directors found the initial offer inadequate.
Pebblebrook Hotel Trust is planning to sell some of its 28 full-service hotels next year to take advantage of strong private-market demand for assets, says CEO Jon Bortz. The REIT may also buy back stock if that use of capital offers a favorable discount.
The CMBS market is in the second-longest period of falling delinquencies in more than eight years, with November marking the fifth consecutive month of decline, according to Trepp and Fitch Ratings. The delinquency level has been receding since June "as bubble-year loans have passed their maturity date and been resolved," says Trepp's Manus Clancy.
A Washington court has ruled against Whole Foods' decision to close one of its locations in a Bellevue shopping center without giving the landlord and other tenants much notice. This ruling followed a favorable decision for Simon Property Group after Starbucks decided it would close 77 Teavana stores in Simon-owned malls.
Retailers such as Amazon, Target and Walmart are pushing private-label clothing as consumers become less loyal to specific brands such as Nike and Gap. Activewear, a growing sector, now sees private-label products accounting for 20% of the market, NPD reports.
The Park Terrace Stadium movie theater, which opened in 1964, will close its doors at the Park Road Shopping Center in Charlotte, N.C. It's unclear what will happen to the 21,000-square-foot space after the theater closes Sunday.
Rosewell Wieuca Shopping Center in Atlanta has been sold in an all-cash deal to a Preferred Apartment Communities subsidiary. The 74,370-square-foot retail center is fully leased and features an ACE Hardware and a Fresh Market.
Expanded frozen food offerings and the addition of fresh produce to some stores helped Dollar General boost sales in the most recent quarter, the retailer said. The company aims to open 900 new stores in 2018, focusing both on rural areas and cities, where the retailer aims to attract more affluent shoppers.
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