Some investors believe that retail REITs, which have been the worst performers in this asset class, have hit bottom and their shares are now attractive investments. "We believe the stocks have come down to fair value for the risk that we're taking," says Joel Beam, senior portfolio manager at Salient Partners.
Texas mall owners are rethinking properties where traffic has slowed, shifting from department stores to restaurants and entertainment venues as anchors. Grapevine Mills in North Texas, which is owned by Simon Property Group, now boasts an aquarium and a Legoland location, and developers are building a mixed-use project on the site of the once-thriving Valley View Center in North Dallas.
Agree Realty Corp. has raised its 2017 acquisition guidance to a range of $250 million to $275 million, from its earlier target of $200 million to $225 million, said CEO Joey Agree. He said the change was due to "a function of the opportunities we are seeing across our acquisition platform."
Longtime ICSC President and CEO John T. Riordan has died at the age of 80. Initially serving as a consultant to the association in 1982, he spent nearly two decades growing the worldwide ranks of the organization with his charisma and leadership skills.
The 117,000-square-foot Festival at Manassas in Virginia has been sold to Finmarc Management for $20 million. The property, anchored by Global Food, is in an area with 155,000 consumers within a 5-mile radius.
The 86,919-square-foot Greentree Centre in Caledonia, Wis., in the Racine market, has been sold to Phillips Edison. The property features Pick 'N Save and McDonald's as anchors.
Davis Commercial Development hopes to develop a three-tenant retail center with one restaurant in the Montrose area of San Antonio. A 7,654-square-foot building is planned for the 0.4-acre parcel, which is valued at $1.5 million.
Though the county is seeing a significant number of retailers close their doors, Albemarle County, Va., officials aren't worried about the potential financial losses. Officials believe that the fundamentals of the retail industry are sound and that spending will shift to lifestyle and experience-type locations.