More US stores are shuttering this year and at a pace that could surpass the closures in 2017. CoStar Group says 77 million square feet of closures have been announced thus far in 2018 compared with 105 million square feet for all of last year.
Apartment Investment and Management Co. is acquiring a portfolio of five multifamily properties in Philadelphia, plus some other area properties, for $445 million. The deal with the seller, developer Carl Dranoff, also includes 185,000 square feet of office and retail space.
Las Olas Boulevard, a corridor in Fort Lauderdale, Fla., is seeing a significant amount of retail and restaurant development. Developers in the area are working to bring more lifestyle brands, both local and national, to the region across various projects.
US retail sales grew by 0.6% in March, the Commerce Department reported. Auto sales led the growth with a 2% jump, while sales of appliances and furniture also were strong.
Vacancy in the outlet retail center is decreasing, with leasing outpacing availability in some areas, CoStar data indicate. That news comes even as the closing of apparel chain Nine West will significantly affect Tanger Factory Outlet Centers and Simon Property Group locations.
Commercial real estate loans in the US are now worth a record $4.3 trillion. Some worry that a bubble exists due to elevated prices and a lack of stability.
The American Dream entertainment complex and mall in New Jersey is expected to be completed in March 2019, the developer says. Despite numerous delays, more than 450 retailers have signed on at the development, which will include an 8.5-acre theme park and an indoor skiing and snowboarding facility.
New York City's commercial property sales rose 70% year over year in the first quarter, reaching $12.42 billion, with deals in Manhattan more than doubling to $8.9 billion, Cushman & Wakefield says. "2018's first-quarter activity has showcased a well-balanced offense with several individual transactions contributing to the overall return of confidence and healthy transaction levels," said C&W's Douglas Harmon.
The 2017 Tax Cuts and Jobs Act offers some benefits for REIT investors, including a tax deduction for 20% of REIT dividend income. The partial tax deduction effectively reduces the top tax rate on REIT dividends from 39.6% to 29.6%.
Eldorado Resorts and Gaming and Leisure Properties will buy casino operator Tropicana Entertainment from Carl Icahn for $1.85 billion. Gaming and Leisure will lease the properties to Eldorado under the terms of the deal, which has been approved by all three companies.