US retail sales rose 0.1% in August from the previous month, missing economists' forecast for a 0.4% increase, according to the Commerce Department. The July sales increase was revised upward to 0.7%.
Home goods retailer RH, formerly known as Restoration Hardware, opened a $50 million, 90,000-square-foot flagship in New York City's meatpacking district last week. It's the retailer's biggest store yet, and RH plans to continue investing in brick-and-mortar retail, CEO Gary Friedman said.
Pebblebrook Hotel Trust has lined up the sale of three LaSalle Hotel properties worth $715 million. Pebblebrook is planning to divest up to $1 billion in LaSalle assets following the closing of the $5.2 billion merger between the two companies.
By many metrics, outlet centers are thriving, especially in comparison to regional malls. Although outlet centers make up slightly more than 1% of US retail space, some people worry that this asset class may become overbuilt.
REITs and other major owners of skilled nursing assets have been very active in selling off these properties this year, paving the way for a new generation of owner-operators to enter the market. Many are younger individuals with health care backgrounds and a regional focus.
Groundbreaking applications based on 5G wireless networks are being developed, but consumers will have limited access to them because of the expensive infrastructure build-out that will be necessary to support them. Operational challenges also exist that will require the development of more cell towers.
As more competition enters the mortgage REIT space, Apollo Commercial Real Estate Finance is finding new ways to compete as well as continuing to focus on its specialty of investing in first mortgages and mezzanine loans. "We tend to let the opportunity set dictate where we ultimately end up, but our bias remains the larger gateway cities and institutional-quality product[s] which, over an extended period of time, have proven to be the most liquid markets," President and CEO Stuart Rothstein said.
Labor Day sales grew to $2.08 billion, a 23% increase over 2017, with big-ticket items performing well, per data from Adobe Analytics. Economists expect the momentum to continue into the holiday season due to low unemployment, improved consumer confidence and wage growth.
Tishman Speyer will hold the role of co-master developer and general partner of the public-private partnership to develop the 28-acre Mission Rock in San Francisco. The mixed-use project will include office space, 1,400 residences, 250,000 square feet of retail and manufacturing space, and parks space.