Simon Property Group's carefully curated portfolio of 108 malls and 72 discount outlet centers generated $5.3 billion in revenue last year at a 37% profit margin. Its success is due to its focus on class-A malls and its drive to reinvent the mall concept to keep it a relevant fixture in the US economy.
New York City hospitals are expected to invest $8.2 billion in construction from this year through 2018, after spending more than $6 billion on construction from 2013 through 2015, the New York Building Congress reports. Factors driving the spending include consolidation and the expansion of primary and outpatient-care services.
Weingarten Realty Investors began as a family grocery business in the 1880s and has grown into a publicly traded REIT with a market capitalization of more than $5 billion. CEO Drew Alexander discusses industry trends and the REIT's recent portfolio realignment to focus on densely populated urban areas.
S2 Capital Partners purchased the 52,000-square-foot Stonebridge Marketplace in Virginia for $12 million. S2 Capital plans to add buildings of 7,200 and 8,400 square feet to the eight-acre site, which fronts a 123,000-square-foot Kroger Marketplace.
The 18,496-square-foot University Towne Center retail space in Gainesville, Fla., sold at auction to Pacific West Land for $2.8 million. The 65%-leased shopping center includes Carrabba's Italian Grill, Earth Fare and Wharf Express.
After purchasing the 855,728-square-foot Village of Orange shopping center in California in 2013 and renovating it, Vestar has sold the property for $84.5 million. TRC purchased the 92%-occupied center and plans to complete upgrades.
The planned merger between Regency Centers and Equity One in 2017 would create the largest Real Estate Investment Trust of grocery-anchored shopping centers. The combined entity will hold 429 properties in affluent markets and have a market capitalization of $12 million.
Retailers including Toys R Us, Kohl's, Target and Wal-Mart have beefed up warehouse recruiting and in-store fulfillment efforts to stay competitive as online sales become a bigger part of the holiday business. Last year, Toys R Us had to halt its online promotions because its e-commerce fulfillment centers could not handle the demand.
Blackstone Group's Invitation Homes has filed confidentially for an IPO that could launch as soon as January, sources said. The company, which maintains the largest pool of rental homes in the US, plans to sell $1.5 billion worth of stock, which would value Invitation Homes at around $7.5 billion.
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