Real estate executives from around the world converged at ICSC's annual convention in Las Vegas on Sunday, with an estimated 50,000 attendees expected to take part in the four-day event. The convention is also drawing government authorities looking to partner with developers.
Three60Austin, a partnership between Ethel Austin Property Group and Plus Housing Group, has acquired Eddisbury Square Shopping Center in the U.K. for nearly $12 million. The joint venture is considering building residential above the retail space.
The retail real estate market is expected to soften this year, with prices falling nearly 20% from their high in 2007, say investors. According to brokerage firm Marcus & Millichap, retail vacancy rates are expected to rise to 11.1% in 2008.
The Bedrin Organization has acquired three shopping centers in Greensboro, N.C., from CBL & Associates for a total of $19.4 million. The properties include the Northwest Center, Garden Square and Caldwell Court.