Tony Edgley of Jones Lang LaSalle discusses the effect of the coordinated interest-rate cut on commercial real estate in a CNBC interview. "Under normal economic conditions I think we would all be very pleased. But this part of a coordinated package of measures to stimulate the economy will impact commercial property," he said.
Linens 'n Things said it will sell itself at auction. The company said an unnamed initial bidder chosen by the company has suggested liquidating its assets. The company is also open to other bids and has received "inquiries by a number of parties," a spokesman said.
Adam Moschin, vice president of leasing for Tucker Development Corp., has been named co-chairman of ICSC's Next Generation committee for Chicago. Next Generation holds four or five events in the city every year.
Macy's 150th anniversary festivities will begin with a televised fashion show on Saturday hosted by Tori Spelling. "Macy's Passport: Fashion Cinema" will appear in movie theaters in 27 cities, and Martha Stewart and Emeril Lagasse, among others, will help open two new stores in New Orleans.
Land Securities will open Elements Square, the 1-million-square-foot expansion of Almondvale Shopping Centre in Livingston, Scotland, on Oct. 16. The addition will include more than 155 shops and restaurants.