Dressbarn has identified 53 stores that will close by the end of next month, as part of the retailer's plan to shutter all of its roughly 650 Dressbarn locations this year, parent Ascena Retail Group said. The retailer has hired Gordon Brothers Retail Partners to help with closures, and it will seek a buyer for Dressbarn's intellectual property.
Prime US REIT, a US-focused REIT that launched on the Singapore Exchange, has raised $612 million. The offering had been downsized from $705 million.
Blackstone is in negotiations to sell some of the warehouses it is purchasing from GLP Pte Ltd. for $18.7 billion, according to sources. Prologis is said to be one of the bidders, some of the sources have said, and one source added that at least one portfolio is valued at $1 billion or more.
Housing construction slowed in June due to a drop in multifamily starts. Despite increases in construction in recent years, however, the supply of new apartments is modest compared to prior booms, according to Nareit economist Calvin Schnure, and demographic trends will continue to buoy the apartment market, and apartment REITs, in the months ahead.
Colony Capital is considering selling its Colony Industrial unit, according to sources, which could garner more than $5 billion. In February 2019, the company said it would launch a strategic review.
Dweck Properties has acquired the 299-unit apartment, the Park at Pentagon Row, in Arlington, Va., for $117 million. Equity Residential sold the property, which is near the location of Amazon's planned second headquarters.
Kravco Company has sold the Hamilton Mall in Hamilton Township, N.J., to Namdar Realty Group. Namdar, which specializes in struggling malls, made the move to buy the retail center after two of its anchor stores closed.
Three Rivers Village has purchased Three Rivers Mall in Kelso, Wash., from Brookfield Properties. Although the 50-acre property has lost three of its anchors, the mall has attracted several smaller tenants, with a few business opening in the past year.
Congress faces a challenge to pass legislation to raise the debt ceiling before the summer recess, thus avoiding a default. House Speaker Nancy Pelosi, D-Calif., wants a vote before the House's last day July 26 so the Senate can act before it adjourns the following week.
The preference for real estate investments compared to other asset classes such as stocks is strong right now, says Greg McBride, Bankrate.com chief financial analyst. He notes that the 20% drop in the stock market last year rattled a lot of investors and that stocks haven't quite shed their stigma from the financial recession ten years ago, especially among Millennials.
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