A lot of people are working to solve supply chain issues, but "I think it's going to be a while before things are normalized," says Prologis CEO Hamid Moghadam. Moghadam discusses the lengthening and fragmentation of supply chains during the era of globalization and the process of getting products moving again.
JLL will take over the management of CyrusOne's US data centers starting at the beginning of next year. "The transition of our Facility Management Operations to JLL is centered around our similar cultures fostering collaboration, flexibility, technology, and operational excellence," according to a message sent to customers.
AvalonBay Communities has acquired a mixed-use project in Fort Lauderdale, Fla., that features a 49,071-square-foot Whole Foods Market grocery store and 243 apartments. The occupancy rate for the residential units was 97% at the time of the transaction.
Two tenants have signed leases for two full floors in separate buildings owned by Empire State Realty Trust in Midtown Manhattan. Argo Group will lease 30,000 square feet at 501 Seventh Ave., and Playfly Sports signed on for nearly 30,000 square feet at 1333 Broadway.
In a $425.8 million transaction, Kimco Realty bought the remaining 70% interest in six grocery-anchored retail centers from a joint venture partner. Kimco then formed a 50-50 joint venture with Blackstone Real Estate Income Trust for the portfolio.
Reps. Tom Suozzi, D-N.Y., and Darin Lahood, R-Ill., have introduced legislation that could make foreign investment in public non-listed REITs more appealing. In particular, the legislation would make changes to rules under the Foreign Investment in Real Property Tax Act, originally passed in 1980.
The US economy grew at an annualized pace of 2% in the third quarter, weighed down by the Delta variant and tangled supply chains, according to the Commerce Department. The figure marked the slowest pace of quarterly growth since the start of the recovery in the middle of last year.
Buy now, pay later service Klarna has teamed with mall operator Macerich to bring marketing activations to all 52 Macerich properties. The deal follows similar ones Klarna has made with Simon Malls, H&M and Macy's, as BNPL options continue to grow in popularity.
Texas' Temple Mall was purchased by the Kohan Retail Investment Group and tenants said they are already seeing some improvement. The store owners are hoping shoppers will support the retail center's local businesses.
Marion County, Ind.'s Health and Hospital Corporation purchased the Twin Aire shopping plaza in Indianapolis and plans to redevelop it, possibly as a health care center. Current tenants were given a one-year lease, while residents hoped that Kroger would remain in the center.
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