Rent costs, which rose 0.4% last month, contributed to the consumer price index's 7% year-over-year increase in December. Several factors have fueled rent gains, including higher home prices and supply constraints. Rents might rise more slowly in 2022, but they aren't likely to decline, says Jeff Tucker, a senior economist at Zillow.
Plymouth Industrial REIT is planning to develop a 180,000-square-foot spec property in Shannon, Ga., as it expects to rapidly fill a nearby 236,600-square-foot property that it announced in September. The REIT's footprint in Georgia also includes multiple buildings in Atlanta and Savannah.
Alexandria Real Estate Equities has acquired a 72-acre life sciences complex in the Research Triangle Park in North Carolina in an $80 million deal, according to a source. AgBiome has leased the majority of the six buildings that make up the park, which is called The Lab.
Duke Realty made a $22 million deal with Park-Ohio Industries to acquire a 338,000-square-foot lot in the Chicago area. "Demand for logistics space at all-time highs across the country and our customers' need for conveniently located, modern space continue to drive our acquisition and development," said Duke's Susan Bergdoll.
The National Society of Compliance Professionals has proposed in a recent framework that regulators consider the attributes of a corporate compliance program within a firm when assessing personal liability for compliance officers. Key considerations might include the company's procedures and the resources made available to compliance officers.
At the close of 2021, luxury mall operator Macerich reported a 14.2% increase in revenues over 2020 figures, as well as a $12.20 increase in shares from its lowest point in the pandemic to Dec. 13. The company, after cutting its dividend, is expected to start increasing it again due to improved outlooks.
La Habra Associates has secured a $95 million loan to refinance a 375,000-square-foot shopping center in La Habra, Calif., near Los Angeles. Tenants include Regal Cinemas, Sprouts Farmers Market, Wendy's and Starbucks.
Valley Forge Investment Corp. has sold its suburban Philadelphia Warrington Plaza shopping center to Realty Resource Capital Group for $22.5 million. The 87,581-square-foot property in Warrington, Pa., includes a 35,000-square-foot Avalon Floor & Tile and was reported to be at full occupancy.
Crosland Southeast will bring a Publix-anchored mixed-use development named One Nexton to 23.7 acres in Summerville, S.C., near Charleston. Crosland purchased the property, which will include 150,000 square feet of retail and dining space in addition to 351 multifamily units, from Brookfield/NASH for an unspecified amount and will use The Shopping Center Group to oversee leasing for the development's outparcel and retail space.