Brixmor Property Group's leasing outlook for its 475-asset retail portfolio is perhaps its best. "We are sitting on one of the most robust forward pipelines that we've had as a company, and the gap between the spaces that we have leased and what we're billing is as large as it's ever been," said James Taylor Jr., Brixmor president and CEO.
Developers are working to transform manufacturing and industrial spaces across the country into logistics and fulfillment locations to meet changing consumer buying habits. Logistics is also filling the employment void from the manufacturing industry, which has lost nearly 640,000 jobs in the past 10 years, according to data from the Bureau of Labor Statistics.
The 48,000-square-foot Tilt Studio family entertainment center held a grand opening Friday in Hagerstown, Md. The facility offers blacklight mini-golf, laser tag, bumper cars, bowling lanes and more than 150 arcade games.
Children's Place and Gap have filed motions in the Ontario Superior Court of Justice to lift a stay that keeps the retailers from exerting co-tenancy rights due to the loss of anchor Sears. The motion states that these rights allow the retailers to restructure their rent when an anchor tenant leaves.
Macy's will expand its The Market @ Macy's in-store pop-up concept to 12 stores in time for the holidays, and join with Facebook to add around 150 of the social platform's advertisers to The Market's brand lineup. Macy's also plans to offer virtual reality headsets at about 70 stores to let shoppers visualize how furniture will look.
The new owner of the Bon-Ton brand has begun revamping the retailer's banners online, with the launch last weekend of branded websites for Herberger's, Younkers and Boston Store. CSC Generation, which bought Bon-Ton's intellectual property for $900,000, is also considering opening some brick-and-mortar stores.
Developers will begin construction next year on the TSX Broadway building in New York City's Times Square, a 46-story tower wrapped in LED screens. The building is expected to be home to retail showrooms and spaces for new product launches, interactive shopping and other experiences.
Among the reasons returns have been unimpressive, even as fundamentals remain stable, is the trend of increased supply in many asset classes, real estate investor Scott Crowe told Nareit. However, select markets around the globe present opportunities, investor Jay Leupp said.
The Och-Ziff Capital Management Group hopes to raise $2 billion for its fourth real estate fund by the end of this year, according to sources. Other activities in the hedge fund's real estate group include $750 million raised for real estate debt strategy and $150 million for affordable-housing investment, the sources say.
The national occupancy rate for skilled nursing facilities dropped by 79 basis points in the second quarter to 81.7% in an continuing response to policy changes and other pressures. Year-over-year occupancy dropped by 137 basis points, according to the National Investment Center for Seniors Housing and Care.