The New York City Council voted 45-0 for a bill requiring Airbnb to report the names and addresses of its hosts to a city enforcement agency to permit it to take action on illegal units. Liz DeBold Fusco, an Airbnb spokeswoman, said the measure was "rubber-stamped by the city council" at the request of hotel interests such as the Hotel Trades Council, which has donated thousands of dollars to city council members' campaigns.
Summer pop-ups are proving increasingly popular, especially in upscale vacation destinations like the Hamptons. "The experience of leisure shopping and capturing customers while they're relaxed and have time to browse and discover can be a very effective way to expand market share," Abrams Global founder and CEO Andrea Abrams said.
Investors are stepping up their investments in REITs that specialize in such sectors as billboards, cold storage facilities and cellphone towers, attracted to many of these REITs by double-digit FFO growth. "Investors like companies that have developed unique core competencies, which provide a differentiated and sustainable competitive advantage -- regardless of where they play in the real estate spectrum," Phillip Owens of Green Street Advisors says.
Earlier this year, Jim Cramer warned viewers against retail REITs, but he is changing his mind as long-term Treasury note yields pull back and retail REITs make strong efforts to improve their offerings. The facts on the ground have changed, he says now.
REITs are pushing forward initiatives and innovations to continue to bring renewable energy into real estate. "More property owners and building occupiers are realizing the benefits of renewable energy, both in terms of the cost savings it can deliver for customers and the enhanced value for investors," says Matt Singleton of Prologis.
The Trump administration's proposed tariffs on $200 billion worth of goods from China has retailers weighing ordering inventory for the holidays months ahead of schedule. While merchants who order early may avoid higher fees, they also run the risk of sitting on excess inventory that may not be what shoppers want when the holiday season hits, executives and analysts said.
A 36-asset retail portfolio primarily located in The Hague, Amsterdam and Rotterdam in the Netherlands now belongs to W.P. Carey after a $178 million purchase. Intergamma has triple-net leased the 1.5 million-square-foot portfolio.
Robb Lane Ltd. has sold the 73,745-square-foot San Marcos Place in Texas to NAI Investment Fund. The property, which was 80% leased at the time of the sale, features Half Priced Books, Pizza Hut and Plato's Closet.
The Northbrook, Ill., Board of Trustees has approved a sports camp facility to move into Northbrook Court. Owner GGP has planned other, nontraditional projects for the property but has not presented its proposal yet.
Target will open its newest small-format store in downtown Denver on Sunday, with a merchandise selection tailored to local tastes. The 30,000-square-foot urban store on the city's 16th Street Mall is in an area with a combination of residents, daytime workers and tourists.