Talent competitions break out at brokerage firms, Amazon’s newest same-day-delivery warehousing strategy, the mighty Silicon Valley stumbles at its retail task, and what value is lurking in your office’s kitchen? It’s all here in this week’s Commercial Real Estate News Roundup for May 22, 2014.
New York-based real estate investment banking firm Chesterfield Faring has announced a refinance of the Wickfield Center of Ann Arbor, MI, former corporate headquarters of the bankrupt and liquidated national bookseller chain Borders.
The refinance is in support of a bustling market in the former HQ’s space. The two-building complex, sporting a total of 330,000 square feet of rentable space, was sold to Hughes Properties earlier this year by Colliers International, who has been retained to list the available rental space. The South Ann Arbor property has major tenants in Gold Star Mortgage, who is renting 68,000 sq. ft. Colliers itself also rented 16,000 sq. ft to Prime Research, a strategic communication research firm.
We’ve written on the various impacts the e-commerce wave has had on the retail space industry. Usually, the trends point to a general future decline in demand for brick-and-mortar as the growth in e-commerce shows no signs of slowing.
But not every trend and development is bad news for traditional retail. It’s possible that internet retail’s growth does not always come at the expense of traditional retail.